Summary

The Automotive Tire Market encompasses the manufacturing, distribution, and retail of tires specifically designed for automobiles, tractors, motorcycles, and other vehicles. The global automotive tire market is projected to reach $139.83 billion in 2024 and $185.5 billion by 2031, growing at a CAGR of 4.10%. This market is a critical component of the automotive sector, influencing vehicle performance, safety, and fuel economy. The demand for automotive tires is closely linked to developments in vehicle manufacturing, consumer preferences, and regulatory requirements.

Several factors drive the global automotive tire market. One of the primary drivers is the consistent growth of the automotive sector worldwide. Economic expansion and rising disposable incomes contribute to increased automobile demand, subsequently driving tire demand. Additionally, advancements in tire technology, including improvements in tread design, materials, and manufacturing processes, enhance fuel efficiency, durability, and performance, further stimulating market growth. Government regulations and environmental concerns advocating for fuel efficiency and sustainability also play significant roles in promoting the adoption of eco-friendly tire alternatives. Furthermore, changing consumer preferences towards aesthetics and safety features influence the demand for specialized tire variants.

Market Growth Drivers

Focus on Advanced Tires and Improved R&D

Technological advancements in tire design, materials, and manufacturing processes are key drivers of the global automotive tire market. Ongoing research and development initiatives aim to enhance tire performance, safety, and sustainability. Innovations in tread design, materials, and manufacturing significantly influence the competitive Analysis and propel market growth.

Environmental sustainability has become a focal point in tire manufacturing. Manufacturers are investing in developing energy-efficient and eco-friendly tire alternatives. The use of sustainable and recyclable materials helps reduce the environmental impact of tire production and disposal. Additionally, advanced tread patterns and tire configurations aim to maximize fuel economy, aligning with global efforts to reduce carbon emissions from vehicles. These environmentally friendly technologies not only meet regulatory requirements but also attract eco-conscious consumers, driving a shift towards more sustainable options in the market.

Concurrently, tire manufacturers are leveraging advanced technologies to enhance safety features. The integration of intelligent materials and sensor technologies enables real-time monitoring of tire conditions, providing drivers with crucial information about tire temperature, pressure, and tread wear.

Market Restraints

Unpredictable Raw Material Costs

One significant challenge in the global automotive tire market is the volatility of raw material costs. Essential components like rubber, steel, and synthetic compounds significantly impact tire production costs and pricing. Fluctuations in raw material prices, influenced by global economic trends, geopolitical events, and climatic conditions, pose a substantial challenge for tire manufacturers.

Rubber, a key material in tire manufacturing, is particularly susceptible to price volatility. Natural rubber, primarily sourced from Southeast Asia, faces supply chain disruptions due to climatic conditions, diseases, and geopolitical factors.

Increasing Regulations

The increasing complexity of tire regulations and standards is another significant obstacle for the global automotive tire market. Governments worldwide are implementing stringent regulations to enhance energy efficiency, address environmental concerns, and improve vehicle safety. While these regulations are crucial for the automotive industry's overall health, they present a considerable challenge for tire manufacturers. To comply with evolving performance and safety standards, manufacturers must invest significantly in research and development.

Opportunities

Focus on Electric Vehicles and Environmental Concerns

The rising demand for electric vehicles presents a significant opportunity for the global automotive tire market. Electric vehicles, characterized by their renewable energy credentials, differ from traditional internal combustion engine vehicles in terms of powertrain and performance specifications. Tires play a crucial role in optimizing the efficiency and safety of electric vehicles, offering tire manufacturers opportunities to innovate and produce specialized products. The growing need for tires with enhanced durability, reduced road pollution, and lower rolling resistance aligns with the unique requirements of electric vehicles.

Additionally, the distinctive torque and weight distribution characteristics of electric vehicles necessitate tire configurations that provide optimal traction and handling. This opens avenues for advancements in tire technology. By developing specialized tires for electric vehicles, manufacturers can gain a competitive edge in a rapidly growing market segment.

Analyst’s Viewpoint

The automotive tire market is poised for substantial growth and transformation. Continuous technological innovations in tire design and manufacturing processes drive this expansion. Manufacturers' significant investments in research and development result in tires with enhanced performance, safety features, and environmental sustainability. This progress not only addresses changing consumer demands but also positions tire manufacturers to comply with stringent international regulations concerning vehicle emissions and safety.

The dynamic relationship between manufacturers and consumers is crucial in shaping market trends. Growing consumer awareness regarding tire quality, safety, and environmental impact compels manufacturers to incorporate education and transparency into their marketing strategies. The emphasis on sustainability is particularly noteworthy, as environmentally conscious consumers actively seek eco-friendly tire options.

The global proliferation of the automotive industry, especially in emerging economies, further drives the market. Rising vehicle ownership in these regions, driven by expanding middle classes and urbanization, boosts tire demand. Strategic alliances between automotive companies and tire manufacturers are expected to be pivotal in navigating these diverse and expansive markets.

