The global car tire market is anticipated to grow at a considerable CAGR of 2.2% during the forecast period (2023-2029). Tire makers are turning to green energy in their production as companies are working to achieve carbon neutrality by 2050, with investments in the direction of zero-carbon technology, energy efficiency, and green energy. For instance, in February 2021, Michelin Group announced that it is working toward making its tires 100% sustainable by 2050. For this, Michelin partnered with various organizations like Axens, IFP Energies Nouvelles, Pyrowave, Carbios, Enviro, and BlackCycle.
The automotive high-performance car tires market is expected to witness high growth during the forecast period. The growth is driven by numerous factors, such as the increasing inclination of people toward sports car racing and extreme terrain rallies. OEMs use these events as a platform to market their products and increase brand visibility. The increasing disposable income of customers living in emerging economies is leading to a growth in demand for higher-capacity vehicles such as SUVs and crossover vehicles. Rapid infrastructure development in emerging economies, especially India and China, has caused a growth in sales of commercial vehicles and construction vehicles. The replacement and aftermarket tire market presents a huge opportunity for vehicle manufacturers to generate revenue. Customers are choosing high-performance tires over traditional rubber tires because rubber tires are subjected to wear and tear easily. For instance, in March 2021, Apollo Tires introduced Apterra Cross tires for the compact SUV segment in India. The Apterra Cross tires are an outcome of the company’s research to understand the exact usage patterns of CSUV. The new range of tires is being launched in India, with plans to introduce it in the ASEAN and SAARC markets later.
The global car tire market is driven by the increase in vehicle production in developing countries and the rise in competition among tire manufacturers. However, factors such as volatile prices of raw materials and an increase in demand for tire remolding are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency and the rise in the adoption of electric vehicles is expected to create numerous opportunities for the expansion of the market.
In addition, major tire manufacturers are employing nanotechnology and other innovations or software to create a variety of advanced tire types. For instance, Bridgestone Tires, a leading tire, and rubber manufacturer uses Contact Area Information Sensing (CAIS), which collects and analyses the tire contact area to sense road conditions. Shared and autonomous vehicles will shape the future of mobility.
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Market Coverage
- The market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
Segment Covered-
- By Tire Type
- By Application
- By Vehicle Type
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Bridgestone Corp., Continental AG, Goodyear, Michelin, Pirelli, and others.
Car Tire Market Report Segment
By Tire Type
- Winter Tires
- Summer Tires
- Others
By Application
- On-the-Road
- Off-the-Road
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By End-User
- OEM
- Aftermarket
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Car Tire Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Apollo Tyres
- Bridgestone Corp.
- CEAT Limited
- Continental AG
- Hankook & Co., Ltd.
- JK Tyre & INDUSTRIES Ltd..
- Michelin, MRF Ltd.
- Nokian Tyres PLC
- Pirelli & C. S.p.A
- Sailun Group Co., Ltd.
- Salsons Impex Pvt. Ltd.
- Shandong Linglong Group Co. Ltd.
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Triangle Tire Co., Ltd.
- Wanli Tire Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
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