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3. Automotive Tire Market Size & Share - Future Growth Expectations

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 market is poised for substantial growth in the coming years, driven by several key factors:

• Technological Advancements
• Increasing Vehicle Sales
• Growing Automotive Fleet
• Shift Towards Electric Vehicles (EVs)
• Emphasis on Fuel Efficiency

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Technological Advancements:

• Ongoing innovation in tire technology, spanning advanced rubber compounds, tread designs, and construction materials, continually elevates tire performance, longevity, and safety standards.

Increasing Vehicle Sales:

• Escalating global demand for automobiles, particularly in emerging markets, serves as a catalyst for tire market expansion, as every vehicle requires dependable and top-quality tires for operation.

Growing Automotive Fleet:

• The expanding worldwide automotive fleet, propelled by factors like urbanization and improving economic conditions, fuels steady growth in the replacement tire market, contributing to overall market expansion.

Shift Towards Electric Vehicles (EVs):

• The rising adoption of electric vehicles presents fresh opportunities for tire manufacturers, as EVs necessitate specialized tire solutions tailored to their unique weight distribution, torque delivery, and regenerative braking systems.

Emphasis on Fuel Efficiency:

• Regulatory initiatives aimed at curbing vehicle emissions drive demand for fuel-efficient tires, prompting tire manufacturers to develop low rolling resistance tires that enhance fuel economy and reduce environmental impact.

Focus on Safety:

• Heightened consciousness regarding road safety prompts consumers to prioritize tires boasting enhanced grip, traction, and braking capabilities, spurring demand for high-performance and all-weather tire variants.

Expansion of the Aftermarket Segment:

• The aftermarket segment continues to expand as vehicle owners seek tire replacements due to wear and tear, aging, or seasonal changes, ensuring a sustained demand for replacement tires.

Based on these factors, the automotive tire market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.

Automotive Tire Market Share - Global Industry Landscape

The automotive tire market is characterized by the presence of several key players competing for market share. Some of the leading companies in the automotive tires industry include:

• Bridgestone Corporation (Japan),
• Continental AG (Germany),
• Goodyear Tire & Rubber Company (US),
• Michelin (France),
• Pirelli & C. S.p.A (Italy).

These companies, along with several others, collectively shape the global automotive tire industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for automotive tires continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in automotive tire discovery, development, and commercialization.

Bridgestone Corporation (Japan)

• Market Share: Bridgestone is one of the largest tire manufacturers globally, holding a significant share of the automotive tire market.
• Key Offerings: Bridgestone offers a wide range of tire products catering to various vehicle types and driving conditions. Their offerings include high-performance tires, all-season tires, winter tires, and specialty tires for commercial vehicles and motorsports.

Continental AG (Germany)

• Market Share: Continental is a major player in the automotive tire market, known for its innovative tire solutions and advanced technology.
• Key Offerings: Continental provides a diverse portfolio of tires, encompassing passenger car tires, light truck tires, SUV tires, and specialty tires. Their offerings feature cutting-edge technologies for enhanced performance, safety, and fuel efficiency.

Goodyear Tire & Rubber Company (US)

• Market Share: Goodyear is a prominent name in the automotive tire industry, recognized for its extensive tire lineup and commitment to quality.
• Key Offerings: Goodyear offers a comprehensive range of tires for various vehicles, including passenger cars, trucks, SUVs, and commercial vehicles. Their tire offerings feature advanced tread designs, innovative materials, and technologies such as RunOnFlat and all-weather traction.

Michelin (France)

• Market Share: Michelin is a global leader in tire manufacturing, renowned for its premium tire products and focus on innovation.
• Key Offerings: Michelin offers a wide array of tires catering to diverse customer needs. Their product lineup includes high-performance tires, touring tires, winter tires, and eco-friendly tires. Michelin is also known for its innovative technologies such as the EverGrip and CrossClimate technologies.

Pirelli & C. S.p.A (Italy)

• Market Share: Pirelli is a well-established player in the automotive tire market, recognized for its high-performance and premium tire offerings.
• Key Offerings: Pirelli specializes in manufacturing high-performance tires for luxury cars, sports cars, and supercars. Their tire portfolio includes summer tires, winter tires, and all-season tires, featuring advanced compounds and tread designs for superior performance and handling.

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