In summary, the global automotive tire market is driven by technological advancements, shifting consumer preferences, and the expansion of the automotive industry. Successful manufacturers will adeptly navigate regulatory frameworks, build strong consumer relationships through transparency and sustainable practices, and swiftly adapt to evolving market dynamics.

Supply-side Dynamics

The global automotive tire market features key players with substantial influence on market dynamics. Prominent tire manufacturers, such as Bridgestone Corporation, Michelin, and The Goodyear Tire & Rubber Company, leverage their extensive research and development capabilities to introduce innovative tire solutions.

China stands out as a significant market player due to its rapidly expanding automotive sector and massive vehicle manufacturing scale. The United States and Germany also play crucial roles, emphasizing technologically driven tire solutions. For instance, the U.S. market for high-performance tires reflects a preference for sports and luxury vehicles.

Leading companies are actively shaping the industry Analysis through strategic initiatives. These corporations invest heavily in R&D to introduce cutting-edge tire technologies, including advancements in tread design, materials, and manufacturing processes.

Competitive Analysis

Key Companies Profiled

• Continental Group

• Cooper & Rubber Company

• Hankook Co. Ltd.

• Goodyear & Rubber Company

• Michelin Group

• Pirelli

• Sumitomo Rubber Industries Ltd.

• The Bridgestone Group

• Toyo & Rubber Co Ltd.

• Yokohama Rubber Co. Ltd.

Market Segmentation

By Tire Type:

• Radial

• Bias

By Season:

• Summer Tire

• Winter Tire

• All Season Tire

By Vehicle Type:

• Passenger Car

• LCV

• HCV

By Region:

