Automotive Tire OEM Global Market Report 2024

The global automotive tire oem market has grown strongly in recent years. It will grow from $21.56 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The expansion observed during the historical period can be ascribed to various factors, including the global growth in automotive production, adherence to regulatory standards for fuel efficiency, compliance with safety regulations, consumer preferences emphasizing performance, the prevalence of original equipment fitment contracts, fluctuations in seasonal tire demand, and ongoing innovations within the automotive industry.

The global automotive tire oem market is expected to see strong growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The anticipated growth in the forecast period can be linked to several factors, including the increasing adoption of electric vehicles (EVs), a heightened emphasis on sustainable materials, the implementation of smart manufacturing processes, the surge in popularity of ride-sharing services, and the global expansion of automotive markets. Key trends expected in the forecast period encompass the integration of advanced sensor technologies in tires, a focus on optimizing tire performance and efficiency, continuous advancements in tire materials, the adoption of run-flat and self-sealing tire technologies, collaborative efforts for innovation in tire technology, the emergence of smart tires with connectivity features, and the growing adoption of 3D printing technology in tire manufacturing.

The automotive tire OEM market is experiencing substantial growth driven by increased investments in tire research and development. Manufacturers are actively engaged in R&D efforts aimed at designing new tires and developing compounds to enhance product performance. These investments contribute to the production of more efficient and sustainable tires. For instance, Pirelli, an Italy-based tire manufacturer, announced in May 2022 an investment of $15 million over two years to establish an advanced technology and digitalization center for tire production in Silao, Mexico. This initiative includes the creation of Mexico's inaugural research and development facility, focusing on future mobility technologies like electric, sustainable, and connected transportation systems. Such investments are anticipated to propel the automotive tire OEM market.

The automotive industry's growth serves as a significant driver for the automotive tire OEM market. This sector encompasses entities engaged in vehicle design, development, manufacturing, marketing, and sales. The automotive industry's expansion fuels demand for Automotive Tire OEMs by bolstering vehicle production, fostering technological advancements, enabling collaborations, facilitating global expansion, responding to economic shifts, catering to consumer preferences, and adhering to regulatory standards. For example, a report by the European Automobile Manufacturers' Association (ACEA) in March 2022 indicated a 5.5% increase in US passenger car sales, reaching 11.9 million units in 2021 compared to 2020. US auto facilities manufactured over 6.3 million passenger cars in 2021, marking a 3.1% increase from the previous year. Consequently, the automotive industry's growth significantly propels the automotive tire OEM market.

Technological innovation emerges as a prevailing trend in the automotive tire OEM market. Key industry players are focused on developing groundbreaking technologies to shift consumer demand toward advanced tires. For instance, in September 2023, Qualcomm Incorporated, a US-based semiconductor company, introduced the Snapdragon Digital Chassis Solution. This innovation aims to assist intelligent and networked cars in managing vast amounts of gathered data. Post-purchase, the Snapdragon Digital Chassis empowers platforms to receive continuous updates, enabling manufacturers to develop new services and features for improved customer engagement and service-based revenue models.

Prominent entities within the automotive tire OEM market are actively pioneering innovative technologies, such as the Advanced Road and Tire Detection Software Solution. This software program, designed to start from the vehicle's wheels, possesses the capability to discern friction and road surface attributes across various speeds and driving conditions. For instance, in March 2022, Nexteer Automotive, a US-based automobile company, introduced the Advanced Road and Tire Detection Software Solution. This initiative aims to elevate performance, safety, and vehicle health management. Integrated into the car's steering system, this cutting-edge software facilitates improved interactions between the driver, vehicle, and road, enhancing the overall driving experience.

In June 2021, the Goodyear Tire and Rubber Company, a US-based tire manufacturer, acquired the Cooper Tire & Rubber Company, a US-based firm specializing in replacement automobile and truck tires, for an undisclosed sum. This strategic acquisition bolsters Goodyear's standing within the global tire industry, streamlining customer access to both Goodyear and Cooper-branded tires, offering a broader range of options across the value spectrum. The acquisition of Cooper Tire & Rubber Company fortifies Goodyear's market presence and enhances its offerings to customers and consumers.

Major companies operating in the automotive tire oem market report are Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. SpA, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Cooper Tire & Rubber Company, Kumho Tire Co. Inc., Nokian Tyres PLC, Giti Tire Corporation, MRF Limited, Apollo Tyres Ltd., Cheng Shin Rubber Industry Co. Ltd., Nexen Tire Corporation, Shandong Linglong Tyre Co. Ltd., Zhongce Rubber Group Co. Ltd., Triangle Tyre Co. Ltd., Sailun Group Co. Ltd., Yokohama Rubber Co. Ltd., Qingdao Sentury Tire Co. Ltd., Goodyear Tyre & Rubber Company, Aeolus Tyre Co. Ltd., Double Coin Holdings Ltd., Continental AG, Linglong Tire Co. Ltd., Shandong Wanda Boto Tyre Co. Ltd., JK Tyre & Industries Ltd., Hebei Tianyang Rubber Co. Ltd., Gui Zhou Tyre Co. Ltd.

Asia-Pacific was the largest region in the automotive tire OEM market in 2023. The regions covered in the automotive tire oem market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive tire oem market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of automotive tires manufactured by OEMs include tubed tires and tubeless tires. In the context of 'tube tires,' these are equipped with an inflatable tube responsible for retaining the air within the tire, featuring a valve for air intake. Various tire designs, such as radial tires and bias tires, are utilized in a range of vehicles, including passenger cars, light commercial vehicles, and heavy commercial vehicles.

This report provides automotive tire OEM market statistics, including automotive tire OEM industry global market size, regional shares, competitors with an automotive tire OEM market share, detailed automotive tire OEM market segments, market trends and opportunities, and any further data you may need to thrive in the automotive tire OEM industry. This automotive tire OEM market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive tire OEM market consists of sales of automotive tires that are manufactured by original equipment manufacturers as per the standards of automotive companies. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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