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2022
Automotive Tire Market

Automotive Tire Market

by Season Type (Summer, and All-Season & Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches and More than 20 Inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), Load Index (Up to 100 and More Than 100), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A00777
Pages: 527
Jan 2022 | 54871 Views
Author(s) : Mayank H , Sonia M
Tables: 330
Charts: 104
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Automotive Tire Market Statistics 2022-2030:

The global automotive tire market was valued at $139.18 billion in 2015, and is projected to reach $218.87 billion in 2030, registering a CAGR of 3.8%.

The COVID-19 impact has adversely impacted the automotive tire market. The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for the automotive tire market. For instance, global total rubber consumption fell by 5.7% in 2020, owing to the COVID-19 pandemic. An increasing impact of COVID-19 led to the closing of other facilities as well that include R&D facilities, distribution channels, supply-demand interactions, retail networks, and other operational areas, which are key to the industry’s future. In addition, the sale of automotive tires is inextricably related to vehicle manufacturing and distribution operations. The pandemic has had a significant impact on the automotive tire market due to decreasing automotive sales as well as manufacturing around the world.

Automotive tire is the circular vehicle component made of rubber that is used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Since it is manufactured from rubber, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbs the shock of the vehicle. Rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric. There is an exponential increase in the demand for tires, due to rise in demand for vehicle production to cater to the surge in requirement of vehicles across all segments. Thus, the tire demand is ultimately governed by automobile production.

Automotive-Tire-Market,-2021-2030

The global automotive tire market is driven by increase in vehicle production in developing countries and rise in competition among tire manufacturers. However, factors such as volatile prices of raw materials and increase in demand for tire remolding are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency and rise in adoption of electric vehicles is expected to create numerous opportunities for the expansion of the market.

Automotive Tire Market
By Season Type

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Summer is projected as the most lucrative segments

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The automotive tire market is segmented on the basis of season type, vehicle type, rim size, distribution channel, load index and region. By season type, it is divided into summer, winter and all-season tires. By vehicle type, it is divided into passenger car, commercial vehicle, and electric vehicle. The commercial vehicles segment is further divided into light & heavy commercial vehicles. By rim size, the market is categorized into less than 15 inch, 15 to 20 inch, and more than 20 inch. By distribution channel, it is bifurcated into OEM and aftermarket. On the basis of load index, it is divided into up to 100, and above 100. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global key players profiled in the automotive tire market report are Apollo Tyres Ltd, Bridgestone Corporation, CEAT Limited, Continental AG, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., Michelin, MRF Limited, Nokian Tyres PLC, Pirelli & C. S.p.A, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd., Toyo Tire Corporation, Wanli Tire Co., Ltd., and Zhongce Rubber Group Co., Ltd.

Automotive Tire Market
By Rim Size

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More than 20 Inches is projected as the most lucrative segment

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Increase in vehicle production in developing countries

Automobile demand in developing countries such as India, Brazil, and ASEAN countries, is expected to grow significantly in the coming years as a result of urbanization and increased industrial activity. Owing to growing demand for automobiles in these countries, manufacturers are increasingly establishing manufacturing plants and expanding their presence in these countries. Developing nations have observed an increase in the production of automobiles owing to factors such as favorable government policies, increasing GDP, and rising consumer spending. For instance, various incentives such as 200% for engaging in vocational activities and tax incentives of up to 300% for conducting R&D have been offered by the governments of Southeast Asian countries to boost the automotive industry in the region. 

Emerging companies and market leaders in many industries throughout emerging nations, such as e-commerce, the food industry, and others, have boosted demand for delivery and transportation solutions, therefore boosting the production of commercial vehicles such as trucks, tractors, and trailers even further. Increased manufacturing of heavy-duty vehicles raises demand for automotive tires significantly. Furthermore, the growing demand for passenger vehicles in developing countries has considerably increased automobile production in the area. Customers in developing countries such as India, Brazil, and others, have shown considerable growth in their adoption of sedans, SUVs, and heavy commercial vehicle resulting in increased demand for automotive tires in the region. Vehicle production in emerging nations is anticipated to increase considerably in the future, providing an opportunity for the automotive tire market to witness growth.  

