- Press Release -

Rockville, Md. The global automotive tire market, worth close to US$ 270 Bn in 2017, is expected to reach US$ 342.2092 Bn by the end of 2022 at a 5.1% CAGR, according to Fact.MR. Fuel-efficiency goals, demand for low-rolling-resistance tires and stricter environmental rules are pushing the market forward, while concern over scrap-tire landfill and weak recycling is lifting interest in green tires.

The aftermarket is the biggest channel, passenger cars set the fastest pace by vehicle type, and Asia Pacific excluding Japan leads by revenue. Longer vehicle lifespans, meanwhile, keep replacement demand ticking over worldwide.

Products, Vehicles and Channels

By product, bias tires remain preferred for now, but radial tires are growing faster and gaining ground through 2022. Passenger cars post the highest growth rate among vehicle types, light commercial vehicles run ahead of two-wheelers, and medium and heavy trucks bring up the rear. The aftermarket leads distribution, expanding at 5.3% as ageing fleets need fresh rubber, while OEM sales surpass US$ 10 Bn by 2022, with Asia Pacific excluding Japan taking the largest share of factory-fit demand.

Regionally, Asia Pacific excluding Japan dominates and is set to create a robust incremental opportunity between 2017 and 2022. North America grows faster than Europe, yet Europe holds the higher revenue share by the close of the period, and the Middle East and Africa account for the smallest slice.

Efficiency and Sustainability Drive Demand

The pressures shaping the market are as much regulatory as commercial. OEMs increasingly treat tire performance and efficiency as core engineering parameters, and rising incomes are feeding vehicle ownership and, with it, tire demand. Investment in research and development is heavy, aimed at tires that cut rolling resistance and waste while lasting longer on the road.

Suppliers and Their Playbook

The field is led by the global tire majors and fast-growing regional makers.

• Bridgestone Corporation, Continental AG, Michelin North America, Inc., The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Pirelli & C. S.p.A., Madras Rubber Factory Limited, Apollo Tires Ltd., and Cheng Shin Rubber Ind. Co. are among the key players in the report.

Reading the Market for Decisions

For makers, radial and green-tire capability plus a strong aftermarket presence are the main routes to growth. Investors get a very large market with steady, replacement-led demand. Procurement teams can plan around the aftermarket leading volume, passenger cars driving the fastest growth, and Asia Pacific carrying the largest opportunity through 2022.

About the Report

Fact.MR's study covers the global automotive tire market for the 2017 to 2022 forecast period, with segmentation by product, vehicle type, sales channel and region. It sizes each segment, maps the competitive field, and weighs the efficiency and sustainability forces shaping demand. Further detail is available in the automotive tire market report.

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. The firm is known for its syndicated research, custom research and consulting solutions, helping clients make decisions on demand, competition, investment, procurement and future growth.