• North America

• Europe

• East Asia

• South Asia & Oceania

• Latin America

• Middle East & Africa

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Table of Contents

1. Executive Summary
1.1. Global Automotive Tire Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Price Analysis, 2019-2023
3.1. Global Average Price Analysis by Tire Type, 2019-2023
3.2. Prominent Factor Affecting Automotive Tire Prices
3.3. Global Average Price Analysis by Region
4. Global Automotive Tire Market Outlook, 2019-2031
4.1. Global Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
4.1.1. Key Highlights
4.1.1.1. Radial
4.1.1.2. Bias
4.2. Global Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
4.2.1. Key Highlights
4.2.1.1. Summer Tire
4.2.1.2. Winter Tire
4.2.1.3. All Season Tire
4.3. Global Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
4.3.1. Key Highlights
4.3.1.1. Passenger Car
4.3.1.2. LCV
4.3.1.3. HCV
4.4. Global Automotive Tire Market Outlook, by Region, Value (US$ Bn) and Volume (Units), 2019-2031
4.4.1. Key Highlights
4.4.1.1. North America
4.4.1.2. Europe
4.4.1.3. Asia Pacific
4.4.1.4. Latin America
4.4.1.5. Middle East & Africa
5. North America Automotive Tire Market Outlook, 2019-2031
5.1. North America Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
5.1.1. Key Highlights
5.1.1.1. Radial
5.1.1.2. Bias
5.2. North America Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
5.2.1. Key Highlights
5.2.1.1. Summer Tire
5.2.1.2. Winter Tire
5.2.1.3. All Season Tire
5.3. North America Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
5.3.1. Key Highlights
5.3.1.1. Passenger Car
5.3.1.2. LCV
5.3.1.3. HCV
5.4. North America Automotive Tire Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1. Key Highlights
5.4.1.1. U.S. Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1.2. U.S. Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1.3. U.S. Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1.4. Canada Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1.5. Canada Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
5.4.1.6. Canada Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6. Europe Automotive Tire Market Outlook, 2019-2031
6.1. Europe Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.1.1. Key Highlights
6.1.1.1. Radial
6.1.1.2. Bias
6.2. Europe Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.2.1. Key Highlights
6.2.1.1. Summer Tire
6.2.1.2. Winter Tire
6.2.1.3. All Season Tire
6.3. Europe Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.3.1. Key Highlights
6.3.1.1. Passenger Car
6.3.1.2. LCV
6.3.1.3. HCV
6.3.2. Attractiveness Analysis
6.4. Europe Automotive Tire Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1. Key Highlights
6.4.1.1. Germany Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.2. Germany Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.3. Germany Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.4. U.K. Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.5. U.K. Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.6. U.K. Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.7. France Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.8. France Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.9. France Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.10. Italy Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.11. Italy Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.12. Italy Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.13. Turkey Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.14. Turkey Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.15. Turkey Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.16. Russia Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.17. Russia Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.18. Russia Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.19. Rest of Europe Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.20. Rest of Europe Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
6.4.1.21. Rest of Europe Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7. Asia Pacific Automotive Tire Market Outlook, 2019-2031
7.1. Asia Pacific Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.1.1. Key Highlights
7.1.1.1. Radial
7.1.1.2. Bias
7.2. Asia Pacific Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.2.1. Key Highlights
7.2.1.1. Summer Tire
7.2.1.2. Winter Tire
7.2.1.3. All Season Tire
7.3. Asia Pacific Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.3.1. Key Highlights
7.3.1.1. Passenger Car
7.3.1.2. LCV
7.3.1.3. HCV
7.4. Asia Pacific Automotive Tire Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1. Key Highlights
7.4.1.1. China Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.2. China Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.3. China Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.4. Japan Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.5. Japan Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.6. Japan Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.7. South Korea Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.8. South Korea Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.9. South Korea Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.10. India Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.11. India Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.12. India Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.13. Southeast Asia Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.14. Southeast Asia Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.15. Southeast Asia Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.16. Rest of Asia Pacific Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.17. Rest of Asia Pacific Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
7.4.1.18. Rest of Asia Pacific Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
8. Latin America Automotive Tire Market Outlook, 2019-2031
8.1. Latin America Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.1.1. Key Highlights
8.1.1.1. Radial
8.1.1.2. Bias
8.2. Latin America Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
8.2.1. Key Highlights
8.2.1.1. Summer Tire
8.2.1.2. Winter Tire
8.2.1.3. All Season Tire
8.3. Latin America Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.3.1. Key Highlights
8.3.1.1. Passenger Car
8.3.1.2. LCV
8.3.1.3. HCV
8.4. Latin America Automotive Tire Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1. Key Highlights
8.4.1.1. Brazil Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.2. Brazil Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.3. Brazil Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.4. Mexico Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.5. Mexico Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.6. Mexico Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.7. Argentina Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.8. Argentina Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.9. Argentina Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.10. Rest of Latin America Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.11. Rest of Latin America Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
8.4.1.12. Rest of Latin America Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9. Middle East & Africa Automotive Tire Market Outlook, 2019-2031
9.1. Middle East & Africa Automotive Tire Market Outlook, by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.1.1. Key Highlights
9.1.1.1. Radial
9.1.1.2. Bias
9.2. Middle East & Africa Automotive Tire Market Outlook, by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.2.1. Key Highlights
9.2.1.1. Summer Tire
9.2.1.2. Winter Tire
9.2.1.3. All Season Tire
9.3. Middle East & Africa Automotive Tire Market Outlook, by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.3.1. Key Highlights
9.3.1.1. Passenger Car
9.3.1.2. LCV
9.3.1.3. HCV
9.4. Middle East & Africa Automotive Tire Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1. Key Highlights
9.4.1.1. GCC Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.2. GCC Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.3. GCC Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.4. South Africa Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.5. South Africa Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.6. South Africa Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.7. Egypt Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.8. Egypt Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.9. Egypt Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.10. Nigeria Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.11. Nigeria Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.12. Nigeria Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.13. Rest of Middle East & Africa Automotive Tire Market by Tire Type, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.14. Rest of Middle East & Africa Automotive Tire Market by Season, Value (US$ Bn) and Volume (Units), 2019-2031
9.4.1.15. Rest of Middle East & Africa Automotive Tire Market by Vehicle Type, Value (US$ Bn) and Volume (Units), 2019-2031
10. Competitive Landscape
10.1. By Tire Type vs by Season Heatmap
10.2. Company Market Share Analysis, 2023
10.3. Competitive Dashboard
10.4. Company Profiles
10.4.1. Continental Group
10.4.1.1. Company Overview
10.4.1.2. Product Portfolio
10.4.1.3. Financial Overview
10.4.1.4. Business Strategies and Development
10.4.2. Cooper & Rubber Company
10.4.2.1. Company Overview
10.4.2.2. Product Portfolio
10.4.2.3. Financial Overview
10.4.2.4. Business Strategies and Development
10.4.3. Hankook Co. Ltd.,
10.4.3.1. Company Overview
10.4.3.2. Product Portfolio
10.4.3.3. Financial Overview
10.4.3.4. Business Strategies and Development
10.4.4. Goodyear & Rubber Company
10.4.4.1. Company Overview
10.4.4.2. Product Portfolio
10.4.4.3. Financial Overview
10.4.4.4. Business Strategies and Development
10.4.5. Michelin Group,
10.4.5.1. Company Overview
10.4.5.2. Product Portfolio
10.4.5.3. Financial Overview
10.4.5.4. Business Strategies and Development
10.4.6. Pirelli
10.4.6.1. Company Overview
10.4.6.2. Product Portfolio
10.4.6.3. Financial Overview
10.4.6.4. Business Strategies and Development
10.4.7. Sumitomo Rubber Industries Ltd.,
10.4.7.1. Company Overview
10.4.7.2. Product Portfolio
10.4.7.3. Financial Overview
10.4.7.4. Business Strategies and Development
10.4.8. The Bridgestone Group
10.4.8.1. Company Overview
10.4.8.2. Product Portfolio
10.4.8.3. Financial Overview
10.4.8.4. Business Strategies and Development
11. Appendix
11.1. Research Methodology
11.2. Report Assumptions
11.3. Acronyms and Abbreviations