Automotive Tire OEM Market: Sumitomo Rubber Industries Collaborated with Global Data Service Organization (GDSO) for Tires and Automotive Components
Pune, India., June 20, 2023 (GLOBE NEWSWIRE) -- The automotive tire OEM market size was valued at USD 41.55 billion in 2022 and is projected to reach a valuation of USD 44.40 billion in 2023. The market is expected to reach USD 70.79 billion by 2030 with a CAGR of 6.9% during the forecast period. Automotive tire are original tires equipped with vehicles offered by Original Equipment Manufacturers (OEMs). Rising production and sale of passenger and light commercial vehicles is driving market growth. Rapid growth in the automotive industry is set to drive product demand. Fortune Business Insights™ shares this information in its report titled “Global Automotive Tire OEM Market, 2023-2030.”
Drivers & Restraints-
Growing Demand for Passenger Cars and Light Duty Vehicles to Propel the Demand for Product
Growing demand for passenger cars and light duty vehicles is anticipated to drive the automotive tire OEM market growth. There is increasing sales and production of vehicles due to growing demand for passenger cars and light-duty commercial vehicles in countries such as China, Japan, and India. Progressions in tire manufacturing technology, such as intelligent tires with built-in sensors, to reduce overall driving costs across all fleets are creating growth opportunities. However, fluctuation in raw material prices is expected to hamper the market growth.
Market Players to Adopt Various Market Strategies to Drive Market Share
The key automotive tire OEM players have been focusing on cost-reduction strategies, strategic partnerships, mergers, and acquisitions for their product portfolio. For instance, in April 2023, Bridgestone developed tires were made from 75% recycled and renewable materials such as natural rubber, recycled plastic bottles, and recycled steel for electric SUVs and crossover vehicles.
Passenger Car Segment to Lead Due to Growing Demand
On the basis of vehicle type, the market is divided into light commercial vehicle, heavy commercial vehicle, and passenger car. Passenger car segment dominated the market share in 2022 due to growing demand for passenger cars from developing countries such as India, China, and Indonesia.
16”-18” Size to Lead Due to Growing Production of Passenger Cars
On the basis of rim size, the market is divided into 13”-15”, 16”-18”, 19”-21”, and above 21”. The 16”-18” segment is expected to lead due to growing production of passenger cars.
Radial Segment to Lead Due to the Strength and Flexibility of the Tire
On the basis of design, the market is classified into radial and bias. Radial segment dominated the market in 2022 and is expected to showcase a prominent growth during the forecast period due to strength and flexibility of the tire.
Tubeless Tire to Lead as it has High Resistance
On the basis of tire type, the market is classified into tube and tubeless. The tubeless segment is expected to dominate the market as it has high resistance to heat and can hold air much more than a thinner tube. Based on geography, the market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Asia Pacific to Lead Market Share with Vast Investments in the Tire Industry in China
Asia Pacific is expected to dominate the automotive tire OEM market share due to growing domestic consumption, availability of cheap labour, raw materials, large population, and evolving standards. China dominated the region with vast investments in the tire industry.
North America is set to be have the highest CAGR during the forecast period due to increase in passenger cars and light-duty vehicles. Growing demand for premium cars and compact SUVs has played a major role in the automotive tire OEM industry.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Quick Buy - Automotive Tire OEM Market Research Report:
A list of prominent Automotive Tire OEM manufacturers operating in the global market:
Bridgestone Corporation (Japan)
Michelin (France)
Continental AG (Germany)
Goodyear Tire and Rubber Company (U.S.)
Sumitomo Rubber Industries (Japan)
Hankook(South Korea)
Pirelli (Italy)
Yokohama Rubber Company(Japan)
Toyo Tires (Japan)
Giti Tire (Singapore)
Maxxis (Taiwan)
ZC Rubber (China)
MRF Tires (India)
Apollo Tyres (India)
Notable Industry Development:
January 2023- Sumitomo Rubber Industries collaborated with Global Data Service Organization for Tires and Automotive Components (GDSO). The collaboration is done to enhance the individual tire identification and management systems for tire traceability.
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