Press release
Automotive Tire Market Size & Industry Growth Analysis is Expected To Reach USD 24.06 Billion By 2032, at a CAGR of 2.7%
Automotive Tire Market
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-sample
The automotive tire market is poised to grow at a steady rate over the estimated period, according to the latest report by Polaris Market Research. The rising car ownership across the globe has resulted in increased demand for tires, thereby driving market growth.
๐๐๐ฃ๐จ๐ซ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ
โข Bridgestone Corporation
โข CEAT Ltd.
โข Continental AG
โข Goodyear Tire and Rubber Company
โข JK Tyre & Industries Ltd.
โข Michelin Group
โข MRF Tyres
โข Pirelli & C. S.P.A.
โข Sumitomo Rubber Industries Ltd.
โข Toyo Tire & Rubber Co. Ltd.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.polarismarketresearch.com/buy/221/2
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ
โข The automotive tire market segmentation is primarily based on rim size, aspect ratio, vehicle type, tire type, season type, section width, and region.
โข By rim size analysis, the 13" -15" segment led the industry market owing to the increased demand for compact vehicles.
โข By aspect ratio analysis, the >70 aspect ratio segment witnessed the largest market share as these tires offer a more comfortable and smoother ride.
๐๐๐ซ๐ค๐๐ญ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค
โข The global market for automotive tires was valued at USD 19.12 billion in 2023.
โข The market is projected to grow to USD 24.06 billion by 2032.
โข The industry is anticipated to exhibit a compound annual growth rate (CAGR) of 2.7% during the forecast period from 2024 to 2032.
๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ
An automotive tire is a ring-shaped component that's made of rubber and surrounds the rim of the wheel. The primary function of the tire is to offer traction for acceleration and braking. As it's made from rubber, an automotive tire also acts as a flexible cushion, thereby reducing the impact of shocks and vibrations on the automobile. Automotive tires consist of a number of rubber compounds and other materials as they need to perform safely in a wide range of terrains and driving conditions. When producing automobiles, manufacturers choose a tire that meets the performance requirements of the vehicle, like longevity, high fuel efficiency and balanced ride noise for the vehicle.
๐๐ฅ๐ข๐๐ค ๐ก๐๐ซ๐ ๐ญ๐จ ๐๐๐๐๐ฌ๐ฌ ๐ญ๐ก๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ: https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market
๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ
โข With rising emphasis on fuel economy, consumers are increasingly seeking tires that offer high fuel efficiency. Also, the demand for all-season tires has escalated as they eliminate the need for seasonal changes. The growing demand for convenience and focus on fuel economy primarily drives the market growth.
โข Owing to enhancements in technology and road infrastructure, the average lifespan of tires has increased over the past few years. This rise in vehicle longevity has opened up growth opportunities for aftermarket tire manufacturers and is impacting the market sales favorably.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ
โข North America (U.S., Canada)
โข Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
โข Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
โข Latin America (Brazil, Mexico, Argentina)
โข Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ข๐ ๐ก๐ฅ๐ข๐ ๐ก๐ญ๐ฌ
โข The >70 aspect ratio segment dominated the market in 2023, driven by their higher sidewall, these tires offer a more comfortable and smoother ride.
โข The passenger segment led the market in 2023 and is expected to maintain its dominance. Passenger cars are available in a variety of models, sizes, and styles, each with unique tire requirements to match its performance characteristics.
โข Asia Pacific holds a significant revenue share in the global Automotive Tire market, driven by region's low production costs, abundant cheap labor, lenient safety and pollution regulations, and government incentives for foreign direct investment (FDI).
โข The global key market players include MRF Tyres, J.K. Tyre & Industries Ltd., Continental AG, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Michelin Group, Toyo Tire & Rubber Co. Ltd., Goodyear Tire and Rubber Company, Pirelli & C. S.P.A. and CEAT Ltd.
๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ญ๐๐ฌ๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ฒ ๐๐จ๐ฅ๐๐ซ๐ข๐ฌ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก:
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐๐ ๐๐๐ซ๐ค๐๐ญ: https://www.polarismarketresearch.com/industry-analysis/automotive-transmission-market
๐๐ฎ๐ญ๐จ๐ง๐จ๐ฆ๐จ๐ฎ๐ฌ ๐๐๐ซ๐ฌ ๐๐๐ซ๐ค๐๐ญ: https://www.polarismarketresearch.com/industry-analysis/autonomous-cars-market
๐๐ง๐ญ๐๐ฅ๐ฅ๐ข๐ ๐๐ง๐ญ ๐๐ฎ๐ข๐ฅ๐๐ข๐ง๐ ๐๐ฎ๐ญ๐จ๐ฆ๐๐ญ๐ข๐จ๐ง ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐๐ฌ ๐๐๐ซ๐ค๐๐ญ: https://www.polarismarketresearch.com/industry-analysis/intelligent-building-automation-technologies-market
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ฅ๐๐๐ญ๐ซ๐จ๐ง๐ข๐๐ฌ ๐๐๐ซ๐ค๐๐ญ: https://www.polarismarketresearch.com/industry-analysis/automotive-electronics-market
๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ฏ๐๐ ๐๐๐ซ๐ค๐๐ญ: https://www.polarismarketresearch.com/industry-analysis/automotive-hvac-market
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ง๐๐จ:
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
Polaris Market Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Polaris Market Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We at Polaris are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.
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