by The automotive tire market size is calculated at USD 143.88 billion in 2024 and is projected to be reach around USD 232.38 billion by 2034 with a CAGR of 4.91%.
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Key Takeaways
- In 2024, Asia Pacific led the global market, holding a 41% share, the highest among all regions.
- The passenger vehicles segment accounted for the largest share of the market in 2024, contributing 47%.
Role of AI in Transforming the Automotive Tire Market
Artificial intelligence is revolutionizing the automotive tire market by enhancing predictive maintenance, improving tire design, and optimizing manufacturing processes. AI-driven tire monitoring systems can analyze real-time data from sensors to predict wear and tear, reducing the risk of blowouts and improving safety.
In manufacturing, AI enables automated quality control and efficient material utilization, leading to cost reduction and sustainability improvements. Additionally, AI-driven simulations help in designing high-performance tires with better grip, fuel efficiency, and durability, meeting the evolving demands of modern vehicles, including electric and autonomous cars.
Market Drivers
The automotive tire market is driven by rising vehicle production and sales, growing demand for fuel-efficient and durable tires, and increasing adoption of advanced tire technologies such as run-flat and self-sealing tires. Stringent government regulations on tire safety and efficiency are also contributing to market growth.
Opportunities
Expanding electric vehicle adoption presents significant opportunities for tire manufacturers to develop specialized EV tires with low rolling resistance and enhanced durability. Additionally, the growth of autonomous and connected vehicles is fueling demand for smart tires with real-time monitoring capabilities. Emerging markets in Asia-Pacific and Latin America also provide growth potential due to increasing automobile ownership.
Challenges
The market faces challenges such as fluctuating raw material prices, stringent environmental regulations on tire disposal, and high research and development costs for advanced tire technologies. Additionally, the growing trend of retreading and remanufacturing tires poses a challenge for new tire sales.
Regional Insights
The Asia-Pacific region dominates the automotive tire market due to high vehicle production in countries like China, India, and Japan. North America and Europe follow, driven by technological advancements and strong aftermarket demand. Meanwhile, the Middle East and Africa are witnessing gradual growth due to rising disposable income and infrastructure development.
Automotive Tire Market Companies
- Continental AG
- Bridgestone Corporation
- Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
- MICHELIN
- Toyo Tire Corporation
- Hankook Tire & Technology Co., Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd
- Sumitomo Rubber Industries Ltd
- Nokian Tyres plc
Segments Covered in the Report
By Season Tire Type
- Winter
- Summer
- All Season
By Rim Size
- Less than 15
- Between 15 to 20
- Greater than 20
By Vehicle Type
- Commercial Vehicle
- Light Commercial
- Heavy Commercial
- Passenger Car
- Electric Vehicle
By Distribution Channel
- Aftermarket
- OEM
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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