The automotive tire market is expected to grow significantly in the coming years, driven by advances in technology and the increasing popularity of green tires. According to a recent report by Future Market Insights, the market is projected to reach US$ 928.3 billion by 2033
The report covers various topics, including the automotive tire Industry Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Sales Dynamics and Challenges, and Strategic Growth Initiatives
NEWARK, Del., Oct. 25, 2023 /PRNewswire/ -- According to FMI analysts, the automotive tire market is expected to reach US$ 503.91 billion in 2023 and US$ 928.3 billion in 2033. Between 2023 and 2033, the market is expected to register a growth rate of 6.3%.
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The stringent safety regulations are a major factor that is set to boost demand for automotive tires over the next few years. Some countries mandate installing quality automotive tires in response to the rise in accidents. According to the National Highway Traffic Safety Administration, bad tires cause nearly 11,000 accidents yearly because they are worn, over-inflated, or under-inflated. This will increase demand for automotive tires in the future.
Tire degradation is being reassessed in the transition to electric vehicles, and safety, comfort, and ride quality are being emphasized. Recycling end-of-life tires into a valuable commodity is being made possible by new supply chains and manufacturing processes. Regulatory efforts to monitor tire composition could lead to new materials and ecosystem partnerships that could benefit the industry.
Automobile tires are reinventing themselves as sustainability concerns become more pressing. Tyre dust is released annually through wear and tear in 6.1 million metric tons. A toxic chemical compound in this dust creates a pollution problem in the air, water, and soil. Even though electrical vehicles (EVs) are completely emission-free at the tailpipe, they are significantly larger than their internal combustion engine (ICE) counterparts and more likely to wear out their tires more quickly. In response to the demands of EVs, several companies are developing tires specifically for them, but the sustainability picture extends far beyond that.
Manufacturers improve tire performance by improving grip, handling, and noise reduction. A high-performance vehicle, sports car, or enthusiast market is essential. Vehicle safety depends heavily on the performance of the tires on the vehicle.
Technological advances in tires can improve traction under low temperatures and decrease braking distances, contributing to road safety overall. Tire manufacture is increasingly using eco-friendly and sustainable materials. Producing and disposing of tires in this way reduces the environmental impact.
Key Takeaways
- Radial tires to account for 84.3% of the global automotive tire market revenue in 2023.
- Automotive tire sales for passenger cars account for 56.3% of the total revenue share.
- Automotive tire sales in the United States are expected to increase at a 5.4% CAGR until 2033.
- The automotive tire market in India is expected to expand at a CAGR of 6.9% by 2033.
Revenue Forecast of Automotive Tire Market (CAGR) 2023 to 2033
Counties | CAGR 2023-2033 |
The United Kingdom Auto Tire Market Size | 7.2 % |
India Auto Tire Market Size | 6.9 % |
The United States Auto Tire Market Size | 5.4 % |
China Auto Tire Market | 6.9 % |
Germany Automotive Tire Market | 7.1 % |
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"Advances in tire technology and environmental concerns are expected to boost the popularity of automotive tires in the coming years. Adopting smart tires and 3D printing techniques will increase sales," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Several market players are establishing manufacturing units in emerging economies due to low labor costs and the availability of raw materials. Increasing demand for vehicles and rising per capita income of the middle-class population has boosted the sales of automobiles, which in turn drove the growth of the tire business.
Market Developments Include
- In August 2023, JK Tyres plans to raise funds for the investment plan of Rs. 1,100 crores (US$ 132 million). A part of the World Bank Group, IFC, had raised Rs. 240 crores (US$ 28.8 million) from the company in March for private sector investments in emerging markets. This type of investment is now being targeted for more in the coming months.
- In October 2023, CEAT will strengthen auto aftermarket e-commerce with Tyresnmore.com. The company will provide a top-notch automotive after-sales service at the customer's doorstep.
More Valuable Insights Available
Future Market Insights offers an unbiased global market analysis, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive tires market, the market is segmented based on Vehicle Type (2 or 3 Wheeler, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Specialty Vehicle), Tire Structure (Radial (Tubes, Tubeless), Bias) Sales Channel (OEM, Aftermarket) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one billion+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Comprehensive Research Methodology of Automotive Tire Market Available here!
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports, and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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