Automotive Tire Market Size, Share, Trends & Industry Growth Analysis Report to 2024-2032

The global automotive tire market size accrued earnings worth approximately USD 129.62 Billion in 2023 and is predicted to gain revenue of about USD 215.12 Billion by 2032, is set to record a CAGR of nearly 5.79% over the period from 2024 to 2032.

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An automotive tire, alternatively known as a car tire, is a specialized rubber element engineered for installation on automobiles, with the primary purpose of providing optimal road traction, stability, and support. Rubber strata are interwoven with fabric and steel to form the cylinder-shaped structure that constitutes the object. Tires in the automotive industry transfer forces, sustain the vehicle’s weight, and absorb shocks while in motion and braking.

The function of tires is crucial in improving traction and maneuverability, which consequently has a substantial influence on the overall performance and safety of the vehicle. A tire’s principal purpose is to provide a contact point between the vehicle and the road surface, thereby enabling safe and efficient transportation. Automobile tires are offered in an extensive selection of dimensions, tread designs, towing capacities, and speed classifications, thereby empowering consumers to select the tire that best aligns with their vehicle specifications and personal requirements.

The European automotive tyre market is poised to witness significant growth in the coming years. During the period of forecast, the European automotive tire market is anticipated to expand at a CAGR of double digits. Tire demand is experiencing a substantial surge due to the proliferation of motor vehicles throughout the area. Therefore, automobile production ultimately dictates demand, which contributes to the expansion of the automotive tire market.

The savings can be significant for businesses operating extensive vehicle fleets as a result of these benefits. The global tire manufacturing industry has witnessed substantial progress over the course of time. Superior tires are manufactured by employing state-of-the-art technologies to ensure that they not only perform flawlessly during their initial use but also during subsequent retreading.

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The Global Automotive Tire Market is segmented based on product, application and region

Global Automotive Tire Market: Product Segment Analysis

● Radial
● Bias

Global Automotive Tire Market: Application Segment Analysis

● OEM
● Aftermarket

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The global Automotive Tire market profiles key players such as:

● The Goodyear Tire & Rubber Company (USA)
● Pirelli & C.S.p.A. (Italy)
● Apollo Tyres Ltd. (India)
● CEAT Ltd. (Italy)
● China National Tire & Rubber Co. Ltd. (China)
● Cooper Tire & Rubber Co., Ltd. (UK)
● Giti Tire (Singapore)
● Bridgestone Corporation (Japan)
● Continental AG (Germany)
● Michelin (France)
● Sumitomo Rubber Industries, Ltd. (Japan)
● Toyo Tire & Rubber Co., Ltd. (Japan)
● Yokohoma Tire Corporation (Japan)
● Maxxis International (Taiwan)
● Cheng Shin Rubber Industry Co. (China)

The passenger car segment of the European automotive tire market is anticipated to experience substantial growth throughout the forecast period, primarily due to the brisk expansion of passenger cars in this geographical area.

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