December 5, 2023

Comprehensive Analysis of Automotive Tires Market: Size, Share, Growth, and Forecast Trends

The global automotive tires market is experiencing significant growth, driven by an increase in the proliferation of passenger and light commercial vehicles. Recent years have witnessed rising demand for last-mile connectivity, a surge in passenger commutes, and growing disposable incomes in emerging economies. These factors, coupled with increased industrialization and economic activity, have created a favorable environment for automotive tire manufacturers.

One of the key factors propelling market growth is the higher frequency of tire replacements, primarily due to the rise in vehicle miles. This trend is expected to drive the market’s continued expansion in the years ahead.

Expanding Opportunities in the Aftermarket

The extended lifespan of vehicles and the growing market for used cars have created opportunities for sustainable aftermarket demand. Emerging economies, including China, India, and Brazil, are contributing to the demand for luxury vehicles, further boosting the market for low-profile tires.

Additionally, the increasing preference for used cars that require overhauls presents new opportunities for aftermarket sales compared to original equipment manufacturer (OEM) sales.

Challenges Amidst Industry Slump

Despite its growth trajectory, the automotive tires market faces challenges due to a recent downturn in the automotive industry. Factors such as the disruption caused by the entry of electric vehicles, high prices of new launches, and the transition toward vehicles complying with stricter emission norms in several nations have contributed to this decline. The automotive industry experiences cyclical fluctuations in demand, and the recent drop in sales is indicative of this cycle, further impacting the automotive tires market negatively.

Moreover, the COVID-19 pandemic has disrupted the automotive market, leading to reduced automobile sales, decreased commute due to the virtualization of workplaces, and supply chain disruptions.

Rising Sales Drive Demand for Tires

Automakers are continually investing in research and development to create high-performance vehicles with advanced safety systems and superior aerodynamics. As a result, there is ongoing investment in research and development in the automotive tire industry.

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Regional Growth in Asia Pacific

Asia Pacific has emerged as a major hub for automotive production, attracting key automakers such as BMW AG and Volkswagen Group. Factors such as low labor costs, government initiatives promoting foreign direct investment, low capital requirements, and cost-effective overheads make Asia Pacific a preferred choice for expansion.

Tire manufacturers have also established their sales and manufacturing bases in the region to meet the growing demand from OEMs. Easy access to raw materials from China and ASEAN countries has facilitated the smooth growth of tire manufacturers in recent years.

Innovation Remains Paramount

Leading players in the automotive tire market focus on technological advancements and sustainable tire production using various raw materials. Product differentiation through innovative technologies is a key strategy for staying ahead of the competition.

Market leaders engage in long-term partnerships with OEMs and automakers to expand their client base. They also invest significantly in research and development to develop cost-effective new products. To capture market share, major manufacturers are adopting various strategies, including new product development, joint ventures, and mergers & acquisitions.

Key Players in the Market

Key players in the automotive tire market include Apollo Tyres Ltd, Bridgestone Corporation, CEAT Ltd, China National Tire & Rubber Co, Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co, Ltd, Hankook Tire, JK Tyre & Industries Ltd, Kumho Tire Co, Inc, MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C SpA, Qingdao Fullrun Tyre Corp, Ltd, Sumitomo Rubber Industries, Ltd, The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co, Ltd, and Yokohama Tire Corporation.

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Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad