Automotive Tire Market Set to Reach $218.87 Billion by 2030

OREGAON, PORTLAND, UNITED STATES , March 27, 2024 /EINPresswire.com/ — Allied Market Research released a report, titled, “Automotive Tire Market by Rim Size (More than 20 Inches, Less Than 15 Inches, and 15 to 20 Inches), Season Type (Winter, Summer, and All-Season), Vehicle Type (Electric vehicle, Commercial Vehicle, and Passenger Vehicle), Load Index (More Than 100, and Up to 100), and Distribution Channel (Aftermarket and Original Equipment Manufacturer): Global Opportunity Analysis and Industry Forecast, 2021 to 2030.” According to the report, the global automotive tire industry was estimated at $139.18 billion in 2015 and is predicted to gain $218.87 billion by 2030, growing at a CAGR of 3.8% throughout the forecast period.

🔰𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 – https://www.alliedmarketresearch.com/request-sample/924

Prime determinants of growth

Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the growth of the global automotive tire market. However, surge in demand for tire remolding and volatile prices of raw materials hinder the market growth. On the other hand, advancement in technology and rise in adoption of electric vehicles present new opportunities in the coming years.

The passenger vehicle segment to maintain its leadership status throughout the forecast period

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐲𝐩𝐞, the passenger vehicle segment held the highest market share in 2020, accounting for more than two-thirds of the global automotive tire market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in adoption of passenger vehicle in developing countries such as India, Brazil and others. Moreover, the electric vehicle segment is projected to manifest the highest CAGR of 8.8% from 2021 to 2030, owing to increasing government regulation related to fuel efficiency.

The aftermarket segment to maintain its lead position during the forecast period

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐝𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐜𝐡𝐚𝐧𝐧𝐞𝐥, the aftermarket segment accounted for the largest share in 2020, contributing to more than three-fourths of the global automotive tire market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is because tires need replacement at regular interval.

🔰𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/automotive-tire-market/purchase-options

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐫𝐞𝐠𝐢𝐨𝐧, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global automotive tire market. Moreover, the same region is expected to witness the fastest CAGR of 4.5% during the forecast period, owing to the large fleet size for passenger and commercial vehicle in the region.

Automotive Tire Industry-Leading Players:

CEAT Limited
Nokian Tyres PLC
Apollo Tyres Ltd.
The Yokohama Rubber Co., Ltd.
Pirelli & C.S.p.A
Hankook & Company Co., Ltd.
Continental AG
JK Tyre & INDUSTRIES LTD.
Bridgestone Corporation
Michelin
Shandong Linglong Group Co., Ltd.
Triangle Tire Co., Ltd.
Zhongce Rubber Group Co., Ltd.
Sailun Group Co., Ltd.
Toyo Tire Corporation
Salsons Impex Pvt. Ltd.
Wanli Tire Co., Ltd.
Sumitomo Rubber Industries, Ltd.
MRF Limited
The Goodyear Tire & Rubber Company

🔰𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 – https://www.alliedmarketresearch.com/purchase-enquiry/924

The report offers an in-depth assessment of the leading players in the global automotive tire market. They have employed a variety of strategies, including product development and launches, to expand their market revenue and remain dominant in various geographic areas. The report demonstrates the competitive landscape by analyzing top segments, business performance, product portfolios, and the decisive action of market participants.

David Correa
Allied Market Research
+1 5038946022
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