Automotive Tire Market
By Vehicle Type

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Electric Vehicle is projected as the most lucrative segment

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Increase in demand for tire remolding

The process of replacing the tread on worn tires is known as remolding or retreading. It is recognized as the tire re-manufacturing process and is also known as recap or remold. When compared to the manufacturing of a new tire, the re-manufacturing process of the tire saves a significant amount of material. 

As a result, the materials for this procedure are less expensive. Furthermore, compared to building a new one, it saves a significant amount of money on tire and material costs. As the labor and costs are much lower, retreading is environmentally friendly and far less expensive than purchasing new tires. Single tire can be retreaded up to ten times, extending its service life and saving significant energy and time in the manufacturing process, all while lowering landfill waste and carbon emissions. Owing to these benefits, the savings can be significant for businesses with large fleets of vehicles. Over the years, the tire manufacturing industry has made significant progress all over the world. Premium technologies are used to produce high-quality tires that will perform flawlessly not only in their first life, but also in their second, third, and even fourth. 

Automotive Tire Market
By Load Index

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More Than 100 is projected as the most lucrative segments

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Moreover, in tire retreading industry, the use of stronger tire casings, improved re-manufacturing procedures, and high-quality rubber compounds is increasing significantly for tire remold. Retreading directly reduces aftermarket costs. A significant increase in tire prices due to high production costs has accelerated the demand for retreaded tires. Retreading gives tires a new lease on life, and it can be done two to three times depending on the condition of the tire. This boosts the retreading tire market while slowing the growth of the automotive tire market.

Advancement in Technology

Most manufacturing companies are using automation to increase productivity and profitability due to rapid technological advancements. The automotive tire market is expected to witness growth as a result of technological advancements in the global tire industry, such as the introduction of rimless tires, green tires, and the use of lightweight elastomers and metals such as alloys and carbon fiber or composites such as manganese bronze and nickel aluminum bronze to manufacture tires. 

Automotive Tire Market
By Distribution Channel

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Aftermarket is projected as the most lucrative segments

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In addition, major tire manufacturers are employing nanotechnology and other innovations or software to create a variety of advanced tire types. For instance, Bridgestone Tires, a leading tire, and rubber manufacturer uses Contact Area Information Sensing (CAIS), which collects and analyses the tire contact area to sense road conditions. Shared and autonomous vehicles will shape the future of mobility. 

Ride-sharing and ride-hailing are becoming more popular, supporting urban mobility as well as cargo and service transportation. Bridgestone, Michelin, Goodyear, and Continental, among others, are testing software platforms and Internet of Things (IoT)-connected sensors to monitor and evaluate tire quality. Tire manufacturers are concentrating their efforts on the development of smart tires that rely on IoT connectivity to provide improved safety, enhanced fuel efficiency, lower maintenance costs and efforts, and longer tire life. All of these elements are projected to open plenty of new opportunities for the market's expansion.

Automotive Tire Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia Pacific would exhibit the highest CAGR of 4.5% during 2021-2030.

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COVID-19 Impact Analysis 

  • The COVID-19 impact has adversely impacted the automotive tire market. 
  • The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of essential raw materials items for most of 2020 & few months in 2021. This led to sudden fall in the availability of important raw materials for the automotive tire market. For instance, global total rubber consumption fell by 5.7% in 2020, owing to the COVID-19 pandemic.
  • An increasing impact of COVID-19 led to the closing of other facilities as well that include R&D facilities, distribution channels, supply-demand interactions, retail networks, and other operational areas, which are key to the industry’s future. 
  • In addition, the sale of automotive tires is inextricably related to vehicle manufacturing and distribution operations. Nationwide lockdown forced parts manufacturing facilities to partially or completely shut down their operations. The pandemic has had a significant impact on the automotive tire market due to decreasing automotive sales as well as manufacturing around the world.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global automotive tire market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall automotive tire market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the global automotive tire market with a detailed impact analysis.
  • The current automotive tire market is quantitatively analyzed from 2015 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Automotive Tire Market Report Highlights

