Automotive Tire Market Size

The global automotive tire market size was valued at $161.47 billion in 2024 and is projected to reach $218.87 billion by 2030, growing at a CAGR of 5.2% during the forecast period.

Automotive Tire Market Overview

An automotive tire is a critical component of a vehicle's chassis, serving as the point of contact between the vehicle and the road surface. Functioning as the primary interface for traction, stability, and safety, automotive tires undergo careful design and manufacturing processes to meet specific performance requirements. Typically made from a combination of rubber, fabric, and steel, tires are engineered to withstand various environmental conditions and road stresses. Their tread patterns, sidewall structures, and internal components are tailored to optimize performance characteristics such as grip, handling, and durability. Automotive tires play a pivotal role in ensuring vehicle safety, fuel efficiency, and overall driving comfort. The diverse range of tire types, including all-season, summer, and winter variants, cater to different driving conditions and preferences, highlighting the significance of tires in contributing to the overall performance and safety of motor vehicles.

Automotive Tire Market Dynamics

• The automotive tire market is expected to witness significant growth in the future due to the increasing consumer demand for high-performance tires, increase in vehicle production in developing countries, and emphasis on fuel efficiency and environmental sustainability.

• Additionally, the rising adoption of electric vehicles, innovation in tire design and materials, and increased focus on tire recycling and sustainability are the prominent factors driving the growth of the automotive tire market.

• However, the fluctuating raw material prices, shifts in consumer preferences, and stringent regulatory standards are restraining the market growth.

• On the contrary, the rising technological advancements in tire manufacturing and the growing automotive industry are creating opportunities for market growth.

Impact of COVID-19 on the Automotive Tire Market

The initial phases of the pandemic witnessed disruptions in manufacturing and supply chains, leading to a temporary decline in tire production. With lockdowns and restrictions affecting global mobility, the automotive industry faced a substantial reduction in vehicle sales, directly impacting the demand for new tires. Additionally, economic uncertainties and financial constraints influenced consumer spending patterns, leading to a postponement of tire replacements and upgrades. However, as economies gradually reopened and the automotive sector rebounded, there emerged a renewed focus on personal transportation, with individuals preferring private vehicles over public transit. This shift in preference stimulated a gradual recovery in the automotive tire market. Furthermore, the pandemic underscored the importance of resilient supply chains, prompting tire manufacturers to reassess and optimize their production processes.

By Season Type, the All Season Segment is projected to show a Prominent Growth Rate in the Automotive Tire Market

The all season segment is projected to show a prominent growth rate in the automotive tire market during the forecast period owing to its versatile and adaptable nature, making it a popular choice among consumers. All-season tires are designed to provide satisfactory performance in a variety of driving conditions, including dry and wet roads, as well as light snow. This flexibility appeals to a broad spectrum of vehicle owners, especially in regions with diverse climates where drivers may encounter different weather conditions throughout the year. The convenience of not having to switch between summer and winter tires, coupled with the cost-effectiveness of a single tire type, contributes to the popularity of all-season tires. Additionally, advancements in tire technology have improved the performance of all-season tires, making them a reliable choice for year-round driving without compromising on safety or efficiency. As consumers increasingly prioritize convenience and seek a tire that can handle various road conditions, the demand for all-season tires continues to grow, positioning this segment as a key driver in the automotive tire market.

By Geography, Asia Pacific Region Accounts for the Largest Share of the Market Revenue

Asia Pacific region accounts for the largest share of the market revenue due to the rapid economic growth and industrialization in countries across Asia. As a result, there is a growing need for tires to meet the rising demand from the expanding automotive market. Additionally, the region's increasing urbanization and infrastructure development contribute to higher vehicle usage, further fueling the demand for tires. The diversity of driving conditions, from congested city streets to varied terrains in rural areas, necessitates a wide range of tire types, boosting the overall market. Moreover, the automotive industry's shift towards electric vehicles and the ongoing trend of sustainable mobility in the Asia Pacific region are influencing tire preferences, with a growing demand for eco-friendly and fuel-efficient tires. The strategic initiatives by tire manufacturers to establish production facilities and distribution networks in Asia Pacific countries also play a crucial role in meeting the escalating demand. Collectively, these factors contribute to the robust and expanding automotive tire market in the Asia Pacific region.

Key Target Audience:

• Automobile Manufacturers

• Tire Manufacturers and Suppliers

• Distributors and Retailers

• Automotive Aftermarket Businesses

• Consumers and Vehicle Owners

• Government and Regulatory Bodies

• Research and Development Institutions

• Investors and Financial Institutions

• Environmental and Sustainability Organizations

• Automotive Industry Associations

List of the Key Players Profiled in the Report Includes:

• Bridgestone Corporation

• Continental AG

• The Goodyear Tire & Rubber Company

• Hankook & Company Co., Ltd.

• Michelin

• Nokian Tyres Plc

• Pirelli & C. S.P.A

• Sumitomo Rubber Industries, Ltd

• The Yokohama Rubber Co., Ltd

• Toyo Tire Corporation

• MRF Limited

• Ceat Limited

• JK Tire & Industries Ltd

• Apollo Tires Ltd

Recent Developments

• In June 2023, Continental launched the UltraContact NXT as its most environmentally friendly tire series to date. Comprising up to 65% renewable, recycled, and mass-balance-certified materials, this innovative line prioritizes sustainability without compromising safety and performance standards. This launch establishes Continental as the pioneering manufacturer to introduce a volume production tire with a significant portion of sustainable materials while ensuring top-tier performance aligned with the maximum EU tire-label standards.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Rim Size:

• Less than 15 Inch

• 15 to 20 Inch

• More than 20 Inch

Market by, Season Type:

• Summer

• All Season

• Winter

Market by, Vehicle Type:

• Electric Vehicle

• Commercial Vehicle

• Passenger Vehicle       

Market by, Load Index:

• Up to 100

• More than 100       

Market by, Distribution Channel:

• Up to 100

• More than 100       

Market by, Geography:

The automotive tire report also analyzes the major geographic regions and countries of the market. The regions and countries covered in the study include:

• North America (The United States, Canada, Mexico), Market Estimates, Forecast & Opportunity Analysis

• Europe (Germany, France, UK, Italy, Spain, Rest of Europe), Market Estimates, Forecast & Opportunity Analysis

• Asia Pacific (China, Japan, India, South Korea, Australia, New Zealand, Rest of Asia Pacific), Market Estimates, Forecast & Opportunity Analysis

• South America (Brazil, Argentina, Chile, Rest of South America), Market Estimates, Forecast & Opportunity Analysis

• Middle East & Africa (UAE, Saudi Arabia, Qatar, Iran, South Africa, Rest of Middle East & Africa), Market Estimates, Forecast & Opportunity Analysis

What can be explored with this research report:

• Understand the key trends that will drive the market and the challenges it faces in the current market scenario.

• Identify growth opportunities.

• Porter's five force analysis.

• In-depth analysis of market segments, and regions/countries predicted to observe promising growth.

• Historical and forecast size of the market in terms of revenue (USD Million).

• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.