Press release
Automotive Tire Market 2024: Unveiling Business Revenue, Trends, Top Key Players, Future Opportunities, Industry Share, and Forecast Until 2033
Automotive Tire Market
The Business Research Company offers in-depth market insights through Automotive Tire Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive tire market size has grown strongly in recent years. It will grow from $132.89 billion in 2023 to $140.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to automotive industry growth, radial tire adoption, globalization and supply chain dynamics, regulatory standards and safety requirements, shifts in consumer preferences.
The automotive tire market size is expected to see strong growth in the next few years. It will grow to $176.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to market adaptation to changing vehicle types, rise in autonomous vehicles, sustainability and green initiatives, demand for all-terrain and all-weather tires, shift towards high-performance tires. Major trends in the forecast period include advancements in tire technology, shift towards electric vehicles (EVs), focus on fuel efficiency, sustainability and eco-friendly materials.
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Market Segmentation:
The automotive tire market covered in this report is segmented -
1) By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Season Type: Summer, Winter, All Seasons
Major Driver - Surging Vehicle Production Fuels Expansion Of The Automotive Tire Market
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.
Competitive Landscape:
Major companies operating in the automotive tire market report are Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Nankang Rubber Tire Corp. Ltd., Sumitomo Rubber Industries Ltd., Hankook & Company Co. Ltd., Pirelli & C. S.p.A, The Yokohama Rubber Co. Ltd., MRF Limited, Trelleborg AB, Toyo Tire Corporation, Sailun Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Nokian Tyres plc, JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Aeolus Tyre Co. Ltd., Salsons Impex Pvt. Ltd., Shinko Tires USA
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Top Trend - Automotive Tire Market Witnesses Emphasis On Tire Pressure Sensor Technology
Major companies operating in the automotive tire market are focused on developing innovative solutions, such as tire pressure sensor, to gain a competitive edge in the market. A tire pressure sensor, also known as a TPMS sensor, is a small electronic device installed in each wheel of a vehicle's tire pressure monitoring system (TPMS). For instance, in September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched XENSIV SP49 tire pressure monitoring sensor. It combines pressure and temperature sensors along with an application-specific integrated circuit (ASIC) for enhanced functionality and performance. It is equipped with powerful 32-bit Arm M0+ core that enables advanced tire features like on-tire auto-position sensing, tire inflation assistance, tire blowout detection, and load detection.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Tire Market Characteristics
3. Automotive Tire Market Trends And Strategies
4. Automotive Tire Market - Macro Economic Scenario
5. Automotive Tire Market Size And Growth
…..
27. Automotive Tire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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