Aspects Details
By Season Type
  • Summer
  • All-Season and Winter
By Rim Size
  • Less Than 15 Inches
  • 15 to 20 Inches
  • More than 20 Inches
By Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
  • Electric vehicle
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
By KEY PLAYERS
  • Apollo Tyres Ltd
  • Bridgestone Corporation
  • CEAT Limited
  • Continental AG
  • Hankook & Company Co., Ltd.
  • JK Tyre & INDUSTRIES LTD.
  • Michelin
  • MRF Limited
  • Nokian Tyres PLC
  • Pirelli & C. S.p.A
  • Sailun Group Co., Ltd.
  • Salsons Impex Pvt. Ltd
  • Shandong Linglong Group Co. Ltd.
  • Sumitomo Rubber Industries, Ltd.
  • The Goodyear Tire & Rubber Company
  • The Yokohama Rubber Co., Ltd.
  • Triangle Tire Co., Ltd.,
  • Toyo Tire Corporation
  • Wanli Tire Co., Ltd.
  • Zhongce Rubber Group Co., Ltd.
 

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The automotive tire market is expected to witness significant growth, due to rise in production and sales of automobiles across the globe. Automotive tire manufacturers are concentrating on providing innovative, lightweight, and long-lasting tires. The automotive tire market is expected to grow at a remarkable rate in the future, owing to the booming e-commerce and logistics industries. The global automotive tire market is driven by increasing vehicle production in developing countries and rise in competition among tire manufacturers. However, factors such as volatile prices of raw materials and growing market of remolding tires are expected to hamper the growth of the market. Further, advancement in technology and rise in demand for electric vehicles are expected to create numerous opportunities for the growth expansion.

To deal with the changing demand scenarios, market participants are entering into contracts and agreements to secure long-term commercial opportunities. In addition, market participants are continuously focusing on product development efforts to match changing end-user requirements and improve vehicle operational efficiency.

Furthermore, the automotive tire market is segmented on the basis of season type, rim size, vehicle type, load index, distribution channel and region. Based on type, it is divided into summer, and all season & winter. Based on rim size, it is segmented into less than 15 inches, 15 to 20 inch and more than 20 inches. On the basis of vehicle type, it is divided into passenger cars, commercial vehicles, and electric vehicles. On the basis of load index, it is divided into up to 100, and above 100. Based on distribution channel, it is segmented into OEM and aftermarket. Region-wise, it is analyzed across North America, Europe, Asia Pacific, and LAMEA.

Among the analyzed regions, Asia-Pacific dominated the market in terms of revenue in 2021, followed by Europe, North America, and LAMEA. Asia-Pacific is expected to witness a lucrative growth rate during the forecast period, owing to rise in demand for passenger and commercial vehicle improved by countries such as China, India, and Japan, along with rise in investments by tire manufacturing companies in the region.

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FREQUENTLY ASKED QUESTIONS?

A. Bridgestone Corporation, Micheline, The Goodyear Tire and rubber company, continental AG are market leaders in tire industry

A. The global automotive tire market was valued at $139.18 billion in 2015, and is projected to reach $218.87 billion in 2030, registering a CAGR of 3.8%.

A. The report sample for global automotive tire market report can be obtained on demand from the website

A. Increase in demand for nanosatellites and microsatellites to enable faster and more secure communication and rise in technological advancements, such as the integration of small satellites with Internet of Things (IoT), artificial intelligence (AI), and other technologies

A. Automotive tire market is growing steadily post covid-19 pandemic

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. The tire industry is expected to grow at a CAGR of 3.8% during the forecast period

A. By vehicle type, the electric vehicle segment held the fastest growing segment in automotive tire market

A. Asia Pacific is the most lucritive segment in automotive tire market

A. Product launches and Contracts are most adopted strategies by the top players to increase their revenue in automotive tire market

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