The global Automobile Tyre market size was USD 104.78 Billion in 2022 and is expected to reach a value of USD 114.6 Billion in 2032 and register a revenue CAGR of 1% during the forecast period. The market is expanding primarily as a result of rising vehicle demand, particularly in developing nations, and the expanding popularity of Green Tires.
The market for automobile tires is expanding as a result of the rising demand for vehicles, particularly in emerging nations. The demand for passenger automobiles is supporting market expansion in developing nations like India and China because of rapid urbanization and rising disposable income. The demand for commercial vehicles is also being driven by the increase in e-commerce activities, online food delivery services, and the expanding trend of Ride-Hailing Services, which is supporting market expansion.
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Also, the market for vehicle tires is expanding due to the growing emphasis on environmentally friendly tires. Because they are produced with ecologically friendly materials and production techniques, green tires can dramatically lower the carbon footprint of cars. The need for green tires is being driven by the rising environmental awareness among consumers and governments, which is fostering industry expansion.
Inddition, the development of innovative tyre technologies like run-flat tires and self-inflating tires, which are becoming more and more popular among customers, is being fueled by technological breakthroughs in the automobile sector. These cutting-edge technologies provide advantages like increased safety, increased fuel efficiency, and lower maintenance costs, which are fueling demand for innovative vehicle tires and expanding the market.
Government regulations and programmes that support the use of fuel-efficient and low-emission automobiles also influence the Automobile Tyre market. The need for fuel-efficient tires is being driven by governments around the world enacting strict emission rules and fuel efficiency standards to lessen the carbon impact of cars. For instance, the severe limits the European Union has put in place regarding car CO2 emissions are increasing demand for tires that are both fuel-efficient and low-rolling resistant.
Competitive Landscape:
- Michelin Group
- Goodyear Tire and Rubber Company
- Continental AG
- Bridgestone Corporation
- Pirelli & C. S.p.A.
- Hankook Tire & Technology Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
- Yokohama Rubber Co., Ltd.
- Kumho Tire Co., Ltd.
- Toyo Tire Corporation
The global market is further segmented into type and application:
| By Tire Type Outlook |
|
| By Vehicle Type Outlook |
|
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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