Automotive Tire Market Anticipated to Grow at 5.6% CAGR Through 2029: Industry Report

 This study helps professionals make sense of complex market trends and competitive shifts affecting the automotive tire industry today.

 



 What Is The Projected Market Size & Growth Rate Of The Automotive Tire Market?
 The automotive tire market size has grown steadily in recent years. It will grow from $138.64 billion in 2024 to $143.87 billion in 2025 at a compound annual growth rate (CAGR) of 3.8%. 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.
 
 
 
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 What Is The Crucial Factor Driving The Global 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. For instance, in March 2024, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based trade association, global new car sales rose nearly 10% after stability in 2022, with EU sales increasing almost 14% to 10.5 million units. Battery-electric vehicle sales grew by 37%, capturing a 14.6% market share. Despite a slowdown in China’s car market during the first three quarters of 2023, full-year sales increased by 4.5%. Meanwhile, Japan and the U.S. saw strong growth, with sales up nearly 16% and over 14%, respectively. Therefore, the increasing production of vehicles around the world is expected to drive the automotive tire market. 
 
 Segment Covered In The Automotive Tire Market Report
 The automotive tiremarket 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
 
 Subsegments:
 1) By Less Than 15 Inches: Passenger Car Tires, Light Truck Tires, Motorcycle Tires, Other Specialty Tires
 2) By 15 To 20 Inches: Passenger Car Tires, SUV Tires, Light Truck Tires, Performance Tires
 3) By More Than 20 Inches: SUV Tires, Light Truck Tires, Performance Tires, Heavy-Duty Truck Tires
 
 Key Trends Driving Growth In The Automotive Tire Market
 Automotive tire companies are focusing on developing airless tires for passenger and commercial vehicles. The zero-pressure tires ensure zero downtime and no loss of productivity for commercial vehicles and ensure greater auto safety and performance. For instance, in October 2022, Hankook Tire, a South Korea-based company, provides a wide range of tire products and services across various segments, introduced Smart iON AU06+, marking it as the first Truck and Bus Radial (TBR) tire in its innovative iON product line. It is specifically designed for premium electric vehicles (EVs). This tire is engineered to meet the unique demands of electric trucks and buses, addressing challenges such as the increased weight from drive batteries and the high torque delivered to the wheels. The Smart iON AU06+ enhances grip on wet roads by approximately 10% compared to its predecessor, ensuring safer driving conditions. 
 
 Key Player In The Automotive Tire Market
 Major companies operating in the automotive tire market include 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 
 
 View the full automotive tire market report here:
 https://www.thebusinessresearchcompany.com/report/automotive-tire-global-market-report
 
 Global Automotive Tire Market — Regional Insights:
 Asia-Pacific was the largest region in the automotive tire market in 2024. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
 
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