Auto Tire Market By Type (Radial Tire and Bias Tire), By Distribution Channel (OEM and Aftermarket), Industry Trends, Estimation & Forecast, 2023-2030
The Automotive Tire market is projected to reach 122.5 billion US$ by 2030, at a CAGR of 1.5% during the forecast period.
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Market Overview
Auto tires are designed for automatic vehicles that provide traction between the road and wheels. Auto tires are primarily manufactured from rubber, with the material providing ample comfort and flexibility in steering during automotive driving. The auto tires play a vital part in the operations of an automotive, including determining its fuel consumption and ability to withstand rugged driving.
The Automotive Tire market was valued at 108.8 billion US$ in 2022 and is projected to reach 122.5 billion US$ by 2030, at a CAGR of 1.5% during the forecast period.
Auto Tire Market Revenue by, 2022-2030
Market Dynamics
The gradual advancement of tire manufacturing processes and increased tire development efforts for efficient fuel consumption and safety are the primary factors driving the market growth. The focus on the improvement of tire manufacturing processes using hybrid materials and unique production technologies have been at the forefront of the industry trying to achieve operational excellence, with a likely increase in tire production yield to remain a prominent factor of market growth. The consumer concerns about automotive safety and security during driving have also pushed the tire industry to enhance tire features, ensuring a rise in the sale prospects of auto tires. The research & development efforts into the use of materials that provide a significant improvement in the service life of tires have also been a factor that could influence a renewed interest in auto tires. The growing concerns about fuel efficiency in a bid to reduce carbon emissions from vehicles have further led to the improvement of tire development, which would, in turn, boost the market growth prospects. However, volatility and fluctuations in raw material pricing might hamper the market growth. The additional levying of tariffs and taxes on the shipping & transportation of raw materials have invariably influenced a rise in the pricing structure of end-products, which might act as a potential barrier to the prospects of market growth in the ensuing months. The rising sale of automotive vehicles in emerging countries would provide lucrative opportunities for the market in the coming years. The continued surge in automotive sales in developing countries have somewhat balanced the auto slump in developed countries, which would offer key market players with new possibilities of product sales and business expansion over the forecast period.
Market Segmentation
The global Auto Tire market is mainly classified based on Type and Distribution Channel. Type is segmented into Radial Tire and Bias Tire. By Distribution Channel, the market is divided into OEM and Aftermarket.
The Radial Tire segment by Type holds a considerable share in terms of overall market value and volume owing to its reduced fuel consumption over bias tires as a direct consequence of less rolling resistance. The additional stability in radial tire contact with the road would further boost the prospects of segment growth during the forecast period.
In terms of volume, the Aftermarket Consumption by Distribution Channel is poised to garner 2,318.4 Million Units; growing at a CAGR of 3.7% during forecast period. The proliferation in the sale of replacement tires after a significant time of running on OEM tires and the consumer tendency to opt for tire replacement at affordable rates for several occasions would bolster the segment growth prospects in the coming years.
Regional Analysis
Based on geography, the global Auto Tire market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Asia-Pacific is a leading region and holds a substantial share in terms of production value and volume owing to the establishment of expansive manufacturing facilities and easy accessibility to raw material components in the region. The increasing investments into the extension of production facilities would further influence growth in the regional market.
Competitive landscape
The Auto Tire market is relatively fragmented, with several global and regional companies operating in the evolving market scenario with expansive manufacturing capabilities and extensive product distribution networks.
Key players operating in the Auto Tire industry include Michelin, Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Shanghai Huayi Group Corporation Limited, Sumitomo Rubber Industries, Ltd., Zhongce Rubber Group Co., Ltd., The Yokohama Rubber Co., Ltd., Nokian Renkaat Oyj, Hankook Technology Group Co., Ltd., and Cheng Shin Rubber Ind. Co., Ltd.
The launch of improved auto tires after extensive development and diversification of business opportunities through facility expansions and strategic partnerships are the primarily followed business strategies of the top players looking to capture substantial market share during the forecast period.
Auto Tire Market Key Segments:
By Type
• Radial Tire
• Bias TireBy Distribution Channel
• OEM
• AftermarketKey Global Auto Tire Industry Players
• Michelin
• Bridgestone Corporation
• Continental AG
• Pirelli & C. S.p.A.
• The Goodyear Tire & Rubber Company
• Shanghai Huayi Group Corporation Limited
• Sumitomo Rubber Industries, Ltd.
• Zhongce Rubber Group Co., Ltd.
• The Yokohama Rubber Co., Ltd.
• Nokian Renkaat Oyj
• Hankook Technology Group Co., Ltd.
