Automotive Tire Market will Exhibit a Steady 5.6% CAGR through 2031 | FMI
According to ESOMAR-certified Future Market Insights’ (FMI), demand for automotive tire is expected to rise considerably, enabling the automotive tire market to grow at 6.0% CAGR throughout the forecast period.
Newly released data by Future Market Insights predicts the global automotive tire market to reach US$ 366,092 Mn in 2021. Despite stifled growth amid COVID-19 outbreak, the market is likely to recover, showcasing 5.6% year-on-year growth.
The radial tire sales is projected to surpass US$ 550 Bn between 2021 and 2031. Bridgestone, Michelin, Goodyear, Continental, and Pirelli are the leading market players and they are expected to collectively account for nearly 48% of global automotive tire market.
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With the dawn of new phase of industrialization “Industry 4.0”, spike in sales of lightweight and commercial vehicles is observed. Rising per capita income and improvement in standard of living have led to increase in sale of passenger cars and two wheelers.
Increasing trading activities have fueled the demand for high performance automotive tires for light and heavy commercial vehicles. These factors will drive the sales of automotive tires during the forecast period.
Increasing sales of electric vehicles and increasing efforts to reduce the carbon emission by developing low resistance tires with superior grip will boost the automotive tire market growth over the assessment period.
Some of the market players are developing green tires, which are manufactured using dispersible silica. These green tires offer superior wet grip and enhance vehicle stability and safety. The lightweight nature, low fuel consumption due to reduced rolling resistance, and high durability haves made green tires highly sought-after in the automotive industry.
Pandemic has led to closure of manufacturing facilities and slump in sales of automotives in 2020. Limited driving led to reduction in tire replacement and new tires sales which negatively influenced the market growth.
However the market is expected to recover post lockdown as people are switching to digital platform to ensure social distancing and limit the infection transmission. Through digital platform, the companies are able to provide doorstep tire replacement services with no hassle. These services are expected to provide a positive impetus for the growth of the automotive tire market post pandemic to 2031.
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Key Takeaways from FMI’s Automotive Tire Market Study
- North America market is anticipated to grow at 5.9% CAGR backed by increasing consumer spending on comfortable and more durable tires and rising sales of electric vehicles in U.S. and Canada.
- Europe is expected to lead the automotive tire market, showcasing growth at 6.2% CAGR in 2021. The growth can be attributed to rise in passenger car production rate, presence of leading original equipment manufacturers, and high demand of custom tires by automakers in the region.
- Soaring popularity of retread tires and rising partnerships between automakers and tire manufacturers to cater the consumer need will bolster growth opportunities.
- Japan and South Korea will collectively account for around 12% of the global market share in 2021.
- Radial automotive tires sales will soar as they offer high heat dissipation rate and long life. The radial automotive tire segment is expected to surpass US$ 550 Bn in terms of value by the end of 2031.
“Increasing sales of electric vehicles along with increasing research activities aimed at reducing carbon emission by lowering the rolling resistance will drive the market growth in forthcoming years,” says the FMI analyst.
As per FMI, Bridgestone, Michelin, Goodyear, Continental, and Pirelli dominate the automotive tire market, collectively accounting for 48% of total market share in 2021.
Leading market players are focusing on developing new tires as per the changing market dynamics and customer demands. They are also looking to capitalize on the high revenue opportunities offered by developing nations by setting up manufacturing plants in these countries.
For instance, in June 2021, Michelin launched its new “MICHELIN X® MULTI GRIP™” truck tires developed for high performance in extreme winter condition. The tire offers superior grip, safety in extreme cold and wet roads with elevated mileage thus paving way for more sustainable transport system.
Michelin also launched “MICHELIN X AGVEV” tire especially designed for automatic guided vehicles (AGV) operating in ports. MICHELIN X AGVEV is first of its kind tire engineered for electric vehicles requirements to improve performance, reliability, productivity, and safety of AGV. It has very low rolling resistance thus reducing machine emission and improve battery life of the electric vehicle.
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Prominent players operating in the automotive tire market are:-
- Continental AG
- Bridgestone Corp.
- Goodyear Tire And Rubber Company
- Pirelli & C. S.P.A
- Yokohama Rubber Company Limited
- Cheng Shin Rubber Industries
- Sumitomo Rubber Industries Ltd.
- Toyo Tire & Rubber Company
- Trelleborg AB
- Cooper Tire & Rubber Company
- Hankook Tire
- Madras Rubber Factory Limited
- Kumho Tire Co. Inc.
- Apollo Tyres Ltd
- Sailun Tires Ltd
- Shandong Linglong Tyre
- Nokian Renkaat Ojy
- Titan Tire Corporation
- Nexen Tire America Inc
Automotive Tire Market by Category
By Vehicle Type:
- 2/3 Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- specialty Vehicle
By Tire Structure:
By Sales Channel: