Automotive Tire Market to Reach $166.1 Billion, Globally, by 2033 at 4% CAGR: Allied Market Research

The automotive tire market is experiencing significant growth, driven by increase in vehicle production, rise in demand for electric vehicles (EVs), and advancements in tire technology.

/EIN News/ -- Wilmington, New Castle, Delaware , Feb. 12, 2025 (GLOBE NEWSWIRE) -- Key trends include the growing adoption of eco-friendly and sustainable tires, reflecting consumer and regulatory pressure for reduced carbon footprints. Smart tires equipped with sensors for monitoring performance and maintenance are gaining traction, especially in EVs and connected vehicles.

Allied Market Research published a report, titled, "Automotive Tire Market by Season Type (Summer, and All-Season and Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches, and More than 20 Inches), and Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automotive tire market was valued at $113.9 billion in 2023, and is estimated to reach $166.1 billion by 2033, growing at a CAGR of 4% from 2024 to 2033.

The automotive tire market is driven by growing vehicle production, rising demand for fuel efficiency, and increasing safety awareness among consumers. Expanding automotive sales, particularly in emerging economies, fuel the demand for replacement and OEM tires. Advancements in tire technology, such as self-healing tires, smart tires, and low rolling resistance, are reshaping the market. Additionally, the growth of electric vehicles (EVs) has created opportunities for specialized EV tires designed to enhance performance and durability. However, fluctuating raw material costs, stringent environmental regulations, and growing competition among manufacturers pose challenges. The trend toward sustainable and eco-friendly tires, along with a rising preference for premium and all-season tires, is shaping the future dynamics of the global tire market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2022	$113.9 billion
Market Size in 2033	$166.1 billion
CAGR	4.00%
No. of Pages in Report	300
Segments Covered	Season Type, Rim Size, Vehicle Type, and Region
Drivers	Rise in Demand for Secure Communication Systems
Opportunities	Technological Advancements in Encryption and AI
Restraints	High Implementation and Maintenance Costs

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The All-Season and Winter tire segment to maintain its leadership status during the forecast period

By season type, the all-season and winter tire segment dominated the global market in 2023, driven by the high demand for versatile and durable tires suitable for varying weather conditions. All-season tires are particularly popular due to their ability to perform well in moderate climates, reducing the need for seasonal replacements.

The 15 to 20 Inches rim size segment to maintain its lead position throughout the forecast period

By rim size, the 15 to 20 inches segment led the global market in 2023, primarily due to its compatibility with a wide range of passenger cars, SUVs, and light commercial vehicles. This size range offers a balance between performance, comfort, and affordability, making it the preferred choice for both original equipment manufacturers (OEMs) and the aftermarket.

The passenger vehicle segment to maintain its lead position throughout the forecast period

By vehicle type, the passenger vehicle segment dominated the global automotive tire industry in 2023, accounting for the largest share due to the rising number of passenger cars worldwide. Factors such as increase in urbanization, higher disposable incomes, and consumer preference for personal mobility have fueled demand in this segment. Passenger vehicle tires are designed to provide optimal performance, comfort, and safety, catering to a broad customer base.

Asia-Pacific to maintain its dominance by 2033

The Asia-Pacific region emerged as the leading market for automotive tires in 2023, driven by rapid economic development, urbanization, and a booming automotive industry in countries like China, India, and Japan. This region's dominance is attributed to high vehicle production and sales, along with a large population base with rising income levels.

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Leading Market Players: -

• Thales
• Lockheed Martin Corporation
• Northrop Grumman
• AIRBUS
• Rohde & Schwarz
• Leonardo S.p.A.
• HENSOLDT
• IAI (Israel Aerospace Industries)
• Elbit Systems Ltd.
• L3Harris Technologies, Inc.
• General Dynamics Corporation
• Cubic Corporation
• BAE Systems
• Ultra

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The report provides a detailed analysis of these key players in the global automotive tire market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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