The automotive tire market is expected to register a CAGR of 12% from the 8 years from 2023 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.
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.
By Rim Size
By Propulsion Type
By Vehicle Type
- Passenger Cars
By Distribution Channel
- North America
- Asia Pacific
- Rest of the World (RoW)
The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.
Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.
Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.
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