Market Insight-Global Auto Tire Market Overview 2022
The Global Auto Tire Market Size was estimated at USD 135540 million in 2021 and is projected to reach USD 177692 million by 2028, exhibiting a CAGR of 3.94% during the forecast period– Bossonresearch.com
Tires are the most crucial component of an automotive vehicle. The demand of automotive tire is significantly driven by the rise in production and sales of automotive vehicles globally. In 2021, the global automotive production was 80.15 Mn. In addition, introduction of electric vehicles have significantly surged the vehicle demand across the globe. Declining prices of various electric vehicle parts for example transmission, battery, and alternator fuel the adoption of electric vehicles across the globe. Safety regulations along with technological advancements in the manufacturing process propel market growth. Use of advanced materials for automotive tires to enhance their performance and life are the prime motive of tire manufacturers. For instance, in November 2019, Bridgestone developed first polymer ‘Susym’ that bonds resins and rubber on their molecular level. The company aimed to increase the application of polymer in tire making owing to its advanced and attractive features.
Figure Global Auto Tire Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis (by Type)
Passenger vehicles led the global automotive tire market with a significant revenue share of nearly 45% in the year 2020. A significant rise in passenger vehicle production and sales is the prime factor that drives the segment growth. As per International Organization of Motor Vehicle Manufacturers (OICA) statistics 2020, passenger vehicles captured nearly 72% of the total vehicle production. In addition, several advancements such as driver assistance system, sensors, and other vehicle technology boost the demand for passenger vehicles worldwide. Furthermore, increasing demand for semi-luxury and luxury cars due to rise in purchasing power of people is predicted to boost the demand for passenger vehicles over the forecast period.
Figure Global Auto Tire Market Share (by Type & Region)
Source: Bossonresearch.com, 2022
Regional Insights
In 2020, the Asia Pacific is the major automotive tire market with revenue contribution of around 50% in 2020 and analyzed to exhibit accelerating growth during the forecast period. Some of the fastest developing countries in the region such as India and China drive the market growth significantly in the region. Low labor cost, increased standard of living, high domestic consumption, and large population base are the prime factors behind the lucrative growth of automotive tire in China and India. In addition, increased number of accidents also triggers market for aftermarket sales of tire. According to The Economic Times article published on June 2019, tire replacement is likely to witness better growth of nearly 7-8% compared to Original Equipment Manufacturers (OEMs) in the coming years particularly in passenger vehicle segment.
Europe is the most prominent region in automotive and automotive parts sales. Strong demand from larger markets is likely to drive the sales of new cars in the region. Furthermore, the region is famous for sports activities such as car racing that again propels the demand for advanced and intelligent tires for sports cars.
Competitive Landscape of the Auto Tire Market
Even though there are numerous international as well as regional players present in the global automotive tire market, the market is highly consolidated in nature. Top four companies that include Michelin Group, Goodyear Tire & Rubber Company Bridgestone Corporation, and Continental AG capture nearly half of the market revenue. The manufacturers face intense competition in terms of price owing to presence of several regional players in the market. Furthermore, cheaper tires offered by the Chinese players likely to negatively impact the profit margin of other industry players. Thus, major players are largely focused towards offering advanced tires that offer excellent driving experience and enhanced safety. Apart from this, leading tire manufacturers are also investing prominently in the developing countries because of low labor cost that further decreases the overall production cost.
Figure Global Auto Tire Market Share by Player ‘s Revenue (2020)
Source: Bossonresearch.com, 2022
Key players in the Auto Tire Market include:
Bridgestone
Michelin
Continental
GoodYear
Sumitomo
Hankook
Pirelli
Yokohama
Zhongce Rubber
Toyo Tire Corporation
Apollo Tyres
Cooper Tire
Linglong Tire
Nexen Tire
Cheng Shin Rubber
KUMHO TIRES
Giti
Sailun Group
MRF
Nokian Tyres
Triangle Tire Group
JK TYRE
AEOLUS TYRE
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