Automotive tire Market Share Business Growth Statistics and Key Players Insights

Posted 2 years ago in SEASONS.

Market overview

The automotive tire market is expected to register a CAGR of 12% from the 8 years from 2022 to 2030. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. This is especially true in the Asia-Pacific region. These people want to drive safer and more efficient cars that are also environmentally friendly.

Opportunities

There are more road accidents, especially in developing nations and the Asia-Pacific region. Governments in these nations are responding by requiring that newer cars are safer, more efficient, and safer for the environment. They are requiring the same of their tires.

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List of Key Companies

Michelin (France)
Bridgestone (Japan)
Continental AG (Germany)
Hankook Tire (South Korea)
Pirelli & C. S.p.A. (Italy)
Toyo Tire Corporation (Japan)
Kumho Tire (South Korea)
Giti Tire (Singapore)
Maxxis International (Taiwan)
Nexen Tire Corporation (South Korea)

Companies in the global automotive tire market are responding by investing more in research and development in the attempt to develop and market better tires. There is pressure from the developed world as well. These nations’ governments are establishing regulatory bodies that are actively monitoring cars to make sure that they are less accident-prone. These bodies are requiring newer cars to have safer tires.

Market segmentation

By Rim Size

13"–15"
16"–18"
19"–21"
>21"

By Season

Winter
Summer
All-Season

By Propulsion Type

By Vehicle Type

Passenger Cars
LCV
HCV

By Distribution Channel

OEM
Aftermarket

By Region

North America
Europe
Asia Pacific
Rest of the World (RoW)

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