What is Global Auto Tire Market?
The Global Auto Tire Market is a vast and dynamic sector that encompasses the production and sale of tires for automobiles worldwide. This market is not just about the manufacturing of tires, but also includes the research and development of new tire technologies, marketing strategies, and distribution networks. The market is driven by various factors such as the increasing number of vehicles on the road, advancements in tire technology, and the need for replacement tires due to wear and tear. The global auto tire market is a crucial component of the automotive industry, contributing significantly to its growth and development. It is a market that is constantly evolving, with manufacturers continually striving to produce more durable, efficient, and environmentally friendly tires.
OE Tire, Replacement Tire in the Global Auto Tire Market:
The Global Auto Tire Market is segmented into two main categories: OE (Original Equipment) Tires and Replacement Tires. OE Tires are those that are installed on vehicles at the time of manufacture. These tires are specifically designed for each vehicle model, taking into account factors such as the vehicle's weight, speed capability, and handling characteristics. On the other hand, Replacement Tires are those that are purchased to replace worn-out or damaged tires on a vehicle. These tires can be the same as the original tires or can be different, depending on the vehicle owner's preference. The choice between OE and replacement tires can depend on various factors, including the vehicle's performance requirements, the driving conditions, and the owner's budget. The market for both OE and replacement tires is vast, with numerous manufacturers competing for market share.
Passenger Vehicle, Commercial Vehicle in the Global Auto Tire Market:
The Global Auto Tire Market plays a significant role in both the Passenger Vehicle and Commercial Vehicle sectors. In the Passenger Vehicle sector, the market caters to the tire needs of various types of vehicles, including cars, SUVs, and minivans. These vehicles require tires that provide a smooth and comfortable ride, good handling, and safety features such as good grip and braking performance. In the Commercial Vehicle sector, the market caters to the tire needs of vehicles used for business purposes, such as trucks, buses, and vans. These vehicles require durable and robust tires that can withstand heavy loads and long-distance travel. The choice of tires in both these sectors can significantly impact the vehicle's performance, safety, and fuel efficiency.
Global Auto Tire Market Outlook:
Looking at the market outlook, the Global Auto Tire Market was valued at a staggering US$ 135540 million in 2023. It is projected to reach an impressive US$ 194090 million by 2030, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2024 to 2030. The market is dominated by major manufacturers such as GoodYear, Bridgestone, and Continental, which collectively account for 36% of the market share. Europe leads the way as the largest market, holding over 33% of the market share. The most prevalent type of tire is the Replacement Tire, which holds over 70% of the market share. In terms of application, the market is predominantly used in Passenger Vehicles and Commercial Vehicles, accounting for 75% and 25% of the market respectively.
| Report Metric | Details |
| Report Name | Auto Tire Market |
| Accounted market size in 2023 | US$ 135540 million |
| Forecasted market size in 2030 | US$ 194090 million |
| CAGR | 5.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| 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, Triangle Tire Group, JK TYRE, AEOLUS TYRE, Giti, Nexen Tire |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
