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3. Automotive Tire Industry - Forthcoming Trends to Fuel the Global Growth

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.

The automotive tire industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Automotive Tire Market are:

• Sustainable Tire Manufacturing
• Smart Tire Technology
• Adoption of Electric and Autonomous Vehicles
• Demand for High-Performance and Specialty Tires
• Shift Towards Online Tire Sales

The automotive tire market is witnessing a transformative shift driven by these emerging trends, which collectively contribute to advancements in tire technology, manufacturing practices, and consumer preferences, ultimately shaping the future of mobility on a global scale.

To know about the assumptions considered for the study download the pdf brochure

Sustainable Tire Manufacturing:

• There's a growing inclination towards sustainable practices in tire production, encompassing the utilization of eco-friendly materials, decreased carbon emissions in manufacturing processes, and the creation of recyclable tire variants. Manufacturers are increasingly prioritizing sustainability to meet both consumer preferences and environmental standards.

Smart Tire Technology:

• Advancements in sensor technology and connectivity are propelling the emergence of smart tires capable of real-time monitoring of tire pressure, temperature, tread wear, and road conditions. These intelligent tire systems enhance vehicle safety, optimize fuel efficiency, and furnish drivers with predictive maintenance alerts.

Adoption of Electric and Autonomous Vehicles:

• The surging adoption of electric vehicles (EVs) and autonomous vehicles (AVs) is shaping tire design and performance criteria. EVs necessitate tires with minimal rolling resistance to maximize mileage, while AVs mandate tires optimized for precise handling, stability, and longevity to support autonomous driving capabilities.

Demand for High-Performance and Specialty Tires:

• There's a mounting demand for high-performance tires engineered to deliver exceptional traction, handling, and braking performance, especially among sports car aficionados and enthusiasts. Moreover, specialty tires tailored for specific applications such as off-road driving, winter conditions, and commercial vehicles are gaining traction in the market.

Shift Towards Online Tire Sales:

• The automotive tire market is witnessing a transition towards online retail platforms, driven by the convenience of e-commerce channels, competitive pricing, and the extensive availability of tire options. Consumers are progressively embracing online avenues for tire research, comparison, and procurement, leading to the proliferation of online tire vendors and tire fitment services.

Related Reports:

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