Automotive Tires Market By Rim (13-15, 16-18, 19-21,>21), By Aspect Ratio (<60, 60-70, >70), By Section Width (<200, 200-230, >230 mm), By Season (Summer, Winter-Studded Non-Studded & All Season), By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), and by Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Automotive Tires Market was valued at USD 18.5 billion in 2023-e and will surpass USD 20.7 billion by 2030; growing at a CAGR of 1.6% during 2024 - 2030, starting from a base year of 2024. As manufacturers focus on fuel-efficient and durable products, tire technologies are anticipated to advance further, influencing both original equipment manufacturer (OEM) and aftermarket segments.

The automotive tires market is an integral component of the global automotive industry, playing a vital role in vehicle performance, safety, and fuel efficiency. As vehicles have evolved, so too have the requirements for tires, driven by advancements in technology, consumer preferences, and stringent regulations surrounding vehicle safety and environmental standards. The market has been growing consistently, propelled by increased automobile production and sales, as well as the rising demand for replacement tires due to expanding vehicle ownership worldwide.

Passenger Cars Segment is Largest Owing to Rising Demand for Comfort and Safety

The passenger cars segment holds the largest share in the automotive tires market. This can be attributed to the surging global sales of passenger vehicles, driven by increasing disposable income, urbanization, and growing consumer expectations for enhanced comfort and safety features. In 2024, this segment is expected to account for over half of the overall market share, with major growth seen in regions such as Asia-Pacific and North America, where car ownership is on the rise.

Within this segment, radial tires are the largest subsegment, offering superior durability, fuel efficiency, and ride comfort compared to bias-ply tires. The radial tire’s innovative structure, designed with perpendicular layers of fabric cords to the tire’s tread, enhances tread flexibility and reduces heat generation during operation. This has made radial tires the preferred choice for passenger cars, as they contribute to improved fuel efficiency and safety, two critical concerns for car owners and regulatory bodies alike.

Electric Vehicle (EV) Segment is Fastest Growing Owing to Increasing Electrification

The electric vehicle segment is projected to witness the fastest growth within the automotive tires market during the forecast period. The increasing emphasis on electrification of vehicles, spurred by governmental incentives and growing environmental awareness, has created a surge in the demand for specialized tires tailored for electric vehicles. These tires need to accommodate higher torque and weight, as well as offer low rolling resistance to maximize vehicle range.

The fastest-growing subsegment within this category is the low rolling resistance tires, which are specifically engineered to minimize energy loss as the tire rolls, thereby extending the driving range of electric vehicles. This is a critical consideration for EV owners who prioritize efficiency. As electric vehicle adoption accelerates across major markets like Europe, China, and North America, the demand for low rolling resistance tires is expected to surge significantly.

Replacement Tires Segment is Largest Owing to Expanding Vehicle Ownership

The replacement tires segment holds the largest share in the automotive tires market, driven by the need to replace tires that have worn out due to usage, accidents, or environmental factors. As global vehicle ownership continues to rise, particularly in emerging economies, the demand for replacement tires has grown steadily. In regions like Asia-Pacific and Latin America, the replacement tire market has become a critical source of revenue for tire manufacturers.

Within the replacement tire segment, all-season tires are the largest subsegment due to their versatility and convenience for year-round use in various climates. Consumers appreciate the value of all-season tires because they eliminate the need for switching between winter and summer tires, reducing long-term costs and providing sufficient performance under most weather conditions. This has made all-season tires a popular choice in regions with moderate climates, particularly in North America and Europe.

Commercial Vehicles Segment is Fastest Growing Owing to Increased Logistics and Freight Transport

The commercial vehicles segment is witnessing rapid growth in the automotive tires market, propelled by the booming e-commerce industry and the subsequent increase in logistics and freight transportation. This segment encompasses tires for heavy-duty trucks, light commercial vehicles, and buses, which are critical for transporting goods and passengers over long distances.

Within this segment, tubeless tires are the fastest-growing subsegment. Tubeless tires have gained immense popularity due to their superior safety, durability, and lower maintenance compared to traditional tube tires. These tires reduce the risk of blowouts, offer better air retention, and enhance fuel efficiency, which are essential features for commercial vehicles that are constantly on the road. The growing focus on fleet management efficiency has further fueled the adoption of tubeless tires in regions like North America, Europe, and Asia-Pacific.

OEM Segment is Largest Owing to Advanced Tire Technologies

The original equipment manufacturer (OEM) segment holds a significant portion of the automotive tires market, with automakers increasingly seeking high-performance tires that align with the technological advancements in modern vehicles. OEM tires are designed to meet specific performance requirements set by vehicle manufacturers, ensuring that new cars and trucks are equipped with tires that optimize safety, handling, and fuel efficiency.

In this segment, performance tires are the largest subsegment. These tires are engineered for superior handling, speed, and overall driving experience, making them the preferred choice for high-performance vehicles and premium brands. Performance tires deliver excellent traction, especially in dry conditions, and are designed to provide responsive handling at high speeds. This makes them a favored option for sports cars, luxury sedans, and performance SUVs, particularly in regions such as Europe and North America where performance vehicles are in high demand.

Asia-Pacific Region is Largest Owing to Growing Automotive Industry

The Asia-Pacific region dominates the automotive tires market and is expected to continue its dominance through 2030. This growth is primarily driven by the booming automotive industry in countries such as China, India, Japan, and South Korea. As the largest automotive producer globally, China, in particular, plays a crucial role in driving demand for both OEM and replacement tires. Moreover, the rapid urbanization and industrialization in these countries have contributed to the increased demand for commercial vehicles, further bolstering the tire market.

Additionally, rising disposable incomes and improved living standards in emerging economies have led to higher vehicle sales, which in turn has fueled the demand for both OEM and replacement tires. With major tire manufacturers investing heavily in the region to expand production capacities and strengthen their distribution networks, Asia-Pacific is set to remain the leading market for automotive tires during the forecast period.

Top Companies and Competitive Landscape

The global automotive tires market is highly competitive, with several key players striving to maintain their market positions through product innovation, strategic partnerships, and geographical expansion. The top 10 leading companies in the automotive tires market are:

1. Bridgestone Corporation
2. Michelin
3. Goodyear Tire & Rubber Company
4. Continental AG
5. Pirelli & C. S.p.A.
6. Sumitomo Rubber Industries, Ltd.
7. Hankook Tire & Technology Group
8. Yokohama Rubber Company
9. Toyo Tire Corporation
10. Apollo Tyres Ltd.

These companies are focusing on enhancing their product portfolios by incorporating advanced materials, improving tire durability, and developing eco-friendly tires to comply with stringent environmental regulations. The competitive landscape is characterized by frequent mergers and acquisitions, with companies aiming to expand their global footprint and strengthen their presence in key markets like Asia-Pacific, North America, and Europe. Additionally, many of these players are investing heavily in research and development to introduce smart tires and other innovative technologies that cater to the evolving needs of electric and autonomous vehicles.

Report Objectives:

The report will help you answer some of the most critical questions in the Automotive Tires Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the automotive tires market?
3. What is the size of the automotive tires market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Middle East, and Rest of the World?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: