Auto Tyre Market Size, Share, Growth, and Industry Analysis, By Type (OE Tyres and Replacement Tyres.), By Application (Passenger Vehicles and Commercial Vehicles), Regional Insights and Forecast From 2024 To 2032

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AUTO TYRE MARKET REPORT OVERVIEW

The global auto tyre market size was valued at USD 138.61 billion in 2023 and is projected to grow from USD 145.12 billion in 2024 to USD 210.36 billion by 2032, exhibiting a CAGR of 4.7% during the forecast period. Asia-Pacific holds leading position in auto tyre market share in 2023.

The tyre is a round-shaped casing made to fit around a wheel’s rim to protect it and offer better performance to the vehicle. Tyres used in automobiles are called auto tyres. Most tyres offer better traction between the road and the vehicle, coupled with providing malleable cushions that can absorb shocks. The major function of the tyre is the vehicle's safety and wellbeing; additionally, it is responsible for driving on different terrain, transmitting energy to the ground, and carrying weight. It is a circular component built with rubber. It is responsible for saving the vehicle from experiencing tractive force between the vehicle and the road's surface.

The tyres are made of rubber as rubber offers a higher level of slip resistance preferred elasticity and after processing. It also provides a flexible cushion and reduces vibrations by absorbing vehicle shocks. The auto tyre is made of beads, tread, joint less cap piles, and other materials such as carbon black, synthetic rubber, and fabric. The tread provides a tractive force. The tyres were invented in the ancient period when it was made with metals and were fitted around wooden wheels. The auto tyres are used in heavy equipment, buses, trucks, cars, bicycles, and other vehicles.

Covid-19 Impact: Manufacturing Industries Shut Down Impeded Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with auto tyre experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to auto tyre market growth and demand returning to pre-pandemic levels once the pandemic is over.

The outbreak of the pandemic favored very few markets, and the auto beauty market was exceptional. The unexpected pandemic breakout hampered auto tyre market growth. The automotive industry witnessed a significant downfall due to the shutdown of transportation and the market. The market shutdown affected the expected sales growth of the automotive industry. The population was not allowed to step outside, which reduced road transportation and the sales of auto beauty products. The demand for the product went low, coupled with the lower supply of the product, as the manufacturing industries were shut down during the pandemic.

LATEST TRENDS

"Launch of E-Vehicles to Foster Exponential Market Growth"

The launch of electric vehicles resulted in rising demand for auto tyres. The population is gradually shifting towards e-vehicles due to rising fuel prices. Rising awareness for environmental safety is estimated to boost the adoption of e-vehicles as e-vehicles are rechargeable and do not require fuel to run. These vehicle does not emit pollutants and has a low maintenance cost. Moreover, it has better performance and is lighter in weight compared to the other vehicles. The demand for e-vehicle is rising due to drastically rising prices of fuel. These factors are forecasted to aid market growth.

AUTO TYRE MARKET SEGMENTATION

• By Type Analysis

By type, the market is segmented into OE tyres and replacement tyres.

• By Application Analysis

Based on application, the market is classified into passenger vehicles and commercial vehicles.

DRIVING FACTORS

"Constantly Accelerating Vehicle Production to Foster Product Demand"

The demand for auto tyres is constantly rising due to the rising adoption of vehicles among the population. As a result of urbanization and increased industrial activity, the demand for automobiles in developing nations like India, Brazil, and the ASEAN nations is anticipated to increase drastically in the forecast period. Due to the rising demand for automobiles in these nations, automakers are extending their operations and setting up production facilities there. Due to supportive governmental policies, rising GDP, and rising consumer expenditure, automotive manufacturing has increased in developing countries.

"Rising Demand for Autonomous and Connected Technologies to Surge Growth"

The demand for auto tyres with advanced technologies such as self-inflating, chip-embedded, multi-chamber, and all-in-one tyres is constantly rising. These technologies increase vehicle convenience. It also helps in extending the tyre’s durability by tyre pressure’s real-time monitoring. These advanced tyres are expected to boost the tyre’s efficiency and longevity. The advanced tyres decrease the maintenance costs. These factors are projected to surge growth in the market. Moreover, the advanced tyres consist of recycled materials, which have low-cost maintenance. These factors are projected to fuel the auto tyre market growth.

RESTRAINING FACTORS

"High Cost Associated With the Product to Affect Market Growth"

The vehicles and their accessories costs are high, which already resists half of the population from buying them. Additionally, the maintenance of the vehicle's accessories such as tyres, shock-ups, car cleaners, and other costs are high. The tyres are already expensive, and it requires maintenance and replacement to avoid vehicle skids. These factors are forecasted to hinder the auto tyre market growth.

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AUTO TYRE MARKET REGIONAL INSIGHTS

"North America to Lead the Market Owing To the Rising Demand for Self-Inflating Tyres"

North America to dominate the market owing to the accelerating demand for self-inflating tyres as it enables the vehicle to maintain the pressure of tyre in a specific range which boosts the durability of the tyres.

Asia Pacific is forecasted to hold a significant part of the auto tyre market share owing to the region emerging as an automotive production hub. The easy availability of labor, low production cost, government initiatives for FD, and lenient emission and safety norms are projected to be an additional growth factors.

Europe is anticipated to show a sizable contribution to the auto tyre market share due to consistently rising demand for the vehicles.

KEY INDUSTRY PLAYERS

"Key Companies to Focus on Gaining Mergers and Collaborations to Grow"

Key market players strive to adopt strategies that offer long-term growth to the company. The companies also emphasize on enhancing the product portfolio by launching new products. Significant players also focus on boosting their presence through investments, partnerships, agreements, joint ventures, expansions & investments, and partnerships. The key players have a strong presence in the global market. Additionally, they emphasize on strengthening their distribution networks across various regions to gain a competitive advantage. The companies are launching new products with improved efficiency. Moreover, the rising trend of ride-hailing and ride-sharing is encouraging the companies to induce advanced features in the tyres to provide better performance.

List Of Top Auto Tyre Companies

• Bridgestone (Japan)
• GoodYear (U.S.)
• Continental (Germany)
• Michelin (France)
• Sumitomo (Japan)
• Hankook (South Korea)
• Pirelli (Italy)
• Yokohama (Japan)
• Zhongce Rubber (China)
• Toyo Tire Corporation (Japan)
• Cooper Tire (U.S.)
• Apollo Tyres (India)
• KUMHO TIRES (South Korea)
• Linglong Tire (China)
• MRF (India)
• Cheng Shin Rubber (Maxxis) (Taiwan)
• Sailun Group (China)
• Nokian Tyres (Finland)
• Hengfeng Tires (China)
• Triangle Tire Group (China)
• JK TYRE (India)
• AEOLUS TYRE (China)
• Double Coin (China)
• Doublestar (U.S.)
• Giti (Singapore)
• Xingyuan (China)
• Guizhou Tyre (China)
• Nexen Tire (South Korea)

REPORT COVERAGE

The report offers accurate information about the market insights. It represents an analysis of a competitive edge that seems significant for the formation of business plans. The report defines various paths for the growth and development of the industry. Market segmentation is depicted in the report and highlights the important factors of the sector with various growth opportunities, competitive landscape, and growth strategies of the major key players. The market report focuses on various growth prospects and the factors that may limit the growth of the market. Additionally, this market report represents the key players of the market and their headquarters. The report offers a deep insight into the market.