What is Global Auto Tyre Market?
The Global Auto Tyre Market is a vast and dynamic sector that encompasses the production and sale of tyres for automobiles. These tyres are an essential component of vehicles, providing traction, absorbing shocks, and supporting the vehicle's load. The market is driven by various factors such as the increasing production of vehicles, advancements in tyre technology, and the growing demand for high-performance tyres. However, it also faces challenges such as fluctuating raw material prices and stringent environmental regulations. The market is characterized by intense competition among key players who strive to offer innovative and high-quality products to gain a competitive edge. The market's value stood at US$ 138610 million in 2022, and it is projected to reach US$ 191900 million by 2029, growing at a CAGR of 4.7% during the forecast period 2023-2029.
OE Tyres, Replacement Tyres in the Global Auto Tyre Market:
The Global Auto Tyre Market is segmented into OE Tyres and Replacement Tyres. OE Tyres, also known as Original Equipment Tyres, are those that come fitted in a new vehicle. These tyres are specifically designed for a particular model, considering its weight, handling, and speed capabilities. On the other hand, Replacement Tyres are those that are purchased to replace the worn-out or damaged tyres of a vehicle. The demand for Replacement Tyres is usually higher than OE Tyres due to their frequent replacement needs. The choice between OE Tyres and Replacement Tyres depends on various factors such as the vehicle's make and model, driving conditions, and personal preferences. The market for both these segments is influenced by factors such as vehicle production and sales, tyre performance, and consumer preferences.
Passenger Vehicle, Commercial Vehicle in the Global Auto Tyre Market:
The Global Auto Tyre Market caters to different types of vehicles, including Passenger Vehicles and Commercial Vehicles. Passenger Vehicles are those used for personal transportation and include cars, SUVs, and minivans. The tyres for these vehicles are designed to provide a comfortable ride, good handling, and fuel efficiency. On the other hand, Commercial Vehicles are used for transporting goods and passengers and include trucks, buses, and vans. The tyres for these vehicles are designed to carry heavy loads, provide high mileage, and withstand tough driving conditions. The demand for tyres in both these segments is driven by factors such as vehicle production and sales, fleet size, and vehicle usage.
Global Auto Tyre Market Outlook:
The Global Auto Tyre Market's outlook is promising, with significant growth expected in the coming years. In 2022, the market was valued at US$ 138610 million, and it is projected to reach US$ 191900 million by 2029, growing at a CAGR of 4.7% during the forecast period 2023-2029. The market is dominated by the top five manufacturers, who collectively hold a share of over 55%. The APAC region is the largest market for auto tyres, accounting for over 35% of the global market share. It is followed by Europe and America, both of which collectively hold a share of over 55%. These figures indicate the significant role of these regions in the global auto tyre market.
| Report Metric | Details |
| Report Name | Auto Tyre Market |
| Accounted market size in 2023 | US$ 145680 million |
| Forecasted market size in 2029 | US$ 191900 million |
| CAGR | 4.7 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Bridgestone, GoodYear, Continental, Michelin, Sumitomo, Hankook, Pirelli, Yokohama, Zhongce Rubber, Toyo Tire Corporation, Cooper Tire, Apollo Tyres, KUMHO TIRES, Linglong Tire, MRF, Cheng Shin Rubber (Maxxis), Sailun Group, Nokian Tyres, Hengfeng Tires, Triangle Tire Group, JK TYRE, AEOLUS TYRE, Double Coin, Doublestar, Giti, Xingyuan, Guizhou Tyre, Nexen Tire |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
