Automotive Tire Market Set to Drive Ahead with a CAGR of 3.8%: Global Opportunities and Key Regional Developments

The global Automotive Tire Market Size is accelerating toward impressive growth, reaching a value of USD 155.15 billion in 2023 and projected to achieve USD 208.28 billion by 2030, growing at a CAGR of 3.8% during the forecast period (2024-2030), according to the latest insights by Maximize Market Research.

Increasing vehicle production, rising disposable income, and the surging preference for high-performance tires are fueling market expansion globally.

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Competitive Landscape and Regional Demand Surge

The Automotive Tire Market is fiercely competitive, with prominent players such as Bridgestone Corporation, Michelin, Continental AG, Goodyear Tire & Rubber Company, and Sumitomo Rubber Industries dominating the scene.

North America and Asia-Pacific are emerging as powerhouses for market growth, with Asia-Pacific particularly showing higher demand thanks to booming automotive industries in countries like China, India, Vietnam, and Thailand.

Country-Specific Insights: Growth, Opportunities, Trends, Consolidation, and Updation

Growth Opportunities in Vietnam

Vietnam’s automotive industry is expanding rapidly, leading to heightened demand for OEM and aftermarket tires. Foreign investments and a growing middle-class population are key drivers.
Recent mergers and collaborations between local manufacturers and global players like Michelin are strengthening the domestic market structure.

Opportunity Trends in Thailand

Thailand, being a leading automotive production hub in Southeast Asia, shows strong export-oriented tire manufacturing growth.
Companies such as Bridgestone and Goodyear have expanded production facilities, leading to major tire exports across ASEAN and Europe.

Growth Trends in Japan

Japan's tire market is seeing growth due to rising demand for advanced technology tires, particularly eco-friendly and run-flat tires.
Key recent developments include Sumitomo Rubber Industries enhancing R&D to focus on electric vehicle-specific tire models.

Consolidation Trends in South Korea

South Korea’s tire industry is witnessing consolidations with major players like Hankook Tire & Technology leading innovations in sustainable and smart tire technologies.
Mergers among mid-size manufacturers are also fostering a stronger domestic market positioning for exports.

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Updation and Opportunities in Singapore

Though Singapore has a smaller automotive footprint, it serves as a strategic hub for tire distribution and R&D innovation.
Key updates involve Michelin establishing smart warehousing solutions, improving last-mile delivery efficiency for tire products.

Growth Insights in the United States

The U.S. market is characterized by strong growth in SUV and light truck segments, spiking the need for premium and all-season tires.
Recent developments include Goodyear acquiring Cooper Tire & Rubber Company to expand its portfolio and distribution network across North America.

Opportunity Consolidation in China

China dominates the global automotive tire demand, fueled by massive vehicle production and exports.
Key updates feature Continental AG expanding its production facility in Hefei and investing heavily in sustainable tire technologies for EVs and autonomous vehicles.

Updation and Trends in Europe

Europe is emphasizing low rolling resistance and eco-friendly tires, driven by stringent EU regulations.
Recent mergers include Michelin’s strategic collaboration with Scandinavian Enviro Systems to boost recycled tire production, reflecting Europe’s strong shift towards circular economy models.

Key Recent Developments in the Global Automotive Tire Market

• Bridgestone unveiled its new Enliten Technology tire line specifically for electric vehicles.
• Continental AG introduced the Conti GreenConcept, an eco-tire made of sustainable materials.
• Goodyear launched smart tires with built-in sensors for real-time road condition monitoring.
• Michelin expanded its product lines focused on long-range EVs.

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Market Segmentation: In-Depth Analysis:

by Vehicle Type

Passenger Cars
Light Trucks and SUVs
Commercial Vehicles
Two-Wheelers

The market is divided into four categories based on the kind of vehicle: passenger cars, light trucks and SUVs, commercial vehicles, and two-wheelers. The market was led by light trucks and SUVs in 2023, and this category is anticipated to continue to maintain the greatest share of the automotive tire market during the forecast period. SUVs and light trucks are preferred by consumers due to their off-road capability, payload capacity, and adaptability. They thus look for tires that go well with these car attributes. Many light vehicle and SUV consumers value the ability to travel off-road.

by Tire Type

Summer Tires
All-Season Tires
Winter Tires
Performance Tires
Run-Flat Tires
Off-Road Tires
Specialty Tires

Summer tires, all-season tires, winter tires, performance tires, run-flat tires, off-road tires, and specialty tires are the several categories into which the market is divided based on tire type. The All-Season Tires sector is anticipated to lead the automotive tire market during the forecast period, having had the biggest market share in 2023. All-season tires are made to function well in a variety of weather situations, such as light snow, rain, and dry conditions. They are appropriate for a variety of driving situations and seasons since they achieve a balance between different performance features.

by Rim Size

13"_15"
16"_18"
19"_21"
>21"

by End-User

OEM (Original Equipment Manufacturer)
Aftermarket

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Market Key Players : In-Depth Analysis:

1. Bridgestone Corporation
2. Michelin
3. Goodyear Tire & Rubber Company
4. Continental AG
5. Pirelli & C. S.p.A.
6. Sumitomo Rubber Industries
7. Hankook Tire Co. Ltd.
8. Cooper Tire & Rubber Company
9. Yokohama Rubber Co., Ltd.
10. Toyo Tire Corporation

Note:

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