Automotive Tire Market Size, Share, Trends, Growth and Forecast 2032

Automotive Tire Market Overview

The global automotive tire market size accrued earnings worth approximately USD 129.62 Billion in 2023 and is predicted to gain revenue of about USD 215.12 Billion by 2032, is set to record a CAGR of nearly 5.79% over the period from 2024 to 2032.

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An automotive tire, also referred to as a car tire, is a specialized rubber component designed for use in vehicles, specifically automobiles, to ensure optimal traction, support, and stability when driving on the road. The object is a cylindrical formation composed of rubber layers and additional elements, including fabric and steel. Automotive tires support the vehicle's weight, dampen shocks, and transfer forces during driving and braking. 

Tires play a pivotal role in enhancing traction and maneuverability, hence significantly impacting the overall performance and safety of the vehicle. The primary function of a tire is to establish a point of contact between the vehicle and the road surface, facilitating secure and effective transportation. Automotive tires are available in a range of sizes, tread patterns, weight capacities, and speed ratings, enabling consumers to choose the most suitable tire for their own needs and their cars' specifications.

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Europe automotive tire market opportunities

The Europe automotive tire market has enormous opportunities in the upcoming future. The Europe automotive tire market is anticipated to boost at a double-digit CAGR within the forecast timeline. The demand for tires is increasing significantly on account of the increasing number of automobiles across the region. Hence, the demand is eventually governed by automobile production thereby adding value to the growth of the automotive tire market.

Demand for tire remolding rises:

The process of renewing worn tires by changing their tread is known as remolding or retreading. It's recognized as a tire reproduction method and is also referred to as recap or remold. Compared to manufacturing new tires, this process saves a significant amount of material, making the materials for this method less expensive. Moreover, it saves substantial money on tire and material costs compared to creating a new one. With lower labor and costs, retreading is environmentally friendly and much cheaper than purchasing new tires. A single tire can be retreaded up to 10 times, extending its service life, saving considerable energy and time in the manufacturing process, and reducing landfill waste and carbon emissions.

Due to these advantages, the savings can be substantial for companies with large fleets of vehicles. Over time, the tire manufacturing industry has made significant advancements globally. Cutting-edge technologies are utilized to produce exceptional tires that perform excellently not only in their first life but also in subsequent retreads.

Automotive Tire Market Share: Report Scope

Global Automotive Tire Market Share: Segmentation

Based on the type, the Europe automotive tire market has been classified into radial tire type and bias tire type. The radial tire segment is expected to generate maximum market share as it offers a better grip on the road, thus preventing the vehicle from unfortunate imbalance and accidents. On the other hand, the introduction of advanced manufacturing tire technologies is expected to stimulate the growth of the bias tire segment over the forecast period.

On the basis of vehicle type, the Europe automotive tire market is fragmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheeler. In the Europe automotive tire market, the passenger car segment is poised to register high growth over the forecast period, owing to the rapid growth of passenger cars in this region.

Key Players

• The Goodyear Tire & Rubber Company (USA)
• Pirelli & C.S.p.A. (Italy)
• Apollo Tyres Ltd. (India)
• CEAT Ltd. (Italy)
• China National Tire & Rubber Co. Ltd. (China)
• Cooper Tire & Rubber Co., Ltd. (UK)
• Giti Tire (Singapore)
• Bridgestone Corporation (Japan)
• Continental AG (Germany)
• Michelin (France)
• Sumitomo Rubber Industries, Ltd. (Japan)
• Toyo Tire & Rubber Co., Ltd. (Japan)
• Yokohoma Tire Corporation (Japan)
• Maxxis International (Taiwan)
• Cheng Shin Rubber Industry Co. (China)
• Hangzhou Zhongce Rubber Co., Ltd. (China)
• Hankook Tire (South Korea)
• JK Tyre & Industries Ltd. (India)
• Kumho Tire Co., Inc. (South Korea)
• Nexen Tire Corporation (South Korea)
• Nokian Tyres plc (Finland)
• Qingdao Fullrun Tyre Corp., Ltd. (China)

Automotive Tire Market: Segments

By Vehicle Type

• Passenger Cars
• LCV (Light Commercial Vehicles)
• HCV (Heavy Commercial Vehicles)

By Tire type

• Radial
• Bias

By Material

• 13-15
• 16-18
• 19-21
• >21 inches

By Sales Channel

• OEM
• Aftermarket

Automotive Tire Market : Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa