The global automotive tire market is expected to grow at a CAGR of around 4.6% from 2020 to 2027 and expected to reach the market value of around US$ 368.3 Bn by 2027.

Automotive tire or tire is the ring-shaped component surrounded with the wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground particularly to provide traction on the surface traveled over.

Market Dynamics

The increasing automotive production & sales across different vehicles segment is primarily driving the market growth. The rising competition among tire manufacturers across the globe is accelerating the market value. The introduction of advanced technology in the manufacturing process coupled with the rising demand for technically advanced vehicles is further supporting the market value. Furthermore, rapid advancement in technology, fuel efficiency, and safety concerns are projected to provide potential opportunities over the forecast period from 2020 to 2027.

On the other hand, volatile prices of raw materials and the growing market of retreading tires are projected to hinder growth.

All Season Tire registered maximum share in the market

By 2019, all season tire segment accounted for the major share in the global market on the basis of season segmentation. The versatility of these all season tires is particularly supporting its growth. Additionally, the increasing number of middle-class users who prefer the options that re multipurpose is additionally supporting the market value.

Passenger Vehicle segment is leading the global market

By vehicle type, the passenger vehicle segment is leading the market with a major share in 2019. The increasing number of vehicle owners coupled with the rising disposable income of people and improvements in the living standards are other factors supporting the market value. The segment is also projected to maintain its dominance over the forecast timeframe due to continuous innovation in terms of driverless cars, connected cars, and luxurious cars among others.

The market research study on “Automotive Tire Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Automotive Tire market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Automotive Tire market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Automotive Tire market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Automotive Tire market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.

Asia Pacific held the major share in the global market

Asia Pacific region is leading the global market with major share due to increasing sales of automotive in the regional market. The favorable government support, increasing disposable income, rising purchasing power of people are some of the factors supporting the regional market growth. The increasing demand of passenger vehicle in the regional market is accelerating the market value. Moreover, the region is also projected to exhibit fastest growth during the estimated timeframe from 2020 to 2027.

The players profiled in the report include Apollo Tires, Ceat Ltd., Coda Development, Continental Group, Cooper Tire & Rubber Company, Goodyear Tire and Rubber Company, Hankook Tire Co. Ltd., JK Tyre & Industries Ltd., Kumho Tire, Maxxis International, Michelin Group, MRF Tyres, Nokian Tyres Plc, Pirelli & C. S.P.A, Sumitomo Rubber Industries, Ltd., The Bridgestone Group, Toyo Tire & Rubber Co. Ltd, Yokohama Rubber Co., Ltd., and Zhongce Rubber Group Co., Ltd.

Market Segmentation

Market By Material

• Natural Rubber
• Synthetic Rubber

Market By Tube

• Tubed Tire
• Tubeless Tire

Market By Season

• Winter Tire
• All Season Tire

Market By Vehicle Type

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Market By Sales Channel

• OEM
• Aftermarket

Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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