Automotive Tire Market (By Season Tire Type: Winter, Summer, and All Season; By Rim Size: Less than 15, Between 15 to 20, and Greater than 20; By Vehicle Type: Commercial Vehicle (Light Commercial and Heavy Commercial), Passenger Car, and Electric Vehicle; By Distribution Channel: Aftermarket and OEM) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032
The global automotive tire market was valued at US$ 130.5 billion in 2022 and is expanding to US$ 211.6 billion by 2032, poised to grow at a notable CAGR of 5.00% from 2023 to 2032.
Access our Automotive Data Intelligence Tool with 10000+ Database, Visit: Towards Automotive
Tires are the most crucial component of an automotive vehicle. The demand of automotive tire is significantly driven by the rise in production and sales of automotive vehicles globally. In 2022, the global automotive production was 93 Mn. In addition, introduction of electric vehicles have significantly surged the vehicle demand across the globe. Declining prices of various electric vehicle parts for example transmission, battery, and alternator fuel the adoption of electric vehicles across the globe. Safety regulations along with technological advancements in the manufacturing process propel market growth. Use of advanced materials for automotive tires to enhance their performance and life are the prime motive of tire manufacturers. For instance, in November 2019, Bridgestone developed first polymer ‘Susym’ that bonds resins and rubber on their molecular level. The company aimed to increase the application of polymer in tire making owing to its advanced and attractive features.
On the contrary, volatile prices along with stringent government regulations for the availability of the raw materials projected to restrict the market growth. Nonetheless, integration of sensor technology in the tire manufacturing has uplifted the tire market to the next level. Intelligent tires have created numerous opportunities for industry players to boost their market position.
The Asia Pacific automotive tire market reached US$ 53.51 billion in 2022 and is projected to hit US$ 85.91 billion by 2032, growing at a CAGR of 4.90% from 2023 to 2032.
The Asia Pacific is the major automotive tire market with revenue contribution of around 41% in 2022 and analyzed to exhibit accelerating growth during the forecast period. Some of the fastest developing countries in the region such as India and China drive the market growth significantly in the region. Low labor cost, increased standard of living, high domestic consumption, and large population base are the prime factors behind the lucrative growth of automotive tire in China and India. In addition, increased number of accidents also triggers market for aftermarket sales of tire. According to The Economic Times article published on June 2019, tire replacement is likely to witness better growth of nearly 7-8% compared to Original Equipment Manufacturers (OEMs) in the coming years particularly in passenger vehicle segment.
Europe is the most prominent region in automotive and automotive parts sales. Strong demand from larger markets is likely to drive the sales of new cars in the region. Furthermore, the region is famous for sports activities such as car racing that again propels the demand for advanced and intelligent tires for sports cars.
| Report Highlights | Details |
| Market Size | USD 211.6 Billion by 2032 |
| Growth Rate | CAGR of 5.00% from 2023 to 2032 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Season Tire Type, Rim Size, Vehicle Type, Distribution Channel, Regional Outlook |
| Companies Mentioned | Continental corporation, Bridgestone Corporation, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), MICHELIN, Toyo Tire Corporation, Hankook Tire & Technology Co., Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. |
Passenger vehicles led the global automotive tire market with a significant revenue share of nearly 47% in the year 2022. A significant rise in passenger vehicle production and sales is the prime factor that drives the segment growth. As per International Organization of Motor Vehicle Manufacturers (OICA) statistics 2019, passenger vehicles captured nearly 74% of the total vehicle production. In addition, several advancements such as driver assistance system, sensors, and other vehicle technology boost the demand for passenger vehicles worldwide. Furthermore, increasing demand for semi-luxury and luxury cars due to rise in purchasing power of people is predicted to boost the demand for passenger vehicles over the forecast period.
Meanwhile, accelerating demand of online and retail business have triggered the sales of light commercial vehicles. In addition, the current trend of the recreational vehicle along its increased adoption for travel & tourism in western countries expected to uplift the market for light commercial vehicles. Improves logistics & transportation sector have also created prominent growth in demand for light commercial vehicles. The aforementioned factors projected to boost the sales of light commercial vehicles during the forecast period.
Key Companies & Market Share Insights
Even though there are numerous international as well as regional players present in the global automotive tire market, the market is highly consolidated in nature. Top four companies that include Michelin Group, Goodyear Tire & Rubber Company Bridgestone Corporation, and Continental AG capture nearly half of the market revenue. The manufacturers face intense competition in terms of price owing to presence of several regional players in the market. Furthermore, cheaper tires offered by the Chinese players likely to negatively impact the profit margin of other industry players. Thus, major players are largely focused towards offering advanced tires that offer excellent driving experience and enhanced safety. Apart from this, leading tire manufacturers are also investing prominently in the developing countries because of low labor cost that further decreases the overall production cost.
Segments Covered in the Report
This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2020 to 2032. The global automotive tire market report is categorized on the basis of season tire type, rim size, vehicle type, distribution channel, and region:
By Season Tire Type
By Rim Size
By Vehicle Type
By Distribution Channel
By Regional Outlook
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Automotive Tire Market, By Season Tire
7.1. Automotive Tire Market, by Season Tire Type, 2023-2032
7.1.1. Winter
7.1.1.1. Market Revenue and Forecast (2021-2032)
7.1.2. Summer
7.1.2.1. Market Revenue and Forecast (2021-2032)
7.1.3. All Season
7.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 8. Global Automotive Tire Market, By Rim Size
8.1. Automotive Tire Market, by Rim Size, 2023-2032
8.1.1. Less than 15
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Between 15 to 20
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. Greater than 20
8.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 9. Global Automotive Tire Market, By Vehicle Type
9.1. Automotive Tire Market, by Vehicle Type, 2023-2032
9.1.1. Commercial Vehicle (Light Commercial, Heavy Commercial)
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Passenger Car
9.1.2.1. Market Revenue and Forecast (2021-2032)
9.1.3. Electric Vehicle
9.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 10. Global Automotive Tire Market, By Distribution Channel Type
10.1. Automotive Tire Market, by Distribution Channel Type, 2023-2032
10.1.1. Aftermarket
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.2. OEM
10.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 11. Global Automotive Tire Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.1.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.1.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.1.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.1.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.1.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.1.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.1.6.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.1.6.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.1.6.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.2.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.2.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.2.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.2.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.2.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.2.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.2.6.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.2.6.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.2.6.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.2.7.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.2.7.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.2.7.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.2.8.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.2.8.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.2.8.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.3.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.3.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.3.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.3.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.3.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.3.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.3.6.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.3.6.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.3.6.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.3.7.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.3.7.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.3.7.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.3.8.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.3.8.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.3.8.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.4.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.4.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.4.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.4.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.4.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.4.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.4.6.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.4.6.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.4.6.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.4.7.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.4.7.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.4.7.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.4.8.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.4.8.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.4.8.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.5.5.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.5.5.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.5.5.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Season Tire (2021-2032)
11.5.6.2. Market Revenue and Forecast, by Rim Size (2021-2032)
11.5.6.3. Market Revenue and Forecast, by Vehicle Type (2021-2032)
11.5.6.4. Market Revenue and Forecast, by Distribution Channel Type (2021-2032)
Chapter 12. Company Profiles
12.1. Continental AG
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Bridgestone Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. MICHELIN
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Toyo Tire Corporation
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Hankook Tire & Technology Co., Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. The Goodyear Tire & Rubber Company
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. The Yokohama Rubber Co., Ltd
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Sumitomo Rubber Industries Ltd
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Nokian Tyres plc
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
