Automotive Tyres and Wheels Market Trends and Analysis by Technology, Companies and Forecast to 2028
All the vital news, analysis, and commentary curated by our industry experts.
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)
Buy the Full Report for Additional Automotive Tyres and wheels Market Forecast Insights or Download the Free Sample Report
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|
|Key Segments||· TPMS (Tyre Pressure Monitoring Systems)
· Wheels – Aluminum
· Wheels – Steel
· Wheels – Spare
|Key Regions||· Asia-Pacific
· North America
· South America
|Key Companies||· Goodyear
· Toyo Tire
|Enquire & Decide||Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.|
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 –
- 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 (%)
Download The Free Sample Report or Buy the Full Report for Sector-Wise Tyres and wheels Market Insights
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 –
- North America
- South America
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 (%)
Buy the Full Report for the Regional Automotive Tyres and wheels Market Outlook, Download A Free Sample Report
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 (%)
Buy the Full Report for More Information on the Automotive Tyres and wheels Market Players or Download A Free Sample Report
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.
Buy the Full Report for More Latest Developments in the Tyres and wheels Market or Download the Free Sample Report
Key Segments Covered in this Report.
Automotive Tyres and Wheels Sector Outlook (Volume, Million Units, 2018-2028)
Automotive Tyres and Wheels Regional Outlook (Volume, Million Units, 2018-2028)
- North America
- South America
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.
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
Frequently asked questions
What is the automotive tyres and wheels market size in 2023?
The tyres and wheels market size is estimated at 911.0 million units in 2023.
What will be the CAGR in the automotive tyres and wheels market during 2023-2028?
The tyres and wheels market will record a negative CAGR of more than 2% during 2023-2028.
Which is the leading sector of the tyres and wheels market?
Tyres is the leading sector of the tyres and wheels market.
Which is the region garnering the highest automotive tyres and wheels market share?
Asia-Pacific is the region garnering the highest tyres and wheels market share.
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.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.