Tire Market Segmentation and Opportunities Forecast To 2024

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From valuing $155.3 billion in 2018, the automotive tire market is projected to grow to $237.2 billion by 2024, registering a CAGR of 7.7% during the forecast period (2019–2024).


In the coming years, the Asia-Pacific (APAC) region would continue being the largest automotive tire market. It held a volume share of more than 55.0% in 2018. This growth is mainly attributed to the increasing gross domestic product (GDP), rising automobile production, and improving disposable income of people in developing nations, such as India and China. Additionally, the North American market is also witnessing a rapid increase in its revenue due to the rising number of investments, by both domestic and international manufacturers.

 The automotive tire market vancouver wa is observing the trend of next-generation, high-performance tires across the world.  Their popularity in the market is encouraging key players to invest in the development of ultra-high-performance tires, which would allow vehicles to run at higher speeds. For their development, patented technologies are being employed along with specialized silica compounds and unique designs to keep up with changing demands of consumers and also deliver desired performance. Additionally, all-season, high-performance tires are also being developed by manufacturers to offer riders a smooth riding experience.
What are the factors impacting the growth of this market?
  • Rising Popularity of Next-Generation, High Performance Tires is an Existing Trend Witnessed in the Market
  • Improved Lifespan of Vehicles is Propelling the Growth of the Market
The major share of the automotive tire market is cumulatively held by four major players that accounted for more than 45.0% of global tires sales in 2018. The leading market player was Générale des Établissements Michelin, followed by Bridgestone Corporation. The third largest player in the market was The Goodyear Tire & Rubber Company, with the fourth one being Continental AG.
The research offers market size of the global automotive tire market for the period 2014–2024.
Market Segmentation by Vehicle
  • Two-Wheelers
  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
Market Segmentation by Design
  • Radial
  • Bias
Market Segmentation by End Use
  • Original Equipment Manufacturer (OEM)
  • Aftermarket

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