Automotive Tire Market Size to Reach $218.8 Billion, Globally, by 2030 at 3.8% CAGR: Allied Market Research

The global automotive tire market is driven by increase in vehicle production in developing countries and rise in competition among tire manufacturers.

OREGAON, PORTLAND, UNITED STATES , September 28, 2023 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Automotive Tire Market by Season Type (Summer, and All-Season & Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches and More than 20 Inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), Load Index (Up to 100 and More Than 100), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast". According to the report, the global automotive tire industry generated $139.1 billion in 2015, and is anticipated to generate $218.8 billion by 2030, witnessing a CAGR of 3.8% from 2016 to 2030.

☑️ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/924

In 2021, Asia-Pacific was anticipated to account for a major market share. The Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive tire market in 2021, whereas India is expected to grow at a significant rate during the forecast period. Tires are important for the vehicles, as they protect the wheel rim. The rapid growth of the automobile sector across all segments fuels the size growth of the automotive tire market.

𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨

◾️The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive tire market, owing to temporary halt in tire manufacturing facilities.
◾️The pandemic further caused disruptions in the supply chain, unavailability of raw materials, rise in raw materials price, and low labor force, which in turn, hampered the growth of the global automotive tire market.
◾️Also, due to reduction in automotive sales, especially in the initial period, the growth of the global automotive tire market was affected.

☑️ 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/automotive-tire-market/purchase-options

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Apollo Tyres Ltd
Bridgestone Corporation
CEAT Limited
Continental AG
Hankook & Company Co., Ltd.
JK Tyre & INDUSTRIES LTD.
Michelin
MRF Limited
Nokian Tyres PLC
Pirelli & C. S.p.A
Sailun Group Co., Ltd.
Salsons Impex Pvt. Ltd
Shandong Linglong Group Co. Ltd.
Sumitomo Rubber Industries, Ltd.
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co., Ltd.
Triangle Tire Co., Ltd.,
Toyo Tire Corporation
Wanli Tire Co., Ltd.
Zhongce Rubber Group Co., Ltd.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on vehicle type, the passenger vehicle segment held the highest market share in 2020, accounting for more than two-thirds of the global automotive tire market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in adoption of passenger vehicle in developing countries such as India, Brazil and others. Moreover, the electric vehicle segment is projected to manifest the highest CAGR of 8.8% from 2021 to 2030, owing to increasing government regulation related to fuel efficiency.

☑️ 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/924

𝐓𝐡𝐞 𝐚𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on distribution channel, the aftermarket segment accounted for the largest share in 2020, contributing to more than three-fourths of the global automotive tire market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is because tires need replacement at regular interval.

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬

https://www.alliedmarketresearch.com/brazil-automotive-tire-market-A07485 - Brazil Automotive Tire Market : Opportunity Analysis and Industry Forecast, 2020-2027
https://www.alliedmarketresearch.com/latin-america-and-caribbean-automotive-tire-market-A10400 - Latin America and Caribbean Automotive Tire Market : Opportunity Analysis and Industry Forecast, 2019-2027
https://www.alliedmarketresearch.com/automotive-winter-tire-market - Automotive Winter Tire Market : Global Opportunity Analysis and Industry Forecast, 2023-2032
https://www.alliedmarketresearch.com/advanced-tires-market - Advanced Tires Market : Global Opportunity Analysis and Industry Forecast, 2020-2030
https://www.alliedmarketresearch.com/green-tire-market - Green Tire Market : Global Opportunity Analysis and Industry Forecast, 2021-2031
https://www.alliedmarketresearch.com/automotive-summer-tire-market-A07118 - Automotive Summer Tire Market : Global Opportunity Analysis and Industry Forecast, 2023-2032

David Correa
Allied Market Research
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