Automotive Tire Manufacturers to Capitalize on Burgeoning Demand for SUVs and Light Commercial Vehicles in India and China
The automotive tire market research report published by Fact.MR delves into key observations concerning prominent expansion parameters prevailing across crucial segments for the upcoming decade. It provides details about growth drivers, trends, and opportunities across leading segments, including vehicle type, tire structure, tire type, distribution channel, and region.
NEW YORK, Sept. 19, 2022 /PRNewswire/ — The global automotive tire market is expected to be valued at US$ 593.5 Billion in 2032 and is set to exhibit a robust CAGR of 4.5% in next 10 years. The automotive tire market is anticipated to expand as a result of growing emphasis on sustainability and increasing number of environmentally concerned consumers.
As more people are starting to drive cars, there is a greater desire for high-performance automobiles, which is further leading to rising vehicle manufacturing across the globe. The automotive tire market is anticipated to be driven by increasing vehicle production and high demand for passenger cars across the globe over the forecast period.
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SUVs are becoming more popular in China and India, thereby creating attractive potential for market expansion. Expansion of the market will be further accelerated by rising demand for pickup trucks and other comparable light commercial vehicles.
Increasing investments by governments of the above-mentioned countries in the development of green tires and surging demand for retreading tires are also expected to drive the market. As per the India Brand Equity Foundation (IBEF), in FY22, the country’s annual production of automobiles was 22.93 million vehicles. It is anticipated to grow at a rapid pace in India during the forthcoming years, thereby pushing the demand for automotive tires.
According to Fact.MR, as tire producers work with automotive manufacturers to meet their unique needs, the aftermarket sector is expected to witness a surge in terms of sales. High demand for synthetic rubber tires backed by their lower tread loss and longer life, as compared to natural rubber-based tires, is likely to push the aftermarket sector.
Key Takeaways:
- Based on tire structure, the radial tires segment is expected to account for about 93% of the automotive tire market share by 2032.
- By region, North America is projected to exhibit growth at 3.5% CAGR in the automotive tire market from 2022 to 2032.
- Based on vehicle type, the passenger vehicle segment is estimated to witness a CAGR of 6.5% during the forthcoming years in the automotive tire market.
- Top 5 key players in the automotive tire market are expected to generate a share of nearly 45% by the end of 2022.
- India to dominate South Asia automotive tire market backed by increased automotive manufacturing in the country
Growth Drivers:
- Growing popularity of electric vehicles (EVs) on the back of availability of tax rebates and subsidies in emerging countries is anticipated to aid growth.
- Rising number of traffic accidents is compelling governments to implement stricter safety regulations, which is set to fuel market expansion.
Restraints:
- Under inflated tires have high risk of punctures, are more prone to general wear & tear, and have an increased risk of understeer, which can result in collisions.
- Emergency braking can lead to instant tire wear in a particular area, which may further result in obscure vehicle handling.
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Competitive Landscape:
Despite the presence of well-established tire manufacturers, OEMs, and distributors, the global automobile tire market seems to be extremely fragmented. In order to acquire momentum, they are concentrating on research & development (R&D) expenditures, production facility development, and merger & acquisition (M&A) activities, while looking for chances to integrate across the wide value chain.
For instance,
- In June 2021, Michelin launched its MICHELIN Primacy 4ST tires in India. The tire’s revolutionary tread design, which has 1.5X more grooves to drain more water, contributes to its superb wet grip. A smoother ride with more comfort is produced by the next-generation Silent Rib Technology, which forms interlocking bands between tread blocks. The new technique also reduces tire-rolling noises caused by air pumps.
- In 2021, Vredestein, a Dutch tire company owned by Apollo Tires, announced the launch of a new line of tires in India specifically for high-end cars and bikes. With the introduction of these new tires, the business seeks to take control of the premium automobile tire market.
- In January 2021, Purcell Tire & Rubber Firm joined the MICHELIN Commercial Service Network (MCSN), Michelin Retread Technologies, Inc. (MRTI), and Oliver Rubber Company, LLC (Oliver) retreading networks, according to Michelin North America, Inc., a global tire manufacturing company. Through the cooperation, Michelin would be able to establish a connection with customers for all of its business-to-business on-and off-road goods and services.
- In September 2020, Alliance Tire Group (ATG), a producer of off-highway tires and a subsidiary of Yokohama Rubber Manufacturing, announced a US$165 million investment to build its third facility in Visakhapatnam (India). More than 20,000 tons of additional rubber would be produced annually by the proposed factory.
Key Companies Profiled by Fact.MR
- Continental AG
- Yokohama Rubber Company Limited
- Sumitomo Rubber Industries Ltd.
- Madras Rubber Factory Limited
- Apollo Tyres Ltd.
- Sailun Tires Ltd.
- Bridgestone Corp.
- Michelin
- Goodyear Tire and Rubber Company
- Pirelli & C. S.P.A
- Shandong Linglong Tyre
- Nexen Tire America Inc.
- Kumho Tire Co. Inc.
- Nokian Renkaat Ojy
- Cheng Shin Rubber Industries
- Toyo Tire & Rubber Company
- Trelleborg AB
- Cooper Tire & Rubber Company
- Hankook Tire
- Titan Tire Corporation
More Valuable Insights on Automotive Tire Market
In the latest study, Fact.MR offers a detailed study on global automotive tire market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of automotive tire through detailed segmentation as follows:
By Vehicle Type:
- 2/3 Wheelers
- Passenger Vehicles
- Commercial Vehicles
By Tire Structure:
- Radial Tires
- Tube Tires
- Tubeless Tires
- Bias Tires
By Tire Type:
- Winter Tires
- Summer Tires
- All-season Tires
By Distribution Channel:
- OEMs
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
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Key Questions Covered in the Automotive Tire Market Report
- What is the projected value of the automotive tire market in 2022?
- At what rate will the global automotive tire market grow until 2032?
- Which are the factors hampering the growth in the automotive tire market?
- Which region is expected to lead in the global automotive tire market during 2022-2032?
- Which are the factors driving the automotive tire market during the forecast period?
- What is the expected market value of the automotive tire market during the forecast period?
Explore Fact.MR’s Coverage on the Automotive Domain
Automotive Tubeless Tires Market: The global automotive tubeless tires market is expected to showcase growth at a CAGR of 6% by 2030. Demand for radial tubeless tires is predicted to rise as the number of infrastructure projects increases and regional governments shift toward safety requirements for heavy equipment.
Automatic Tire Changer Market: The global automotive tire changer market size is poised to grow at a CAGR of 4.8% between 2022 and 2032, reaching a valuation of US$ 667.4 Million by 2032. Additionally, growing number of vehicle service centers has further increased the demand for automatic tire changers on a global scale.
Wheel and Tire Service Equipment Market: The wheel and tire service equipment market is set to exhibit considerable growth due to the surging number of aging cars, rising yearly mileage, and owner retention habits. Large tire servicing equipment tools have been scaled back as a result of convergence so they can now fit inside cars.
Retread Tire Market Analysis: The low cost of retreaded tires is one of the key factors uplifting the retread tire market growth. This growth is further being boosted by the robust growth of the transportation sector.
Winter Tires Market Outlook: The global winter tires market is estimated at US$ 24.1 Bn in 2022. Europe tops the global winter tires market accounting for 32.3% market share in 2022. Studded winter tires hold 54.3% share in the global sales of winter tires.
Check it Out More Reports by Fact.MR on Automotive Industry
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