Automotive Tire Market Size, Trends, Forecast Report, 2025

Automotive Tire Market to 2025 - Global Analysis and Forecasts by Tire Type (Bias and Radial); Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle); and Distribution Channel (OEMs and Aftermarket)

Publication Month : Oct 2018

  • Report Code : TIPTE100001002
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 134
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In terms of revenue, the global automotive tire market was valued at US$ 233.15 million market million in 2017 and is projected to reach US$ 306.44 million by 2025; it is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2025.

The automotive tire market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The global automotive tire market is experiencing an intense growth with regards to the investments, stringent regulations, trials being carried out in different off-road vehicles and deployment for future in the current scenario and is anticipated to rise in the coming years. The market for automotive tire consists of a handful of well-established players across the globe, which invest huge amounts in order to deliver the most advanced service to the customers. Also, there are few important stakeholders in the automotive tire ecosystem that are involved in the end-to-end development of automotive tire and ensuring that the best service is made available for the users. Government funding for research & development, strategic partnerships between technology providers and tire manufacturers, technology providers and automotive OEMs are anticipated to enable huge surges in the market for automotive tire over the forecast period.

Lucrative Regional Automotive Tire Market

Lucrative Regional Automotive Tire Market
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Market Insights–Automotive Tire Market

Growing demand of Mobility as a Service (MaaS)

The automotive tire market is experiencing substantial growth rate over the period as the demand of passenger cars, light commercial vehicle, and heavy commercial vehicle is significantly growing worldwide. In the current scenario, the global automotive market is experiencing the significant technological advancement i.e. MaaS. This has resulted in increased adoption of car sharing, taxis, or on-demand services. The need of integrated mobility services and optimization of the system is increasing due to rise in the customers demand for enhanced quality, high reliability, efficient, convenient, and short time period to reach the destination. MaaS allows the users to use single application platform for book, ride, and pay for the ride at the same time. The rise in cross country and inter country transportation and logistics, as well as increase in mobility as a service in the regions have led the vehicle operators to experience tire wear out incidents in a shorter period of time. This factor has positively impacted on the increase in tire offline dealerships in the countries.

Tire Type Segment Insights

Based on tire type, the radial segment dominated the automotive tire market in 2017. The longer lifespan of radial tires is attracting the vehicle manufacturers and vehicle users to opt for radial tires. The significant adoption of radial tires is also due to its capability to increase fuel efficiency of passenger cars, light commercial vehicles as well as heavy commercial vehicles. These benefits of offer radial tire an advantageous position over bias tires in automotive tire industry.

Vehicle Type Segment Insights

Based on aircraft type, the passenger cars segment held the largest share in global automotive tire market in 2017. The rising disposable income of population in developing as well as developed countries is resulting in procurement of passenger cars in large quantity. In addition, the rising concern about vehicle safety and vehicle fuel efficiency, the passenger car owners are increasingly focusing on procurement of vehicles installed with advanced technology tires, as well as replacing the old tires with newer tires to enhance the vehicle dynamics. This factor is impacting positively on the growth of passenger car tire market in globally over the years.

Distribution Channel Segment Insights

Based on distribution channel, the aftermarket hardware segment held the largest share in global automotive tire market in 2017. The increasing fleet size in the emerging economies including US, India, Malaysia France, and Germany among others is resulting in increasing number of tire dealerships across regions, which is creating a huge business area for the tire manufacturers.

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Automotive Tire Market: Strategic Insights

automotive-tire-market
Market Size Value inUS$ 233.15 Million in 2017
Market Size Value byUS$ 306.44 Million by 2025
Growth rateCAGR of 10.8% from 2018-2025
Forecast Period2018-2025
Base Year2018
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

  • In 2018, Bridgestone announce the expansion of its production unit in Japan- Bloomington, Ill., plant. This new plant will manufactures multiple sizes tires as well as patterns in 29, 33 and 35-inch OTR tires.
  • In 2018, Michelin carried two types of tires i.e., hard and medium rubber tires in the Rally of Turkey. The MICHELIN LTX Force H4 tire and the MICHELIN LTX Force M6 tire.
  • In 2018, Pirelli announced its collaboration with Ferrari, with this collaboration Pirelli manufactured bespoke P Zero (21-inch diameter tires) for the Ferrari Monza SP1 and SP2, to meet the requirement for the car’s development.

The global automotive tire market has been segmented as follows:

Automotive Tire Market – By Fit Type

  • Bias
  • Radial

Automotive Tire Market – By Aircraft Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Automotive Tire Market – By Distribution Channel

  • OEMs
  • Aftermarket

Automotive Tire Market- By Region

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Automotive Tire Market – Companies Profiles

  • Continental AG
  • Hankook Tire
  • Michelin
  • Apollo Tires Ltd.
  • MRF Limited
  • Bridgestone Corporation
  • Pirelli & C. S.P.A
  • Yokohama Rubber Co. Ltd.
  • The Goodyear Tire & Rubber Company
  • Dunlop India Limited
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Tire Type ; Vehicle Type ; and Distribution Channel

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

1. Bridgestone Corporation
2. Continental AG
3. The Goodyear Tire & Rubber Company
4. Michelin
5. Pirelli & C. S.P.A
6. Dunlop India Limited
7. Yokohama Rubber Co. Ltd.
8. Apollo Tires Ltd.
9. MRF Tires
10. Hankook Tire

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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