Automotive Tire Market to Reach $218.8 Billion, Globally, by 2030 at 3.8% CAGR: Allied Market Research

Surge in production of vehicle in emerging economies and increase in competition among tire producers are driving the growth of the global automotive tires market.

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Allied Market Research

Feb 16, 2022, 06:30 ET

PORTLAND, Ore., Feb. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Tire Market by Season Type (Summer, and All-Season & Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches and More than 20 Inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), Load Index (Up to 100 and More Than 100), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast". According to the report, the global automotive tire industry generated $139.1 billion in 2015, and is anticipated to generate $218.8 billion by 2030, witnessing a CAGR of 3.8% from 2016 to 2030.

Prime determinants of growth

Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the growth of the global automotive tire market. However, surge in demand for tire remolding and volatile prices of raw materials hinder the market growth. On the other hand, advancement in technology and rise in adoption of electric vehicles present new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive tire market, owing to temporary halt in tire manufacturing facilities.
The pandemic further caused disruptions in the supply chain, unavailability of raw materials, rise in raw materials price, and low labor force, which in turn, hampered the growth of the global automotive tire market.
Also, due to reduction in automotive sales, especially in the initial period, the growth of the global automotive tire market was affected.

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The passenger vehicle segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the passenger vehicle segment held the highest market share in 2020, accounting for more than two-thirds of the global automotive tire market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in adoption of passenger vehicle in developing countries such as India, Brazil and others. Moreover, the electric vehicle segment is projected to manifest the highest CAGR of 8.8% from 2021 to 2030, owing to increasing government regulation related to fuel efficiency.

The aftermarket segment to maintain its lead position during the forecast period

Based on distribution channel, the aftermarket segment accounted for the largest share in 2020, contributing to more than three-fourths of the global automotive tire market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is because tires need replacement at regular interval.

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Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global automotive tire market. Moreover, the same region is expected to witness the fastest CAGR of 4.5% during the forecast period, owing to the large fleet size for passenger and commercial vehicle in the region.

Leading Market Players

Apollo Tyres Ltd
Bridgestone Corporation
CEAT Limited
Continental AG
Hankook & Company Co., Ltd.
JK Tyre & INDUSTRIES LTD.
Michelin
MRF Limited
Nokian Tyres PLC
Pirelli & C. S.p.A
Sailun Group Co., Ltd.
Salsons Impex Pvt. Ltd
Shandong Linglong Group Co. Ltd.
Sumitomo Rubber Industries, Ltd.
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co., Ltd.
Triangle Tire Co., Ltd.,
Toyo Tire Corporation
Wanli Tire Co., Ltd.
Zhongce Rubber Group Co., Ltd.

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