Automotive Tyres and Wheels Market Trends and Analysis by Technology, Companies and Forecast to 2028

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Published: October 31, 2023 Report Code: GDAUS741023-ST

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Automotive Tyres and Wheels Market Overview

The tyres and wheels market size is estimated at 911.0 million units in 2023. The future tyre market is expected to be driven by ultra-high-performance (UHP) tyres. The UHP tyres offer enhanced driving control, run-flat tyres which ensure safe driving even in the event of a flat tyre, and ultra fuel efficiency tyres. With the rapid growth of the hybrid vehicle market, the tyre industry has recently been concentrating on developing fuel-efficient products. Furthermore, the customers’ focus on aesthetics and performance motivates the automakers to offer larger-diameter wheels. The above factors are expected to drive the automotive tyres and wheels market to garner a CAGR of more than 2% during 2023-2028.

Automotive Tyres and Wheels Market Outlook 2023-2028 (Million Units)

Automotive Tyres and Wheels Market Outlook 2023-2028 (Million Units)

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The automotive tyres and wheels market research report offers a comprehensive analysis of the trends & drivers, technological developments, PESTER outlook, sector forecast, and competitive landscape. The report brings together multiple data sources to provide a detailed overview of the global tyres and wheels sector during the projected period.

Market Size (2023) 911.0 million units
CAGR (2023-2028) >2%
Key Segments ·        TPMS (Tyre Pressure Monitoring Systems)

·        Tyres

·        Wheels – Aluminum

·        Wheels – Steel

·        Wheels – Spare
Key Regions ·        Asia-Pacific

·        Europe

·        North America

·        South America

·        MEA
Key Companies ·        Goodyear

·        Bridgestone

·        Michelin

·        Continental

·        Pirelli

·        Kumho

·        Hankook

·        Toyo Tire

·        Yokohama

·        Others
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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 (%)

Tyres and Wheels Market Analysis by Sectors, 2023 (%)

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Automotive Tyres and wheels Market Segmentation by Region

In 2023, Asia-Pacific emerged as the largest growth-contributing regional segment of the tyres and wheels market.

The key regions in the tyres and wheels market are –

  • Asia-Pacific
  • Europe
  • North America
  • South America
  • 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 Tyres and Wheels Market Analysis by Region, 2023 (%)

Automotive Tyres and Wheels Market Analysis by Region, 2023 (%)

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Automotive Tyres and Wheels Market – Competitive Landscape

The leading companies in the tyres and wheels market are Goodyear, Bridgestone, Michelin, Continental, Pirelli, Kumho, Hankook, Toyo Tire, and Yokohama among others. In 2021, Goodyear leads the global tyres and wheels market with the largest market share.

Automotive Tyres and Wheels Market Analysis by Companies, 2021 (%)

Automotive Tyres and Wheels Market Analysis by Companies, 2021 (%)

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Automotive Tyres and Wheels Market – Latest Developments

  • 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 2022, 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

Scope

Provides an overview of automotive industry scenario regarding the future outlook in terms of global trends, drivers, technologies and developments. The analysis also covers regional overview across five regions – Asia-Pacific, Middle East & Africa, Americas, Western Europe, and Eastern Europe – highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.

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 analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.

  • To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.

Goodyear
Bridgestone
Michelin
Continental
Pirelli

Table of Contents

  • 1. Executive Summary

  • 2. Main Trends and Drivers

  • 2.1 Trends

  • 2.2 Drivers

  • 3 Technologies and Innovations

  • 4 PESTER Analysis

  • 5 Sector Forecast

  • 5.1 Sector Forecast – Global Tyres and wheels Volumes

  • 5.2 TPMS (Tyre Pressure Monitoring Systems) – Global Volumes

  • 5.3 Tyres – Global Volumes

  • 5.4 Wheels – Aluminium – Global Volumes

  • 5.5 Wheels – Steel – Global Volumes

  • 5.6 Wheels – Spare – Global Volumes

  • 5.7 Asia-Pacific Market Growth Analysis

  • 5.8 European Market Growth Analysis

  • 5.9 North American Market Growth Analysis

  • 5.10 South America Market Growth Analysis

  • 5.11 MEA Market Growth Analysis

  • 6 Latest Developments

  • 7 Key Companies

  • 7.1 Top companies by Market Share – Tyres

  • 8 Patent Analysis

  • 9 Appendix

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