Research Reports
Automotive Tire Market to Surpass US$ 366,092 Mn in 2021 : FMI Finds
Published by mark itwired
Posted on October 5, 2021
5 min readLast updated: January 31, 2026
Global Banking & Finance Review®
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Published by mark itwired
Posted on October 5, 2021
5 min readLast updated: January 31, 2026
The automotive tire market is set to surpass $366 billion in 2021, driven by electric vehicle sales and innovations in green tires.
According to ESOMAR-certified Future Market Insights’ (FMI), demand for automotive tire is expected to rise considerably, enabling the automotive tire market to grow at 6.0% CAGR throughout the forecast period between 2021 and 2031.
With the dawn of new phase of industrialization “Industry 4.0”, spike in sales of lightweight and commercial vehicles is observed. Rising per capita income and improvement in standard of living have led to increase in sale of passenger cars and two wheelers.
Increasing trading activities have fueled the demand for high performance automotive tires for light and heavy commercial vehicles. These factors will drive the sales of automotive tires during the forecast period.
Increasing sales of electric vehicles and increasing efforts to reduce the carbon emission by developing low resistance tires with superior grip will boost the automotive tire market growth over the assessment period.
Some of the market players are developing green tires, which are manufactured using dispersible silica. These green tires offer superior wet grip and enhance vehicle stability and safety. The lightweight nature, low fuel consumption due to reduced rolling resistance, and high durability haves made green tires highly sought-after in the automotive industry.
Pandemic has led to closure of manufacturing facilities and slump in sales of automotives in 2020. Limited driving led to reduction in tire replacement and new tires sales which negatively influenced the market growth.
However the market is expected to recover post lockdown as people are switching to digital platform to ensure social distancing and limit the infection transmission. Through digital platform, the companies are able to provide doorstep tire replacement services with no hassle. These services are expected to provide a positive impetus for the growth of the automotive tire market post pandemic to 2031.
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Key Takeaways from FMI’s Automotive Tire Market Study
“Increasing sales of electric vehicles along with increasing research activities aimed at reducing carbon emission by lowering the rolling resistance will drive the market growth in forthcoming years,” says the FMI analyst.
Competitive Landscape
As per FMI, Bridgestone, Michelin, Goodyear, Continental, and Pirelli dominate the automotive tire market, collectively accounting for 48% of total market share in 2021.
Leading market players are focusing on developing new tires as per the changing market dynamics and customer demands. They are also looking to capitalize on the high revenue opportunities offered by developing nations by setting up manufacturing plants in these countries.
For instance, in June 2021, Michelin launched its new “MICHELIN X® MULTI GRIP
” truck tires developed for high performance in extreme winter condition. The tire offers superior grip, safety in extreme cold and wet roads with elevated mileage thus paving way for more sustainable transport system.
Michelin also launched “MICHELIN X AGVEV” tire especially designed for automatic guided vehicles (AGV) operating in ports. MICHELIN X AGVEV is first of its kind tire engineered for electric vehicles requirements to improve performance, reliability, productivity, and safety of AGV. It has very low rolling resistance thus reducing machine emission and improve battery life of the electric vehicle.
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https://www.futuremarketinsights.com/askus/rep-gb-2686
Prominent players operating in the automotive tire market are:-
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More Insights on the Global Automotive Tire Market
In its latest report, FMI offers an unbiased analysis of the global automotive tire market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of vehicle type (2/3 wheeler, passenger vehicle, commercial vehicle, light commercial vehicle, and heavy commercial vehicle), tire structure (radial, tube, tubeless, and bias), sales channel (OEM and aftermarket), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa)
The post Automotive Tire Market to Surpass US$ 366,092 Mn in 2021 : FMI Finds appeared first on Industry News Analsis.
The article discusses the growth and trends in the automotive tire market, expected to surpass $366 billion in 2021.
Growth is driven by rising electric vehicle sales, green tire innovations, and increased consumer spending.
Europe and North America are leading the growth, with significant contributions from Japan and South Korea.
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