Top Growth Trends in the Automotive Tire Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What External and Internal Drivers Are Contributing to the Growth of theAutomotive Tire Market?
The boom in vehicle production and the growing preference for electric cars and similar light commercial vehicles, like pickup trucks, accelerates the growth of the automotive tire market. For example, the Belgium-based European Automobile Manufacturers Association (ACEA) reported in March 2024 that global new car sales climbed almost 10% following a steady phase in 2022. EU sales experienced growth close to 14%, reaching 10.5 million units. Battery-powered vehicle sales escalated by 37%, securing a market share of 14.6%. Even with a sluggish period in China’s car market during the first nine months of 2023, the sales over the year rose by 4.5%. In contrast, Japan and the U.S. posted impressive expansion with sales growth nearly 16% and above 14%, respectively. As a result, the escalating vehicle production worldwide is anticipated to fuel the automotive tire market.
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#What is the Growth Potential of the Automotive Tire Market, and How Will It Perform by 2034?
The size of the automotive tire market has seen robust growth in the past few years. The projection shows an increase from $138.64 billion in 2024, up to $145.87 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%. This growth during the historical period can be credited to factors such as the expansion of the automotive industry, the adoption of radial tires, the effects of globalization and supply chain management, regulatory standards and safety requirements, as well as changing consumer preferences.
In the forthcoming years, a significant surge in the automotive tire market size is likely, expected to reach $185.55 billion by 2029, with a CAGR of 6.2%. This projected expansion during the forecast period can be chalked up to the market’s adaptability towards varying vehicle types, the proliferation of autonomous vehicles, the growing emphasis on sustainability and green activities, as well as increased demand for all-terrain/all-weather and high-performance tires. The upcoming period also foresees developments in tire technology, a transition to electric vehicles (EVs), and an emphasis on fuel efficiency, environmental sustainability and ecologically-friendly materials as the chief trends.
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Which Upcoming Market Trends and Innovations Are Set to Influence theAutomotive Tire Market’s Path Forward?
Companies in the automotive tire industry are directing their efforts towards the creation of airless tires suitable for both personal and commercial automobiles. The use of puncture-proof tires guarantees no interruption or productivity loss for commercial vehicles, while also heightening automobile safety and efficiency. An example of this is Hankook Tire, a firm from South Korea, known for its extensive range of tire products and services across numerous sectors. In October 2022, Hankook launched the Smart iON AU06+, a key addition to its innovative iON product line and the first Truck and Bus Radial (TBR) tire of its kind. The tire is custom-made for high-end electric vehicles (EVs) and is intended to fulfil the specific requirements of electric trucks and buses, particularly in handling the increased weight of drive batteries and the amplification of torque to the wheels. Compared to its previous versions, the Smart iON AU06+ improves wet road grip by roughly 10%- enhancing safety during driving sessions.
Who Are the Dominant Market Players Pushing the Boundaries of theAutomotive Tire Market?
Major companies operating in the automotive tire market include Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Nankang Rubber Tire Corp. Ltd., Sumitomo Rubber Industries Ltd., Hankook & Company Co. Ltd., Pirelli & C. S.p.A, The Yokohama Rubber Co. Ltd., MRF Limited, Trelleborg AB, Toyo Tire Corporation, Sailun Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Nokian Tyres plc, JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Aeolus Tyre Co. Ltd., Salsons Impex Pvt. Ltd., Shinko Tires USA
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What Are the Core Segments of the Automotive Tire Market, and How Do They Contribute to Growth?
The automotive tire market covered in this report is segmented –
1) By Rim Size: Less Than 15 Inches, 15 To 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), After market
5) By Season Type: Summer, Winter, All Seasons
Subsegments:
1) By Less Than 15 Inches: Passenger Car Tires, Light Truck Tires, Motorcycle Tires, Other Specialty Tires
2) By 15 To 20 Inches: Passenger Car Tires, SUV Tires, Light Truck Tires, Performance Tires
3) By More Than 20 Inches: SUV Tires, Light Truck Tires, Performance Tires, Heavy-Duty Truck Tires
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What Regions Are Dominating the Automotive Tire Market Growth?
Asia-Pacific was the largest region in the automotive tire market in 2024. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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