Key Automotive Tire Market Trend 2024-2033: Pressure Sensor Technology

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The Automotive Tire Global Market Report 2024 reveals a progressive growth in the automotive tire industry. The report details an impressive growth from a market size of $132.89 billion in 2023 to an estimated $140.64 billion in 2024 at a CAGR of 5.8%. This steady growth is greatly influenced by factors such as automotive industry growth, increased adoption of radial tires, globalization and supply chain dynamics, regulatory standards and safety requirements as well as shifts in consumer preferences.

How Significant Will the Growth in the Automotive Tire Market Size Be In The Coming Years?

Following the impressive growth in recent years, the automotive tire market size is projected to maintain this upward trajectory. By 2028, it is expected to grow to $176.08 billion at a steady CAGR of 5.8%. The growth in the forecast period is attributed to market adaptation to changing vehicle types, the rise in autonomous vehicles, sustainability and green initiatives, demand-centric demand for all-terrain and all-weather tires, and the shift towards high-performance tires. Significant trends in the forecast period encompass advancements in tire technology, a shift towards electric vehicles EVs, focus on fuel efficiency, sustainability and environmentally friendly materials. These trends further magnify the growth potential of the automotive tire market.

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What Are The Key Driving Forces Of The Automotive Tire Market Growth?

The main catalyst propelling the augmented growth of the automotive tire market is the increased production of vehicles and the growing popularity of electric cars, pickup trucks, and similar light commercial vehicles. Statistics from the International Organization of Motor Vehicle Manufacturers show that the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020. This translates to a significant demand for automotive tires, thereby driving the growth of the market.

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Who Are The Key Players In The Automotive Tire Market?

Prominent companies in the automotive tire market include Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company among others. These industry leaders are playing an integral role in shaping the market landscape through innovative endeavors to meet the emerging market demands.

What Are The Emerging Trends In the Automotive Tire Industry?

A noteworthy trend in the automotive tire industry is the development of airless tires for both passenger and commercial vehicles. In a bid for zero downtime, increased productivity for commercial vehicles, and improved auto safety and performance, companies like Goodyear have recently launched their own airless tires in competition with the Uptis from Michelin. This mirror approach taken by both companies highlights the fascinating evolution of tire technology which is expected to significantly impact the market.

How Is The Automotive Tire Market Segmented?

The automotive tire market is broadly segmented into:

1 By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
2 By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3 By Manufacturing: Radial Tire, Bias Tire
4 By Distribution Channel: Original Equipment Manufacturer OEM, Aftermarket
5 By Season Type: Summer, Winter, All Seasons

Which Regions Hold The Largest Share In The Automotive Tire Market?

In 2023, Asia-Pacific took the lead in the automotive tire market. This is an inclusive report covering all the relevant regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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