Automotive Tire OEM Market Size, 2023–2030; Industry Statistics & Growth Analysis
Automotive Tire OEM Market size surpassed USD 25.73 Billion in 2022 and is poised to reach USD 51.39 Billion, growing at over 8.2% CAGR between 2023 and 2030. With increasing automobile production, growing preference for advanced vehicles, and rising demand for fuel-efficient and safer tires, the market is projected to expand at a robust rate.
Growth Drivers & Opportunities:
1. Expanding Automotive Industry: The steady growth of the global automotive industry, particularly in emerging economies, has fueled the demand for automotive tires. Rising disposable incomes, urbanization, and changing lifestyles have led to increased vehicle ownership, thus propelling the market.
2. Technological Advancements: Continuous advancements in tire materials, manufacturing processes, and designs have resulted in the development of high-performance and durable tires. The introduction of advanced features, such as smart tires embedded with sensors, has further boosted the market’s growth.
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3. Increasing Safety Concerns: Growing awareness regarding road safety has prompted the importance of using reliable and high-quality tires. Automakers and tire manufacturers are investing heavily in research and development to produce tires that offer superior grip, enhanced braking performance, and improved handling, thereby driving market growth.
4. Environmental Sustainability: The rising focus on reducing carbon emissions and promoting eco-friendly transportation has pushed the automotive industry to adopt tire technologies that enhance fuel efficiency. The demand for fuel-efficient tires has surged due to stringent government regulations and consumer preferences for environmentally friendly products.
Segmentation Analysis:
1. Passenger Vehicles Sub-Segment in the OEM Market:
Passenger vehicles represent a significant segment in the automotive tire OEM market. With the increasing disposable income of consumers and changing lifestyle preferences, the demand for passenger vehicles is on the rise globally. This, in turn, directly impacts the demand for automotive tires. The growing need for fuel-efficient tires, greater safety features, and improved traction control systems has become crucial in the passenger vehicle segment. Tire manufacturers are focusing on developing advanced tire technologies with better grip, reduced rolling resistance, and enhanced performance, catering to the specific requirements of passenger vehicles.
Regional Forecast:
North America
In North America, the demand for automotive tires is driven by the presence of a large automotive industry. The region is home to major automakers, such as General Motors, Ford, and Fiat Chrysler, which contribute to the growth of the OEM market. Additionally, the increasing preference for SUVs and trucks, along with favorable government regulations regarding fuel economy, is expected to drive the demand for automotive tires in this region.
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Asia Pacific
The Asia Pacific region is anticipated to dominate the automotive tire OEM market globally. Countries like China, Japan, and India are the major contributors to the growth of this market. The increasing production of passenger vehicles and the rapid urbanization in these countries are driving the demand for automotive tires. Moreover, the presence of leading tire manufacturers, such as Bridgestone, Michelin, and Yokohama, coupled with favorable government initiatives to promote the automotive industry, are expected to boost the market in this region.
Europe
Europe is another prominent region in the automotive tire OEM market. Countries like Germany, France, and the UK are major contributors to the market growth. The region is known for its robust automotive sector and the presence of leading luxury car manufacturers like BMW, Mercedes-Benz, and Audi. The demand for high-performance tires for luxury vehicles is expected to drive the market in Europe. Additionally, stringent regulations related to vehicle safety and emission control are also expected to create opportunities for tire manufacturers in this region.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Automotive Tire OEM Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter’s Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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