Global Automotive Tire Market Forecasted at $958 Billion by 2033
Pune, India – The automotive tire market size is expected to grow at a CAGR of 6.6% from 2023 to 2033. The market is valued at US$ 503.9 Billion as of 2023, and by 2033, the market is expected to hit a valuation of US$ 958.8 Billion according to Future Market Insights.
The stringent safety norms about roads are expected to surge the sales of automotive tires during the forecast period. A sharp increase in the number of accident cases owing to bad quality tires has motivated investors to spend huge amounts behind the development of top-notchs.
The rise in disposable income, coupled with rapid urbanization is also expected to surge the demand for automotive tires during the forecast period. Apart from that, low production cost and lenient emission rules in certain parts of the world is also expected to have a positive outlook on the market.
Moreover, the current generation of automotive tires has been designed on the grounds of the latest technology. This has led to the development of properly mounted, correctly inflated, and balanced automotive tires. This is expected to have a positive effect on the automotive tires market key trends and opportunities.
Furthermore, an increase in the sales of passenger cars is also expected to bring about optimism in the market. The SUVs in general are having a strong penchant in Asia Pacific, particularly in India and China. Even technological advancements are expected to surge the market share of automotive tires. Owing to this, the manufacturers have developed green tires, which are gaining traction, especially amongst youngsters.
The automotive tire market is expected to grow at a CAGR of 6.6% during the forecast period.
As of 2023, the market is valued at US$ 503.9 Bn.
By 2033, the market is expected to reach a valuation of US$ 958.8 Bn.
Based on the regional analysis, Asia Pacific is expected to be the largest market during the forecast period.
The USA automotive tire market is projected to grow at a CAGR of 6.7%.
The Brazilian market is projected to grow at a CAGR of 4.6%.
The Argentina market is projected to grow at a CAGR of 5.7%.
The Indian market is projected to grow at a CAGR of 7.4%.
The China automotive tires market is projected to grow at a CAGR of 7.3%.
Based on vehicle type, the commercial vehicles segment is expected to hold the largest market share, growing at a CAGR of 6.4% during the forecast period.
On the basis of sales channels, the aftermarket segment is expected to have the highest market share, growing at a CAGR of 6.6% during the forecast period.
Based on tire structure type, radial automotive tires are expected to hold the largest market share during the forecast period, exceeding US$ 550.2 Bn by 2031.
The key players operating in the market are focusing on mergers and acquisitions. The companies are merging mainly to access the technologies available tO both parties. Apart from that, the market expansion strategy also happens to be one of the key reasons. The key players are also collaborating with the manufacturers from the electric vehicles niche as the market of electric vehicles has a lot of scope going ahead.