What is Global Automotive Tyre Market?
The global automotive tyre market is a vast and dynamic sector that plays a crucial role in the automotive industry. Tyres are essential components of vehicles, providing the necessary traction, handling, and safety required for driving. The market encompasses a wide range of tyre types, including those for passenger cars, commercial vehicles, and specialty vehicles. It is influenced by various factors such as technological advancements, consumer preferences, and regulatory standards. The demand for automotive tyres is driven by the growth in vehicle production and sales, as well as the increasing need for replacement tyres due to wear and tear. Additionally, the market is shaped by trends such as the rise of electric vehicles, which require specialized tyres, and the growing emphasis on fuel efficiency and sustainability. Major players in the industry are continuously innovating to meet these demands, offering tyres with improved performance, durability, and environmental friendliness. The global automotive tyre market is expected to continue evolving, with emerging markets and technological advancements playing significant roles in its future growth.
OE Tyres, Replacement Tyres in the Global Automotive Tyre Market:
OE (Original Equipment) tyres and replacement tyres are two primary segments within the global automotive tyre market, each serving distinct purposes and customer needs. OE tyres are those that come pre-installed on new vehicles from the manufacturer. These tyres are specifically designed and selected to meet the performance and safety standards of the vehicle they are fitted to. Manufacturers work closely with tyre companies to ensure that OE tyres complement the vehicle's design, handling, and fuel efficiency. As a result, OE tyres are often seen as a benchmark for quality and performance. However, they can be more expensive than replacement tyres due to their specialized nature and the collaboration involved in their development. On the other hand, replacement tyres are purchased by vehicle owners when the original tyres wear out or when they seek to upgrade their vehicle's performance. The replacement tyre market is vast and diverse, offering a wide range of options in terms of brands, sizes, and specifications. Consumers can choose from budget-friendly options to high-performance tyres, depending on their needs and preferences. The replacement tyre market is highly competitive, with numerous brands vying for consumer attention. This competition drives innovation, leading to the development of tyres with enhanced features such as improved tread patterns, better grip, and longer lifespan. Additionally, the replacement tyre market is influenced by factors such as seasonal changes, with winter and summer tyres being popular in regions with extreme weather conditions. Both OE and replacement tyres are subject to stringent safety and quality standards, ensuring that they provide reliable performance and safety for drivers. The global automotive tyre market is characterized by continuous innovation and adaptation to changing consumer demands and technological advancements. As vehicles become more advanced, with features such as autonomous driving and electric propulsion, the tyre industry must also evolve to meet these new challenges. Tyre manufacturers are investing in research and development to create tyres that are not only safe and durable but also environmentally friendly. This includes the use of sustainable materials, reducing rolling resistance to improve fuel efficiency, and developing smart tyres equipped with sensors to monitor tyre pressure and wear. The global automotive tyre market is a dynamic and ever-changing landscape, driven by the need for innovation, safety, and sustainability.
Commercial Vehicle, Passenger Vehicle in the Global Automotive Tyre Market:
The global automotive tyre market serves a wide range of vehicles, including commercial and passenger vehicles, each with specific requirements and demands. Commercial vehicles, such as trucks, buses, and vans, rely heavily on durable and reliable tyres to ensure safe and efficient transportation of goods and passengers. These vehicles often cover long distances and operate under varying load conditions, making tyre performance critical. Tyres for commercial vehicles are designed to withstand heavy loads, provide excellent traction, and offer long-lasting durability. They are also engineered to minimize rolling resistance, which helps improve fuel efficiency and reduce operating costs. The commercial vehicle segment of the tyre market is driven by factors such as the growth of the logistics and transportation industry, increasing demand for public transportation, and the expansion of e-commerce, which requires efficient delivery services. On the other hand, passenger vehicles, including cars, SUVs, and light trucks, have different tyre requirements. Tyres for passenger vehicles are designed to provide a comfortable ride, good handling, and safety. They are available in various sizes and specifications to cater to different vehicle models and consumer preferences. The passenger vehicle tyre market is influenced by factors such as consumer demand for fuel-efficient and eco-friendly vehicles, advancements in vehicle technology, and changing consumer lifestyles. As more consumers prioritize safety and performance, there is a growing demand for tyres with features such as run-flat technology, enhanced grip, and noise reduction. Additionally, the rise of electric vehicles is impacting the passenger vehicle tyre market, as these vehicles require specialized tyres that can handle the unique demands of electric propulsion, such as higher torque and weight. The global automotive tyre market is a complex and dynamic industry that must continuously adapt to the evolving needs of both commercial and passenger vehicles. Tyre manufacturers are investing in research and development to create innovative solutions that meet the diverse requirements of these vehicles while also addressing environmental concerns. This includes the development of tyres with low rolling resistance, the use of sustainable materials, and the integration of smart technologies to enhance safety and performance. As the automotive industry continues to evolve, the global automotive tyre market will play a crucial role in supporting the growth and development of both commercial and passenger vehicles.
Global Automotive Tyre Market Outlook:
In 2024, the global automotive tyre market was valued at approximately US$ 149,890 million, with projections indicating a significant increase to around US$ 212,680 million by 2031. This growth is expected to occur at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2025 to 2031. Europe emerged as the leading region in this market, capturing the largest share with its revenue exceeding 35% of the global market. This dominance can be attributed to the region's strong automotive industry, technological advancements, and stringent regulatory standards that drive demand for high-quality tyres. The market is highly competitive, with key players such as Bridgestone, Goodyear, Continental, Michelin, and Sumitomo collectively holding about 55% of the market share. These companies are recognized for their innovation, quality, and extensive distribution networks, which enable them to maintain a strong presence in the global market. As the automotive industry continues to evolve, these manufacturers are likely to play a pivotal role in shaping the future of the tyre market through continuous research and development, strategic partnerships, and a focus on sustainability. The global automotive tyre market is poised for significant growth, driven by factors such as increasing vehicle production, rising demand for replacement tyres, and advancements in tyre technology.
| Report Metric | Details |
| Report Name | Automotive Tyre Market |
| Forecasted market size in 2031 | approximately US$ 212680 million |
| CAGR | 5.2% |
| Forecasted years | 2025 - 2031 |
| Segment by Type |
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| Segment by Application |
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| 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, 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 |
