Automotive Tire Market Size to Generate $218.87 Billion By 2030, Growing at a CAGR of 3.8%: Allied Market Research
Allied Market Research
5 min read
Allied Market Research
The global automotive tire market growth is attributed to the production of vehicles in developing countries which has seen a significant increase in recent years and more competition between tire companies.
Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Allied Market Research released a report, titled, “Automotive Tire Market by Rim Size (More than 20 Inches, Less Than 15 Inches, and 15 to 20 Inches), Season Type (Winter, Summer, and All-Season), Vehicle Type (Electric vehicle, Commercial Vehicle, and Passenger Vehicle), Load Index (More Than 100, and Up to 100), and Distribution Channel (Aftermarket and Original Equipment Manufacturer): Global Opportunity Analysis and Industry Forecast, 2021 to 2030.” According to the report, the global automotive tire industry was estimated at $139.18 billion in 2015 and is predicted to gain $218.87 billion by 2030, growing at a CAGR of 3.8% throughout the forecast period.
The report offers an in-depth assessment of the leading players in the global automotive tire market. They have employed a variety of strategies, including product development and launches, to expand their market revenue and remain dominant in various geographic areas. The report demonstrates the competitive landscape by analyzing top segments, business performance, product portfolios, and the decisive action of market participants.
The global automotive tire market growth is attributed to the production of vehicles in developing countries which has seen a significant increase in recent years and more competition between tire companies. However, the growing demand for tire remolding and fluctuation in raw material prices hindered the market growth to a certain extent. On the other hand, the surge in electric vehicle (EV) usage and technological advancements have brought new opportunities for key players in the sector.
The passenger vehicle segment to retain its dominance throughout the forecast period-
By vehicle type, the passenger vehicle segment held the fundamental market share in 2020, contributing to more than two-thirds of the global automotive tire market revenue, and is anticipated to retain its dominance at some point of the forecast period. Due to the developing reputation of passenger cars in developing nations like India, Brazil, and other countries. On the other hand, the electric vehicle segment would exhibit the highest CAGR of 8.8% during the forecast period. Due to the increased government mandates regarding fuel efficiency.
The aftermarket segment to rule the roost by 2030-
By distribution channel, the aftermarket segment held the largest market share in 2020, accounting for more than three-fourths of the global automotive tire market revenue, and is projected to rule the roost by 2030. The same segment is estimated to witness the highest CAGR of 4.0% during the forecast period. This is due to the fact that tires need to be replaced regularly.
By region, the Asia-Pacific region held the highest market share in 2020, holding nearly two-fifths of the global automotive tire market revenue, and is likely to dominate the market throughout the forecast period. The same region would cite the fastest CAGR of 4.5% during the forecast period. This is due to the fact that there is a large number of passengers and heavy goods vehicles in the region.
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