Automotive tire market is estimated to grow from USD 19.6 billion in 2023 to USD 21.6 billion by 2028 at a CAGR of 2.1% over the forecast period. The increasing average vehicle age, annual miles driven by light-duty vehicles, improved infrastructure and increased tire replacement miles are driving the growth of tires aftermarket. Major OEMs of the automotive tire market are from Asia Pacific and Europe. The top 5 OEMs of the automotive tire market are Bridgestone Corporation (Japan), Continental AG (Germany), Goodyear Tire & Rubber Company (US), Michelin (France), and Pirelli & C.S.P.A (Italy). Key players in automotive seats are investing in new technologies such as lightweight material, vegan & synthetic trim material, and advanced seat features to improve fuel efficiency and reduce genuine leather’s environmental impact.
Michelin has a global presence, with manufacturing facilities in over 170 countries. This allows the company to serve a wide range of customers and meet the needs of different markets. With the advancement in technology, in March 2020, Michelin announced the development of a new smart tire that uses sensors to monitor the tire pressure, temperature, wear, and load, where The data from the sensors is sent to the cloud, where it is analyzed to provide the driver with real-time information about the tire's condition and increase the tire life. Michelin is also developing tires for electric vehicles and autonomous vehicles which have the features to increase the range of the vehicle by keeping low rolling resistance, and puncture resistance in their product offerings. For instance, Michelin e·Primacy and Michelin Pilot Sport EV. Hence the company has a competitive advantage over other competitors in terms of technology, connected tire technology.
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Bridgestone Corporation operates through four business segments namely premium tire business, solutions business, diversified products business, and exploratory businesses. Considering the environmental impact of dumping the tire over the land space, Bridgestone revealed the creation of a brand-new tire built from recycled materials from February 2022. The company has a strong reputation for quality and performance, and its premium tires are in high demand among consumers. For instance, “Turanza 6" tires were launched in February 2021, which were used in 27 different vehicles (including 7 EVs) till the end of the year 2021 to nearly 50+ models (including 20 EVs) in the first quarter of 2023. Adding to this, Bridgestone Corporation has also launched their premium tire named as “DURAVIS VAN” which has been used especially for light trucks and buses in Europe from January 2023. The company is also investing in connected tire technology, which has sensors and wireless communication capabilities in tires to transmit real-time data on tire pressure, temperature, and wear to a cloud-based platform. This enables vehicle manufacturers and fleet operators to optimize tire performance and reduce downtime through proactive maintenance. Hence, the company has a competitive advantage over other competitors in terms of tires offered to EV and autonomous vehicles with connected tire technology.
Automotive Tires Market for OE & Replacement By Rim (13-15, 16-18, 19-21,>21”), Aspect Ratio(<60, 60-70, >70), Section Width (<200, 200-230,>230 mm), Season (Summer, Winter-Studded Non-Studded & All Season), Vehicle Type, Retreading & Region - Global Forecast to 2028
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