Automotive Tire Market Size Worth $24.06 Billion By 2032 | CAGR: 2.7%

The global automotive tire market size is expected to reach USD 24.06 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Tire Market Share, Size, Trends, Industry Analysis Report, By Rim Size (13-15”, 16-18”, 19-21” and >21”); By Aspect Ratio; By Vehicle Type; By Tire Type; By Season Type; By Section Width; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The surge in demand for delivery and transportation solutions in emerging nations, propelled by the growth of e-commerce, the food industry, and other sectors, has led to a notable increase in the production of commercial vehicles such as trucks, tractors, and trailers. Consequently, there has been a significant rise in the demand for automotive tires, as these vehicles require tires for their operation. Additionally, the rising demand for passenger vehicles in developing countries such as India, Brazil, and others has further fueled the growth of the automotive tire market. Consumers in these regions are increasingly opting for sedans, SUVs, and heavy commercial vehicles, driving up the demand for automotive tires.

Vehicle production in emerging nations is projected to continue its upward trajectory, offering a substantial growth opportunity for the automotive tire market. This trend underscores the crucial role these regions play in propelling the expansion of the global automotive tire industry.

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The increasing demand for environmentally friendly tires is being propelled by stringent laws and regulations worldwide. Governments are enacting legislation that mandates tires to be less polluting and more fuel-efficient to improve air quality and reduce greenhouse gas emissions. For instance, the European government aims to reduce CO2 emissions from vehicles by 37.5% by 2030, necessitating automakers to utilize more fuel-efficient tires. Similarly, the US has set a fuel efficiency guideline requiring cars to achieve an average of 54.5 miles per gallon by 2025, which would also promote the use of tires with higher fuel efficiency. Furthermore, many major companies have made substantial investments in research and development to offer environmentally friendly car tires. The Michelin Energy Saver A/S tire, for instance, can reduce fuel consumption by up to 6%. This is achieved through its reduced rolling resistance compound, which enhances the tire's overall efficiency.

Automotive Tire Market Report Highlights

• The >70 aspect ratio segment dominated the market in 2023, driven by their higher sidewall, these tires offer a more comfortable and smoother ride.
• The passenger segment led the market in 2023 and is expected to maintain its dominance. Passenger cars are available in a variety of models, sizes, and styles, each with unique tire requirements to match its performance characteristics.
• Asia Pacific holds a significant revenue share in the global Automotive Tire market, driven by region's low production costs, abundant cheap labor, lenient safety and pollution regulations, and government incentives for foreign direct investment (FDI).
• The global key market players include MRF Tyres, J.K. Tyre & Industries Ltd., Continental AG, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Michelin Group, Toyo Tire & Rubber Co. Ltd., Goodyear Tire and Rubber Company, Pirelli & C. S.P.A. and CEAT Ltd.

Polaris Market Research has segmented the Automotive Tire market report based on rim size, aspect ratio, vehicle type, tire type, season type, section width, and region:

Automotive Tire, Rim Size Outlook (Revenue - USD Billion, 2019 - 2032)

• 13–15"
• 16–18”
• 19–21"
• > 21"

Automotive Tire, Aspect Ratio Outlook (Revenue - USD Billion, 2019 - 2032)

• <60
• 60–70
• >70

Automotive Tire, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Buses
• Trucks

Automotive Tire, Tire Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Bias Tire
• Radial Tire

Automotive Tire, Season Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Winter Tire (Non-Studded & Studded)
• Summer Tire
• All-Season Tire

Automotive Tire, Section Width Outlook (Revenue - USD Billion, 2019 - 2032)

• <200mm
• 200-230mm
• >230mm

Automotive Tire, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Automotive Tire Market Report Scope