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The Automotive Tires Market grew from USD 226.96 billion in 2023 to USD 239.94 billion in 2024. It is expected to continue growing at a CAGR of 5.91%, reaching USD 339.30 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The automotive tires market encompasses the manufacturing, distribution, and sales of tires used in vehicles ranging from passenger cars and motorcycles to commercial trucks and specialty vehicles. The necessity of automotive tires is primarily driven by the need for safety, efficiency, and performance enhancements in vehicles. Tires are crucial for vehicle handling, fuel efficiency, and safety, serving as the only contact point between the vehicle and the road. End-use applications extend beyond standard commuting to include motorsports and off-road adventures, highlighting diverse consumer demands and driving innovation within the sector. Key growth factors influencing this market include advancements in tire technology such as run-flat tires, eco-friendly materials, and innovations aimed at increasing tire longevity and fuel efficiency. There's an upward trend in demand for sustainable and high-performance tires, propelled by consumers becoming more environmentally conscious and regulatory bodies imposing stricter emission standards. Latest opportunities can be identified in the growing adoption of electric vehicles (EVs), necessitating specialized tires to handle unique performance attributes and weight distribution. Embracing digitalization through smart tires featuring sensors for performance monitoring offers another avenue for growth. However, challenges such as fluctuating raw material prices and the need for substantial investment in R&D remain formidable obstacles. Also, the competitive nature of the market poses pressure on manufacturers to continually innovate while managing costs. Areas ripe for innovation include developing tires with lower rolling resistance, increased durability, and integrated smart technology for real-time data transmission. The nature of this market is highly dynamic, with continuous advancements driven by technological evolution and changing consumer preferences. Companies successful in navigating these aspects should focus on sustainability, technological integration, and strategic partnerships in research for sustained growth. Understanding these market dynamics will help businesses align their strategies to capitalise on emerging trends effectively.
Understanding Market Dynamics in the Automotive Tires Market
The Automotive Tires Market is rapidly evolving, shaped by dynamic supply and demand trends. These insights provide companies with actionable intelligence to drive investments, develop strategies, and seize emerging opportunities. A comprehensive understanding of market dynamics also helps organizations mitigate political, geographical, technical, social, and economic risks while offering a clearer view of consumer behavior and its effects on manufacturing costs and purchasing decisions.- Market Drivers
- Surge in automotive production and sales worldwide
- Growing awareness about tire safety and the need for frequent vehicular maintenance
- Rising shift toward sustainable and green automotive tires
- Market Restraints
- Incidences of product recall of automotive tires
- Market Opportunities
- Advancements in automotive tire materials and designs and tire manufacturing technology
- Introduction of next-generation smart tires for autonomous and self-driving vehicles
- Market Challenges
- Technical limitations and safety issues of automotive tires
Exploring Porter’s Five Forces for the Automotive Tires Market
Porter’s Five Forces framework further strengthens the insights of the Automotive Tires Market, delivering a clear and effective methodology for understanding the competitive landscape. This tool enables companies to evaluate their current competitive standing and explore strategic repositioning by assessing businesses’ power dynamics and market positioning. It is also instrumental in determining the profitability of new ventures, helping companies leverage their strengths, address weaknesses, and avoid potential pitfalls.Applying PESTLE Analysis to the Automotive Tires Market
External macro-environmental factors deeply influence the performance of the Automotive Tires Market, and the PESTLE analysis provides a comprehensive framework for understanding these influences. By examining Political, Economic, Social, Technological, Legal, and Environmental elements, this analysis offers organizations critical insights into potential opportunities and risks. It also helps businesses anticipate changes in regulations, consumer behavior, and economic trends, enabling them to make informed, forward-looking decisions.Analyzing Market Share in the Automotive Tires Market
