The global automotive tire market size was US$ 144.7 billion in 2021. The global automotive tire market size is forecast to reach US$ 219.87 billion in 2030, growing at a compound annual growth rate (CAGR) of 4% during the forecast period from 2022 to 2030.
An automotive tire is the circular component of the car that covers the wheel rim externally with rubber. Tires perform two primary functions: protecting the wheel rim and providing tractive force between the vehicle and the road. A rubber bumper provides a flexible cushion that reduces vibrations and absorbs shock from a vehicle. Among the rubber tire's components are tread, jointless cap piles, beads, and other materials, such as synthetic rubber, carbon black, and fabric.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 impact has adversely affected the automotive tire market. Governments throughout the world implemented strict lockdowns and banned import-export of essential raw materials for most of 2020 and a few months in 2021 after the COVID-19 outbreak. A sudden drop in the availability of important raw materials for the automotive tire market resulted from this. As COVID-19's impact grew, other operations were closed as well, including R&D facilities, distribution channels, supply-demand interactions, retail networks, and other areas involved in the industry's future. Automotive tire sales have a direct relationship with vehicle manufacturing and distribution. As a result of the nationwide lockdown, parts manufacturing facilities had to shut down partially or completely. Due to the pandemic, global automotive sales and tire manufacturing have decreased.
Regional Insights
Asia-Pacific is forecast to have the largest market share in the automotive tires market. The Asia-Pacific region is becoming a hub for automotive production, with companies such as BMW AG (Germany) and Volkswagen Group (Germany) setting up manufacturing units in this region. The low production costs, lenient emissions and safety regulations, and government initiatives to attract foreign direct investment have led to significant investment in the Asia Pacific region, which is driving the automotive tires market in this region. Moreover, Asia Pacific is a hub for considerable tire manufacturers.
Leading Competitors
The leading prominent companies profiled in the global automotive tire market are:
Scope of the Report
The global automotive tire market segmentation focuses on Season Type, Rim Size, Vehicle Type, and Region.
Segmentation based on Season Type
Segmentation based on Rim Size
Segmentation based on Vehicle Type
Segmentation based on Region
