July 20, 2024

Automotive Tire Market to Witness Significant Growth by 2030

[150+ Pages Report] As per the latest Research and survey report issued by Precedence Research, the global automotive tire market was valued at around USD 115.07 billion in 2019 and is expected to register revenues worth USD 157.43 billion by the end of 2027, growing at an exceptional CAGR of approximately 4.2% between 2020 and 2027.

Automotive Tire

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Growth Factors:

Increasing sale of passenger vehicles across the globe propel the market growth of automotive tire. In addition, ever-increasing global population along with rising disposable income of the public triggers the market growth. As per World Population Clock, the growth rate of global population is 1.05% per year. Besides this, the Organization for Economic Co-operation and Development (OECD) report 2018, Southeast Asia, China and India experienced firm growth in GDP in the last few years and expected to grow prominently in the coming years.

Report Scope of the Automotive Tire Market
Report HighlightsDetails
Market SizeUSD 157.43 Billion by 2027
Growth RateCAGR of 4.2% from 2021 to 2027
Largest MarketAsia Pacific
Fastest Growing MarketEurope
Base Year2021
Forecast Period2021 to 2027
Segments CoveredSeason Tire Type, Rim Size, Vehicle Type, Distribution Channel, Regional Outlook
Companies MentionedContinental 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.

However, volatile prices of automotive tire analyzed to hinders the market growth. Petroleum reinforcing materials for example polyester and nylon are used as raw materials to manufacture tire. The prices of these materials fluctuate significantly due to frequent ups and downs in the global economy. Thus, uncertainty in the price of raw material repels the market growth.

Scope of the Report

A recent study by Precedence Research on the automotive tire market offers a forecast for 2020 and 2027. The study analyzes crucial trends that are currently determining the growth of the automotive tire market. This report explicates on vital dynamics such as the drivers, restraints, and opportunities for key market players, along with key stakeholders as well as emerging players associated with the manufacturing of automotive tire. The study also provides the dynamics that are responsible for influencing the future status of the automotive tire market over the forecast period.

A detailed assessment of the automotive tire market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the automotive tire market along with their product portfolio enhances the reliability of this comprehensive research study.

Report Highlights
  • The Asia Pacific held a promising market share in the global automotive tire market in 2019. Significant growth in population and low labor cost has made it most attractive site for the automotive tire manufacturers. Some of the manufacturers like Bridgestone Corporation, CEAT, and others invest prominently on their regional expansion to capture the untapped market opportunity.
  • Passenger vehicle segment dominated the global automotive tire market in 2019 with prominent revenue share of nearly 40%. Significant sales of passenger vehicles and continued advancements have flourished its growth in the past few years. In addition, introduction to electric vehicles along with integration of advanced drive assistance technologies in the passenger vehicles especially for semi-luxury and luxury vehicles expected to magnificently boost its demand over the coming years.
  • However, light commercial vehicles segment among other vehicle types experience the fastest growth during the forecast period. Flourished demand for e-commerce platform and online sales has triggered the logistics & transportation segment that in return propel the market growth for light commercial vehicles.
Competition Landscape

The report has engulfed a chapter on the global electric vehicle market’s competitive landscape, which provides detailed analysis and insights on companies offering electric vehicle. Profiles of key companies, along with a strategic overview of their M&A and expansion plans across geographies, have been delivered in this chapter.

This chapter is priceless for report readers, as its enables them in gauging their growth potential in the market and implement key strategies for extending their market reach. This chapter offers key recommendations for both new and existing market participants, enabling them to emerge sustainably and profitably.

Intelligence on the market players has been delivered on the basis of their product overview, SWOT analysis, key developments, key financials and company overview. Occupancy of these market participants has been tracked by the report and portrayed via an intensity map.

Some of the prominent players in the automotive tire market include:
  • Continental AG
  • Bridgestone Corporation
  • Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
  • Toyo Tire Corporation
  • Hankook Tire & Technology Co., Ltd.
  • The Goodyear Tire & Rubber Company
  • The Yokohama Rubber Co., Ltd
  • Sumitomo Rubber Industries Ltd
  • Nokian Tyres plc

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Segments Covered in the Report

By Season Tire Type

  • Winter
  • Summer
  • All Season

By Rim Size

  • Less than 15
  • Between 15 to 20
  • Greater than 20

By Vehicle Type

  • Commercial Vehicle
    • Light Commercial
    • Heavy Commercial
  • Passenger Car
  • Electric Vehicle

By Distribution Channel

  • Aftermarket
  • OEM

Regional Segmentation

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Middle East & Africa [GCC, North Africa, South Africa]

Read Also@ Automotive Sensor Market to Rising a CAGR 10.4 % Till 2027

Regional Analysis

The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region.

This section analyses region-wise revenue and volume for the forecast period of 2019 to 2027. These analyses will help the reader to understand the potential worth of investment in a particular region.

The report provides in-depth segment analysis of the global automotive tire market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the automotive tire market.

The report includes country-wise and region-wise market size for the period 2019-2027. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2019-2027.

Why should you invest in this report?

If you are aiming to enter the global automotive tire market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for automotive tire are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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About Us

Precedence Research is a Canada/India based company and one of the leading providers of strategic market insights. We offer executive-level blueprints of markets and solutions beyond flagship surveys. Our repository covers consultation, syndicated market studies, and customized research reports. Through our services we aim at connecting an organization’s goal with lucrative prospects globally.

From gauging investment feasibility to uncovering hidden growth opportunities, our market studies cover in-depth analysis, which also is interspersed with relevant statistics. Recommendation are often enclosed within our reports with the sole intent of enabling organizations achieve mission-critical success.

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Janet Edward

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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