What are Major Factors Fuelling Surge of Global Automotive Tire Market?

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The increasing lifespan of automobiles is one of the major factors fuelling the demand for automotive tires throughout the world. The average life span of the vehicles across the world increased from 10.5 years to 12 years during 2010—2018, mainly on account of the increasing enactment of various regulations and policies by the governments of many countries and rising competition amongst the automobile manufacturing companies all over the world. The surging average life spans of vehicles have massively increased the mileage of the vehicles, which has in turn, amplified the incidence of wear and tear on the tires.


The flourishing automotive industry, especially in the Asia-Pacific (APAC) region is another important factor responsible for the soaring sales of automotive tires throughout the world. Driven by these factors, the revenue generated from the worldwide sales of automotive tires is expected to rise from 155.3 billion to 237.2 billion from 2018 to 2024. The global automotive tire market is predicted to exhibit a CAGR of 7.7% during the forecast period (2019—2024). 

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Globally, the Asia-Pacific (APAC) region is predicted to observe the highest growth in the sales of automotive tires during the forecast period. This is mainly ascribed to the mushrooming manufacturing of automobiles in the region, increasing gross domestic product (GDP) of several APAC countries, and surging disposable income of the people in various APAC nations such as India and China. The adoption of automotive tires is also expected to rise significantly in North America over the coming years owing to the increasing investments being made by the many automotive manufacturers in the region.

Therefore, it can be said with certainty that the sales of automotive tires will skyrocket all around the world in the forthcoming years, primarily because of the increasing manufacturing of automobiles in several countries and the rising average lifespans of vehicles across the world.


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