The Automotive Tires Market share analysis evaluates vendor performance. This analysis provides a clear view of each vendor’s standing in the competitive landscape by comparing key metrics such as revenue, customer base, and other critical factors. Additionally, it highlights market concentration, fragmentation, and trends in consolidation, empowering vendors to make strategic decisions that enhance their market position.Evaluating Vendor Success with the FPNV Positioning Matrix in the Automotive Tires Market
The Automotive Tires Market FPNV Positioning Matrix is crucial in evaluating vendors based on business strategy and product satisfaction levels. By segmenting vendors into four quadrants - Forefront (F), Pathfinder (P), Niche (N), and Vital (V) - this matrix helps users make well-informed decisions that best align with their unique needs and objectives in the market.Key Company Profiles
The report delves into recent significant developments in the Automotive Tires Market, highlighting leading vendors and their innovative profiles. These include The Goodyear Tire & Rubber Company, Inoac Corporation, Haulmax Tyres, Hefei Wanli Tire Co., Ltd., Salsons Impex Pvt. Ltd. by Atlas Group, Sailun Group Co., Ltd., Nexen Tire Corporation, Apollo Tyres Limited, TVS Srichakra Ltd., Cheng Shin Rubber Ind. Co. Ltd., Kumho Tire Co., Inc., Hankook Tire & Technology Group, Xingyuan Tires Group, Bridgestone Corporation, Sinochem Group, Toyo Tire Corporation, Nokian Tyres PLC, Ralson (India) Limited, Pirelli & C.S.p.A., JK Tyre & Industries Ltd., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, Triangle Tyre Co., Ltd., CEAT Ltd., Yokohama Rubber Co. Ltd., Giti Tire Pte Ltd., Zhongce Rubber Group Co., Ltd., Magna Tyres Group, Continental AG, and Michelin Corporation.Market Segmentation & Coverage
This research report categorizes the Automotive Tires Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Tubed Tire
- Tubeless Tire
- Rim Size
- 12”-17”
- 18”-21”
- >22”
- Material
- Natural Rubber
- Synthetic Rubber
- Distribution Channel
- Aftermarket
- OEM
- Vehicle Type
- Heavy Light Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report provides a detailed overview of the market, exploring several key areas:
- Market Penetration: A thorough examination of the current market landscape, featuring comprehensive data from leading industry players and analyzing their reach and influence across the market.
- Market Development: The report identifies significant growth opportunities in emerging markets and assesses expansion potential within established segments, providing a roadmap for future development.
- Market Diversification: In-depth coverage of recent product launches, untapped geographic regions, significant industry developments, and strategic investments reshaping the market landscape.
- Competitive Assessment & Intelligence: A detailed analysis of the competitive landscape, covering market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, technological advancements, and innovations in manufacturing by key market players.
- Product Development & Innovation: Insight into groundbreaking technologies, R&D efforts, and product innovations that will drive the market in future.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current size of the market, and how is it expected to grow?
- Which products, segments, and regions present the most attractive investment opportunities?
- What are the prevailing technology trends and regulatory factors influencing the market?
- How do top vendors rank regarding market share and competitive positioning?
- What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?
Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Automotive Tires Market, by Type
7. Automotive Tires Market, by Rim Size
8. Automotive Tires Market, by Material
9. Automotive Tires Market, by Distribution Channel
10. Automotive Tires Market, by Vehicle Type
11. Americas Automotive Tires Market
12. Asia-Pacific Automotive Tires Market
13. Europe, Middle East & Africa Automotive Tires Market
14. Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
The leading players in the Automotive Tires market, which are profiled in this report, include:- The Goodyear Tire & Rubber Company
- Inoac Corporation
- Haulmax Tyres
- Hefei Wanli Tire Co., Ltd.
- Salsons Impex Pvt. Ltd. by Atlas Group
- Sailun Group Co., Ltd.
- Nexen Tire Corporation
- Apollo Tyres Limited
- TVS Srichakra Ltd.
- Cheng Shin Rubber Ind. Co. Ltd.
- Kumho Tire Co., Inc.
- Hankook Tire & Technology Group
- Xingyuan Tires Group
- Bridgestone Corporation
- Sinochem Group
- Toyo Tire Corporation
- Nokian Tyres PLC
- Ralson (India) Limited
- Pirelli & C.S.p.A.
- JK Tyre & Industries Ltd.
- Sumitomo Rubber Industries, Ltd.
- Madras Rubber Factory Limited
- Triangle Tyre Co., Ltd.
- CEAT Ltd.
- Yokohama Rubber Co. Ltd.
- Giti Tire Pte Ltd.
- Zhongce Rubber Group Co., Ltd.
- Magna Tyres Group
- Continental AG
- Michelin Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 189 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 239.94 Billion |
| Forecasted Market Value ( USD | $ 339.3 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 31 |
