ScriptIndia Products Report Enquiry

The global automotive tire market size was estimated at USD 255.63 billion in 2022, showcasing a robust industry valuation. The market is anticipated to expand significantly, growing at a Compound Annual Growth Rate (CAGR) of 7.90% from 2023 to 2033, driven by continued automotive industry expansion. Asia Pacific stands as the dominant region in the global tire market, holding a substantial 42% market share in 2022, fueled by strong vehicle production and increasing ownership. Passenger Car Radial (PCR) tires represent the largest segment by category, contributing nearly 40% of the market share in 2022, highlighting their pivotal role in tire demand. The market encompasses key categories including Passenger Car Radial (PCR) Tires, Truck & Bus Radial (TBR) tires, Off-the-Road (OTR) tires, and segments based on demand such as OEM (Original Equipment Manufacturer) and Replacement tires. A major trend is the surge in Electric Vehicle (EV) specific tires, designed for low rolling resistance, enhanced durability, and noise reduction to meet the unique demands of electrified mobility. The integration of smart tire technologies and advanced sensors for real-time monitoring (pressure, temperature, wear) is a key development, enhancing driving safety and enabling predictive maintenance. Growing emphasis on sustainability and eco-friendly tire manufacturing is driving innovation in materials, including bio-based components, recycled rubber, and development of low-rolling-resistance tires for improved fuel efficiency and reduced carbon footprint. The aftermarket and replacement tire segment continues to show robust growth, influenced by rising vehicle usage and increasing consumer awareness regarding road safety and tire performance. Key players dominating the global tire market include Michelin Group, Bridgestone Corporation, Continental AG, and The Goodyear Tire & Rubber Company, driving innovation and market competition.