Automotive Tyres and Wheels Market Trends and Analysis by Technology, Companies and Forecast to 2028
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Automotive Tyres and Wheels Market Overview
The automotive tires and wheels market size is estimated at 911.0 million units in 2023. The market will grow at a CAGR of more than 2% during 2023-2028. The future tire market is expected to be driven by ultra-high-performance (UHP) tires. The Asia-Pacific region had a significant share in the automotive tires and wheels market.
Automotive Tyres and Wheels Market Outlook 2023-2028 (Million Units)
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The automotive tires and wheels market research report provides a comprehensive overview of the market trends and drivers. The report also provides a detailed overview of technological developments and innovations, PESTER analysis, and leading component suppliers at a global and regional level. Furthermore, it helps evaluate strategic initiatives by market players and their recent product innovations. The report also provides an overview of patent filings across sectors; regions; countries; and top applicants.
Market Size (2023) | 911.0 million units |
CAGR (2023-2028) | >2% |
Key Segments | TPMS (Tyre Pressure Monitoring Systems), Tyres, Wheels – Aluminum, Wheels – Steel, and Wheels – Spare |
Key Regions | Asia-Pacific, Europe, North America, South America, and MEA |
Key Companies | Goodyear, Bridgestone, Michelin, Continental, Pirelli, and Others |
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Automotive Tires and wheels Market Segmentation by Region
In 2023, Asia-Pacific emerged as the largest growth-contributing region of the automotive tires and wheels market.
The key regions in the tires and wheels market are Asia-Pacific, Europe, North America, South America, and MEA.
Automotive production is expected to further increase in the coming years, which in turn will propel growth for tires and wheels. The Asia Pacific region is a major hub for automotive production, with countries such as China, India, Japan, and South Korea being prominent players. As the production of vehicles continues to rise in these countries, the demand for tires and wheels also increases. The growing middle class and increasing disposable income in countries like China and India have led to a higher demand for cars. This, in turn, has driven the demand for automotive tires and wheels in the region.
Automotive Tires and Wheels Market Analysis by Region, 2023 (%)
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Automotive Tyres and Wheels Market – Competitive Landscape
In 2021, Goodyear leads the global tires and wheels market with the largest market share.
A few of the leading companies in the automotive tires and wheels market are:
- Goodyear
- Bridgestone
- Michelin
- Continental
Goodyear has taken a few strategic actions to uplift the growth of the automotive tires market. For instance, Goodyear opened a manufacturing facility in Dudelange, Luxembourg in May 2022, following a significant investment in its Industry 4.0 digital manufacturing process.
Automotive Tires and Wheels Market Analysis by Companies, 2021 (%)
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Automotive Tyres and Wheels Market Segmentation by Sectors
In 2023, tyres garnered the largest market share, followed by wheels-aluminium, and wheels-steel.
The key sectors in the tyres and wheels market are –
- Tyres
- Wheels-Aluminium
- Wheels-Steel
- Wheels-Spare
- Tyre Pressure Monitoring Systems (TPMS)
The world of tires and wheels is currently dominated using pneumatic tires. However, exciting developments are being made in non-pneumatic tire technology that uses unconventional polymers like polyurethanes and thermoplastic elastomers to create innovative tire designs for better durability and sustainability. Some examples of new tire concepts include Michelin’s Uptis airless tire, Goodyear’s Assurance WeatherReady EV tire, and Yokohama’s winter tire for passenger vehicles.
Tyres and Wheels Market Analysis by Sectors, 2023 (%)
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Automotive Tyres and Wheels Market – Latest Developments
A few of the latest developments in the automotive tires and wheels market are:
- In October 2023, Toyo Tires unveiled the new Open Country AT III tire. The tire is made for light trucks and SUVs, and it has several technologies, such a novel tread pattern and chip- and cut-resistant compound, to enhance performance in all-terrain situations.
- In September 2023, Pirelli introduced the new Scorpion Verde All Season SF tire. A low-rolling-resistance tread composition and a lightweight design are only a couple of the technologies that the tire, which is intended for electric SUVs, includes to increase performance and range.
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Key Segments Covered in this Report.
Automotive Tyres and Wheels Sector Outlook (Volume, Million Units, 2018-2028)
- Tyres
- Wheels-Aluminium
- Wheels-Steel
- Wheels-Spare
- TPMS
Automotive Tyres and Wheels Regional Outlook (Volume, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Reasons to Buy
- This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
- The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The report provides key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.
- The report helps gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Bridgestone
Michelin
Continental
Pirelli
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Frequently asked questions
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What was the automotive tyres and wheels market size in 2023?
The tyres and wheels market size was estimated at 911.0 million units in 2023.
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What will the CAGR in the automotive tyres and wheels market be during 2023-2028?
The tyres and wheels market will record a negative CAGR of more than 2% during 2023-2028.
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Which was the leading sector of the tyres and wheels market in 2023?
Tyres was the leading sector of the tyres and wheels market in 2023.
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Which was the region garnering the highest automotive tyres and wheels market share in 2023?
Asia-Pacific was the region garnering the highest tyres and wheels market share in 2023.
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Who are the leading tyres and wheels market players?
Goodyear, Bridgestone, Michelin, Continental, Pirelli, Kumho, Hankook, Toyo Tire, and Yokohama among others are some of the leading tyres and wheels market players.
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