Global sales of automotive tire stood at USD 240.9 billion in 2024. The industry is further projected to exhibit a y-o-y growth of 5.9% in 2025 and reach USD 256.1 billion in the same year and surging at a CAGR of 6.3% between 2025 and 2035, demand for the automotive tire is estimated to reach USD 471.7 billion by 2035.
The Automotive Tire Market is witnessing substantial growth, driven by increasing vehicle production, advancements in tire technology, and a rising focus on fuel efficiency and sustainability. As consumer demand for durable and high-performance tires continues to rise, manufacturers are innovating to meet stringent safety and environmental regulations.
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Key Takeaways:
- The global automotive tire market is expected to expand significantly, supported by the increasing adoption of electric vehicles (EVs) and smart tire technologies.
- Demand for eco-friendly and fuel-efficient tires is rising due to stringent environmental regulations and sustainability initiatives.
- Advancements in tire materials, including silica-based compounds and self-healing technology, are reshaping the industry.
- The aftermarket segment is growing rapidly, driven by increasing vehicle ownership and replacement needs.
Key Market Drivers:
- Rising Vehicle Production and Sales – The expanding automotive industry, particularly in emerging markets, is fueling demand for tires.
- Growth of Electric Vehicles (EVs) – The shift towards EVs is prompting innovations in lightweight and energy-efficient tire designs.
- Advancements in Tire Technology – Innovations such as airless tires, smart sensors, and self-repairing materials are enhancing performance and safety.
- Stringent Safety and Environmental Regulations – Regulatory mandates are pushing manufacturers toward sustainable and low-rolling-resistance tires.
- Expanding Aftermarket Sales – The growing vehicle parc and consumer preference for premium and all-season tires are boosting aftermarket demand.
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Key Players in the Automotive Tire Market:
- Bridgestone Corporation
- Michelin Group
- Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Yokohama Rubber Company, Ltd.
- Cooper Tire & Rubber Company
- Toyo Tire Corporation
Market Segmentation:
By Tire Type:
- Radial Tires
- Bias Tires
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
By Distribution Channel:
- OEM (Original Equipment Manufacturer)
- Aftermarket
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