Market overview

The automotive tire market is expected to register a CAGR of 12% from the 8 years from 2023 to 2032. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. 

The Asia-Pacific area is where this is particularly true. These individuals desire to travel in cars that are more ecologically friendly, safer, and efficient. Road accidents are more common, particularly in developing countries and the Asia-Pacific area. Some countries' governments are reacting by mandating that modern cars be safer, more effective, and safer for the environment. People expect the same thing from their tyres. As a result, businesses in the global automobile tyre industry are increasing their R&D spending in an effort to create and sell better tyres. Moreover, the developed world exerts pressure. Governments in these countries are putting in place regulatory organisations that actively keep an eye on automobiles to ensure that they are less prone to accidents. Newer vehicles must comply with these bodies'

List of Key Companies

· Michelin (France)

· Bridgestone (Japan)

· Continental AG (Germany)

· Hankook Tire (South Korea)

· Pirelli & C. S.p.A. (Italy)

· Toyo Tire Corporation (Japan)

· Kumho Tire (South Korea)

· Giti Tire (Singapore)

· Maxxis International (Taiwan)

· Nexen Tire Corporation (South Korea)

Market segmentation

By Rim Size

· 13"–15"

· 16"–18"

· 19"–21"

· >21"

By Season

· Winter

· Summer

· All-Season

By Propulsion Type

· ICE

· EV

By Vehicle Type

· Passenger Cars

· LCV

· HCV

By Distribution Channel

· OEM

· Aftermarket

By Region

· North America

· Europe

· Asia Pacific

· Rest of the World (RoW)

Regional analysis

The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.

Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.

Industry news

Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.

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