Auto Tire Market Share Evolution and Market Growth Trends 2024 - 2031

Market Overview and Report Coverage

Auto tire refers to the rubber covering placed around a wheel rim to provide traction and cushioning for the vehicle. The auto tire market is witnessing steady growth due to the increasing production of vehicles globally. With the rising demand for better fuel efficiency and improved safety features in vehicles, the demand for high-quality tires is also increasing.

The current outlook of the auto tire market is positive, with a focus on technological advancements such as smart tires and run-flat tires. These innovations are driving market growth by enhancing vehicle performance and safety. The market forecast shows a promising future for the auto tire industry, with a projected CAGR of % during the forecasted period.

The latest market trends in the auto tire industry include the growing popularity of eco-friendly tires that reduce fuel consumption, as well as the increasing adoption of all-season tires to cater to changing weather conditions. Overall, the auto tire market is expected to experience significant growth in the coming years, driven by advancements in technology and increasing vehicle production.

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Market Segmentation

The Auto Tire Market Analysis by types is segmented into:

• OE Tire
• Replacement Tire

The OE tire market refers to tires that are manufactured by tire companies and supplied directly to vehicle manufacturers for installation on new vehicles. The replacement tire market, on the other hand, involves tires that are sold directly to consumers or through retailers to replace worn-out or damaged tires on existing vehicles. Both markets are important for tire manufacturers with the OE market driven by new vehicle sales and the replacement market driven by the need for tire replacement due to wear and tear.

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The Auto Tire Market Industry Research by Application is segmented into:

• Passenger Vehicle
• Commercial Vehicle

The auto tire market application includes both passenger vehicles and commercial vehicles. Passenger vehicles refer to cars, SUVs, and other vehicles designed to transport individuals or small groups. Commercial vehicles, on the other hand, encompass trucks, buses, and vans used for transporting goods or large numbers of people. Both segments of the market rely on high-quality tires to ensure safety, performance, and longevity on the road. The auto tire market caters to the unique needs of both passenger and commercial vehicles.

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In terms of Region, the Auto Tire Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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What are the Emerging Trends in the Global Auto Tire market?

In the global auto tire market, there are several emerging and current trends that are shaping the industry. One major trend is the increasing demand for eco-friendly and sustainable tires as consumers are becoming more environmentally conscious. Another trend is the rising popularity of electric vehicles, leading to a higher demand for tires specifically designed for EVs. Additionally, advancements in technology such as the development of smart tires with sensors for real-time monitoring are gaining traction in the market. Overall, the auto tire market is evolving to meet the changing needs of consumers and the automotive industry.

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Major Market Players

Bridgestone Corporation is one of the market leaders in the auto tire industry, with a strong global presence and a wide range of product offerings. The company has continued to experience steady market growth due to its focus on innovation, quality, and customer service. Bridgestone has also been investing heavily in research and development to stay ahead of market trends, such as the growing demand for eco-friendly tires.

Michelin Group is another key player in the auto tire market, renowned for its premium tires and longstanding reputation for quality and performance. The company has been expanding its market reach through strategic partnerships and acquisitions, further solidifying its position as a market leader. Michelin has also been at the forefront of sustainable practices, developing tires that are more fuel-efficient and longer-lasting.

Continental AG has been experiencing significant market growth, thanks to its diverse product portfolio and strong focus on technological advancements. The company has been investing in developing smart tires equipped with sensors that improve performance and connectivity with vehicles. Continental has also been expanding its presence in emerging markets, further driving its market growth.

The sales revenue of Bridgestone in 2020 was approximately $ billion, while Michelin reported sales revenue of around $23.6 billion in the same year. Continental AG reported sales revenue of about $38.3 billion in 2020.

Overall, the auto tire market is highly competitive, with key players such as Bridgestone, Michelin, and Continental dominating the industry. These companies have been successful in driving market growth through innovation, quality products, and strategic investments, positioning themselves as top players in the global auto tire market.

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