Increase in road traffic are demanding for effective automotive tire designs that are safe for passengers. Giant automakers and OEMs are investing in research and development for diversifying their product portfolio. This is expected to spur the market growth. Expansion of the world population base is surging the need for passenger and commercial cars. Alongside, the growing demand for luxury vehicles are noted to boost the automotive tire market growth.

Regional Analysis

In Asia Pacific, the automotive tire market is expected to thrive at a lucrative CAGR due to the ever-expanding automotive industry. The increase in sales of automobile, hike in per capita income, and growing demand for non-pneumatic tires are factors that are expected to bolster the APAC market growth. In North America, the market is expected to expand at a CAGR of 4.66% through the review period. The market in the US is expected to exceed a valuation of USD 44.87 billion by the end of the forecast period. Modern techniques are likely to back the regional market expansion in the years to come. The surge in the production rate of vehicles to meet the high demand for smart and luxurious cars is anticipated to support the expansion of the market.

Segmental Analysis

The automotive tire segmental study is based on type, section width, vehicle type, and end market. The type-based segments of the market are bias and radial. The radial segment is expected to generate high revenue for the global automotive tire market during the review period. The section width-based segments are >230mm, <200 Mm, and 200-230mm. The <200 Mm segment is likely to contribute largely to the expansion of the global market. The vehicle type-based segments are commercial vehicle and passenger car. The passenger car segment is expected to register a high CAGR in the assessment period. The end markets segments are aftermarket and OEM. The OEM segment is likely to hold the grand share of the global market.

Competitive Dashboard

MRFR listed some strong contenders of the global automotive tire market. They are; Bridgestone Corporation(Japan), Michelin Group (France), Hankook Tire Co., Ltd. (South Korea)