• Cheng Shin Rubber Ind. Co., Ltd. -
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Table of Content
1. Market Introduction
1.1. Executive Summary
1.2. Market Definition
1.3. Market Scope2. Research Methodology
2.1. Primary Research
2.2. Research Methodology
2.3. Assumptions & Exclusions
2.4. Secondary data sources3. Auto Tire Market Overview
3.1. Report Segmentation & Scope
3.2. Key Market Trend
3.3. Drivers
3.3.1. Gradual advancement of tire manufacturing processes
3.3.2. Increased tire development efforts for efficient fuel consumption and safety
3.4. Restraints
3.4.1. Volatility and fluctuations in raw material pricing
3.5. Opportunity
3.5.1. Rising sale of automotive vehicles in emerging countries
3.6. Porter’s Five Forces Analysis
3.6.1. Porter’s Five Forces Analysis
3.7. Market Share Analysis4. Type Overview
4.1. Introduction
4.1.1. Market Size & Forecast
4.2. Radial Tire
4.2.1. Market Size & Forecast
4.3. Bias Tire
4.3.1. Market Size & Forecast5. Distribution Channel Overview
5.1. Introduction
5.1.1. Market Size & Forecast
5.2. OEM
5.2.1. Market Size & Forecast
5.3. Aftermarket
5.3.1. Market Size & Forecast6. Auto Tire Market Regional Overview
6.1. Introduction
6.1.1. Market Size & Forecast
6.2. North America Auto Tire Market
6.2.1. North America Market Size & Forecast, By Country
6.2.2. North America Market Size & Forecast, By Type
6.2.3. North America Market Size & Forecast, By Distribution Channel
6.2.4. U.S.
6.2.4.1. Market Size and Forecast
6.2.5. Canada
6.2.5.1. Market Size and Forecast
6.2.6. Mexico
6.2.6.1. Market Size and Forecast
6.3. Europe Auto Tire Market
6.3.1. Europe Market Size & Forecast, By Country
6.3.2. Europe Market Size & Forecast, By Type
6.3.3. Europe Market Size & Forecast, By Distribution Channel
6.3.4. Germany
6.3.4.1. Market Size and Forecast
6.3.5. France
6.3.5.1. Market Size and Forecast
6.3.6. UK
6.3.6.1. Market Size and Forecast
6.3.7. Italy
6.3.7.1. Market Size and Forecast
6.3.8. Russia
6.3.8.1. Market Size and Forecast
6.3.9. Rest of Europe
6.3.9.1. Market Size and Forecast
6.4. Asia-Pacific Auto Tire Market
6.4.1. Asia-Pacific Market Size & Forecast, By Country
6.4.2. Asia-Pacific Market Size & Forecast, By Type
6.4.3. Asia-Pacific Market Size & Forecast, By Distribution Channel
6.4.4. Japan
6.4.4.1. Market Size and Forecast
6.4.5. China
6.4.5.1. Market Size and Forecast
6.4.6. Australia
6.4.6.1. Market Size and Forecast
6.4.7. India
6.4.7.1. Market Size and Forecast
6.4.8. South Korea
6.4.8.1. Market Size and Forecast
6.4.9. Rest of Asia-Pacific
6.4.9.1. Market Size and Forecast
6.5. South America Auto Tire Market
6.5.1. South America Market Size & Forecast, By Country
6.5.2. South America Market Size & Forecast, By Type
6.5.3. South America Market Size & Forecast, By Distribution Channel
6.5.4. Brazil
6.5.4.1. Market Size and Forecast
6.5.5. Argentina
6.5.5.1. Market Size and Forecast
6.5.6. Rest of South America
6.5.6.1. Market Size and Forecast
6.6. Middle East & Africa Auto Tire Market
6.6.1. Middle East & Africa Market Size & Forecast, By Country
6.6.2. Middle East & Africa Market Size & Forecast, By Type
6.6.3. Middle East & Africa Market Size & Forecast, By Distribution Channel
6.6.4. GCC Countries
6.6.4.1. Market Size and Forecast
6.6.5. Egypt
6.6.5.1. Market Size and Forecast
6.6.6. South Africa
6.6.6.1. Market Size and Forecast
6.6.7. Rest of Middle East & Africa
6.6.7.1. Market Size and Forecast7. Company Profile
7.1. Michelin
7.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
7.1.2. Michelin Product Category, Application, and Specification
7.1.3. Michelin Financial Performance (2015-2019)
7.1.4. Main Business/Business Overview
7.2. Bridgestone Corporation
7.3. Continental AG
7.4. Pirelli & C. S.p.A.
7.5. The Goodyear Tire & Rubber Company
7.6. Shanghai Huayi Group Corporation Limited
7.7. Sumitomo Rubber Industries, Ltd.
7.8. Zhongce Rubber Group Co., Ltd.
7.9. The Yokohama Rubber Co., Ltd.
7.10. Nokian Renkaat Oyj
7.11. Hankook Technology Group Co., Ltd.
7.12. Cheng Shin Rubber Ind. Co., Ltd. -
What Report Provides?
• Full in-depth analysis of the parent Industry
• Important changes in market and its dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional growth potential
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