NEWARK, Del: According to FMI analysts, the automotive tire market is expected to reach US$ 503.91 billion in 2023, and US$ 928.3 billion by 2033. Between 2023 and 2033, the market is expected to register a growth rate of 6.3%.
The stringent safety regulations are a major factor that is set to boost demand for automotive tires over the next few years. Some countries mandate installing quality automotive tires in response to the rise in accidents. Bad tires cause nearly 11,000 accidents every year because they are worn, over-inflated, or under-inflated, according to the National Highway Traffic Safety Administration. This will increase demand for automotive tires in the future.
Request Exclusive Sample Report: Automotive Tire Market Strategic Insights:
https://www.futuremarketinsights.com/reports/sample/rep-gb-2686
In the transition to electric vehicles, tyre degradation is being reassessed and safety, comfort, and ride quality are being emphasized. Recycling end-of-life tyres into a valuable commodity is being made possible by new supply chains and manufacturing processes. Regulatory efforts to monitor tyre composition could lead to new materials and ecosystem partnerships that could benefit the industry.
Automobile tyres are reinventing themselves as sustainability concerns become more pressing. Tyre dust is released annually through wear and tear in the amount of 6.1 million metric tons. A toxic chemical compound in this dust creates a pollution problem in the air, water, and soil. In spite of the fact that electrical vehicles (EVs) are completely emission-free at the tailpipe, they are significantly larger than their internal combustion engine (ICE) counterparts, and they are more likely to wear out their tyres more quickly. In response to the demands of EVs, several companies are developing tyres specifically for them, but the sustainability picture extends far beyond that.
Manufacturers are continually improving tire performance by improving grip, handling, and noise reduction. A high-performance vehicle, sports car, or enthusiast market is especially important. Vehicle safety depends heavily on the performance of the tires on the vehicle.
Technological advances in tires can improve traction under low temperatures and decrease braking distances, contributing to road safety overall. Tire manufacture is increasingly using eco-friendly and sustainable materials. Producing and disposing of tires in this way reduces the environmental impact on the environment.
Key Takeaways
• Radial tires to account for 84.3% of the global automotive tire market revenue in 2023.
• Automotive tire sales for passenger cars to account for 56.3% of the total revenue share.
• Automotive tire sales in the United States is expected to increase at a 5.4% CAGR until 2033.
• The automotive tire market in India is expected to expand at a CAGR of 6.9% by 2033.
“Advances in tyre technology and environmental concerns are expected to boost the popularity of automotive tires in the coming years. The adoption of smart tyres and 3D printing techniques will increase sales," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights:
https://www.futuremarketinsights.com/checkout/2686
Competitive Landscape
Several market players are establishing manufacturing units in emerging economies due to low labour costs and the availability of raw materials in the market. Increasing demand for vehicles and rising per capita income of the middle-class population has boosted the sales of automobiles which in turn drove the growth of the tire business.
Key Companies Profiled
· Continental AG
· Bridgestone Corp.
· Michelin
· Goodyear Tire and Rubber Company
· Pirelli & C. S.P.A
· Yokohama Rubber Company, Limited
· Cheng Shin Rubber Industries
· Sumitomo Rubber Industries Ltd.
· Toyo Tire & Rubber Company
· Trelleborg AB
· Cooper Tire & Rubber Company
· Hankook Tire
Market Developments Include
• In August 2023, JK Tyres is planning to raise funds for the investment plan of Rs. 1,100 crores (US$ 132 million). A part of the World Bank Group, IFC, had raised Rs. 240 crores (US$ 28.8 million) from the company in March for private sector investments in emerging markets. This type of investment is now being targeted for more in the months to come.
• In October 2023, CEAT to strengthen auto aftermarket e-commerce with Tyresnmore.com. The company will provide a top-notch automotive after-sales service right at the customer’s doorstep.
Report Scope
Attributes
Details
Estimated Market Size in 2023
US$ 503.9 billion
Projected Market Valuation in 2033
US$ 958.8 billion
Value-based CAGR 2023 to 2033
6.3%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
Value in US$ billion
Key Countries Profiled
- The United States
- Canada
- Brazil
- Mexico
- Germany
- The United Kingdom
- France
- Spain
- Italy
- Russia
- Poland
- Czech Republic
- Romania
- India
- Bangladesh
- Australia
- New Zealand
- China
- Japan
- South Korea
- GCC countries
- South Africa
- Israel
Request Report Methodology:
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-2686
Segmentation Analysis of the Automotive Tire Market
By Type:
- 2 or 3 Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Specialty Vehicle
By Tire Structure:
- Radial (Tubes, Tubeless)
- Bias
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore FMI’s Extensive Ongoing Coverage on the Automotive Domain
Green Tire Market Demand is poised to expand at a CAGR of 9.8% through 2033 to reach US$ 85.79 billion.
Tire Pressure Monitoring System Market Outlook is projected to reach US$ 7.7 Billion by 2032.
Europe Automotive Tire Market Share is likely to surpass a valuation of US$ 108.7 billion by 2033.
Cargo Bike Tire Market Size is projected to reach US$ 650 million by 2033, likely to expand at a CAGR of 12.4% during the forecast period.
Retread Tire Market Growth is projected to reach US$ 20 billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
Comments