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Automotive Tire Global Market Report 2022

Automotive Tire Global Market Report 2022

  • August 2022
  • 175 pages
  • ID: 6313447
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the automotive tire market are Bridgestone Corporation, The Goodyear Tire and Rubber Company, Continental AG, Michelin, Sumitomo Rubber Industries, Hankook and Company Co. Ltd., Pirelli, The Yokohama Rubber Co. Ltd, Apollo Tyres Ltd. S.p.A, Toyo Tire Corporation, MRF Limited, JK Tyre and Industries Ltd., CEAT Limited, Nokian Tyres PLC, Sailun Group Co. Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Kumho Tire, Giti Tire, Maxxis International, Nexen Tire Corporation, Cooper Tire and Rubber Company, and Cheng Shin Rubber Industry Co.

The global automotive tire market is expected to grow from $118.1 billion in 2021 to $123.7 billion in 2022 at a compound annual growth rate (CAGR) of 4.7%. The automotive tire market is expected to grow to $151.66 billion in 2026 at a CAGR of 5.2%.

The automotive tire market consists of sales of automotive tires by entities (organizations, sole proprietors, partnerships) that are used in automobiles to support the weight of the vehicle, absorb road shocks, transmit traction, torque, and braking forces to the road surface and maintain and change the direction of travel. Tires are mounted on rims and pressurized air is pumped into them.

The main rim types of automotive tires include less than 15 inches, 15 to 20 inches, and more than 20 inches.Less than 15 inches refers to automotive tires for vehicles with rim sizes less than 15 inches.

The various vehicle types include passenger vehicles, commercial vehicles, and electric vehicles.The automotive tires manufacturing types include radial tires and bias tires.

The different distribution channel of automotive tires includes original equipment manufacturer (OEM) and aftermarket for season types such as summer, winter and all-seasons.

Asia Pacific was the largest region in the automotive tire market in 2021. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The automotive tire market research report is one of a series of new reports that provides automotive tire market statistics, including automotive tire industry global market size, regional shares, competitors with a automotive tire market share, detailed automotive tire market segments, market trends and opportunities, and any further data you may need to thrive in the automotive tire industry. This automotive tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Increasing production of vehicles and the growing popularity of electric cars and pickup trucks and similar light commercial vehicles propels the market growth of the automotive tire market. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the automotive tire market.

Automotive tire companies are focusing on developing airless tires for passenger and commercial vehicles.The zero-pressure tires ensure zero downtime and no loss of productivity for commercial vehicles and ensure greater auto safety and performance.

For instance, in 2019 French tire manufacturing company, Michelin revealed its airless car tire concept called UPTIS (Unique Puncture-Proof Tire System).Annually, 20% of tires are scrapped due to puncture or irregular wear due to incorrect tire pressure.

UPTIS would be compatible with passenger and autonomous vehicles and ensure a reduction in the use of raw materials and waste. The company is collaborating with US-based automotive manufacturing company, GM to bring UPTIS to market as early as 2024.

In June 2021, Goodyear Tire and Rubber Company, a US-based tire manufacturing company acquired Cooper Tire and Rubber Company for an undisclosed amount. The acquisition combines two leading tire companies with complementary product portfolios, services, and capabilities to create a stronger U.S.-based leader in the global tire industry. Cooper Tire and Rubber Company is a US-based tire manufacturing company.

The countries covered in the automotive tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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