Automotive Tire Market Anticipated to Achieve US$ 24.06 Billion, Growing at a Striking 2.7% CAGR By 2032

The expansion of the automotive manufacturing sector is one of the primary factors contributing to the increased demand for tires.

NEW YORK CITY, NY, UNITED STATES, September 27, 2024 /EINPresswire.com/ -- Our newly published research report on automotive tires provides an in-depth analysis of the market, covering all the major aspects stakeholders need to know to make informed decisions.

𝐓𝐡𝐞 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐭𝐢𝐫𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐢𝐧 𝐭𝐡𝐞 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐲𝐞𝐚𝐫𝐬, 𝐚𝐜𝐜𝐨𝐫𝐝𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐥𝐚𝐭𝐞𝐬𝐭 𝐬𝐭𝐮𝐝𝐲 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡. 𝐓𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 19.12 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 2023 𝐚𝐧𝐝 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐭𝐨 𝐔𝐒𝐃 24.06 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032. 𝐈𝐭 𝐢𝐬 𝐚𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐭𝐨 𝐫𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 2.7% 𝐟𝐫𝐨𝐦 2024 𝐭𝐨 2032.

𝐖𝐡𝐚𝐭 𝐀𝐫𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞𝐬?
An automotive tire is a ring-shaped component that’s the point of contact between the automobile and the road surface. Its main function is to offer traction for acceleration and braking. Also, it limits the transmission of the road vibrations to the body of the vehicle. Automotive tires are typically made of rubber, which is a natural polymer. The rubber is vulcanized, meaning it is treated with chemicals to give it a more strong and elastic form. Along with rubber, steel belts and reinforcing materials such as rayon cords, polyester, and nylon are used in the manufacturing of automotive tires.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-sample

Automotive tires come in many different sizes, and each of the sizes is designed for a specific vehicle type. Tires are also made in different widths and diameters. The tire’s width affects the amount of contact the tire has with the surface, whereas the diameter affects the wheel’s size the tire can be used with. With the rising car ownership worldwide, the automotive tire market demand is anticipated to increase in the upcoming years.

𝐖𝐡𝐚𝐭 𝐀𝐫𝐞 𝐊𝐞𝐲 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬?
• The market size was valued at USD 19.12 billion in 2023 and is anticipated to grow from USD 19.44 billion in 2024 to USD 24.06 billion by 2032

• The rising focus on stringent tire performance standards has prompted manufacturers to produce new tires that provide enhanced wet grip and lower rolling resistance

• The automotive tire market segmentation is primarily based on rim size, aspect ratio, vehicle type, tire type, season type, section width, and region

• The key regions covered in the research report are North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa

𝐖𝐡𝐨 𝐀𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬?
The market is anticipated to witness competition owing to the presence of several key players. The top market participants are constantly upgrading their technologies to provide advanced products and maintain their market dominance.

𝐓𝐡𝐞 𝐚𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐭𝐢𝐫𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐚𝐫𝐞:
• Bridgestone Corporation
• CEAT Ltd.
• Continental AG
• Goodyear Tire and Rubber Company
• JK Tyre & Industries Ltd.
• Michelin Group
• MRF Tyres
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries Ltd.
• Toyo Tire & Rubber Co. Ltd.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-discount-pricing

𝐖𝐡𝐚𝐭’𝐬 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐅𝐨𝐫𝐰𝐚𝐫𝐝?
• Rising Demand for Convenience: Convenience is one of the major factors driving the automotive tire market growth. Consumers are increasingly preferring all-season tires, which eliminates the need for seasonal changes. Also, the rising emphasis on fuel efficiency has promoted car owners to seek tires that offer better fuel efficiency.

• Increase in Average Vehicle Lifespan: With improved road infrastructure and road conditions, the average lifespan of automobiles has extended in recent times. The increase in vehicle longevity and higher annual mileage has created growth opportunities for aftermarket tire manufacturers.

• Regulatory Requirements: The stringent tire performance standards have resulted in tire producers developing new tires having enhanced wet grip and lower rolling resistance. These tires meet the evolving needs of consumers and regulatory authorities. As a result, the demand for such tires is growing rapidly.

𝐖𝐡𝐢𝐜𝐡 𝐑𝐞𝐠𝐢𝐨𝐧 𝐋𝐞𝐚𝐝𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡?
• Asia Pacific: Asia Pacific dominated the automotive tire market in 2023. The region is a major hub for auto manufacturing, attracting several established automakers across the globe. Besides, the presence of abundant cheap labor and low production costs in Asia Pacific further fuel the regional market expansion.

• North America: North America is anticipated to account for a significant automotive tire market share from 2024 to 2032. The large and diverse market for automobiles in North America contributes significantly to the demand for tires. Also, North America has a high rate of vehicle ownership as compared to any other region.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐦𝐨𝐫𝐞 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞:
https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/inquire-before-buying

𝐇𝐨𝐰 𝐈𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐃𝐨𝐧𝐞?

𝐁𝐲 𝐑𝐢𝐦 𝐒𝐢𝐳𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• 13–15"
• 16–18”
• 19–21"
• >21"

𝐁𝐲 𝐀𝐬𝐩𝐞𝐜𝐭 𝐑𝐚𝐭𝐢𝐨 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• <60
• 60-70
• >70

𝐁𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Buses
• Trucks

𝐁𝐲 𝐓𝐢𝐫𝐞 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• Bias Tire
• Radial Tire

𝐁𝐲 𝐒𝐞𝐚𝐬𝐨𝐧 𝐓𝐲𝐩𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• Winter Tire (Non-Studded & Studded)
• Summer Tire
• All-Season Tire

𝐁𝐲 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝐖𝐢𝐝𝐭𝐡 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• <200mm
• 200-230mm
• >230mm

𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
• North America (US, Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

𝐁𝐫𝐨𝐰𝐬𝐞 𝐏𝐌𝐑'𝐬 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐟𝐫𝐨𝐦 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬:

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐢𝐳𝐞 𝐢𝐬 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐔𝐒$ 24.06 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 2032, 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 2.7% 𝐟𝐫𝐨𝐦 2024 𝐭𝐨 2032 | 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐞𝐝 𝐆𝐮𝐢𝐝𝐞𝐝 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 (𝐀𝐠𝐯) 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/automated-guided-vehicle-market

𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐒𝐲𝐬𝐭𝐞𝐦 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/intelligent-transport-system-market

𝐀𝐠𝐫𝐢𝐜𝐮𝐥𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐅𝐚𝐫𝐦 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/agriculture-and-farm-equipment-market

𝐒𝐦𝐚𝐫𝐭 𝐅𝐥𝐞𝐞𝐭 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/smart-fleet-management-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐑𝐚𝐝𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭:
https://www.polarismarketresearch.com/industry-analysis/global-automotive-radar-market

𝐀𝐛𝐨𝐮𝐭 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 & 𝐂𝐨𝐧𝐬𝐮𝐥𝐭𝐢𝐧𝐠, 𝐈𝐧𝐜:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

Likhil G
Polaris Market Research and Consulting
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sales@polarismarketresearch.com
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