Automotive Tyres and Wheels Market Trends, Sector Overview and Forecast to 2028

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Published: March 29, 2024 Report Code: GDAUS740324-ST

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Automotive Tyres and Wheels Market Report Overview

The tyres and wheels market size was 942.7 million units in 2023. The market will grow at a CAGR of more than 1% during 2023-2028. The rising number of EV adoption is driving the demand for specialized tyres while the increasing income of the middle class is significantly boosting passenger car sales. In 2023, Asia-Pacific accounted for a significant share of the automotive tyres and wheels market.

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 provides a comprehensive overview of the market trends and drivers. The automotive tyres and wheels market also provides a detailed overview of technological developments and PESTER analysis. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.

Market Size (2023) 942.7 million units
CAGR (2023-2028) >1%
Historical Period 2018-2022
Forecast Period 2023-2028
Key Regions Asia-Pacific, Europe, North America, South America, and MEA
Key Companies Goodyear, Bridgestone, Michelin, Continental, and Pirelli
Key Sectors Tyres, Aluminium Wheels, Steel Wheels, and Tyre Pressure Monitoring Systems (TPMS)
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Automotive Tyres and Wheels Market Trends

The key trends shaping the automotive tyres and wheels market are the preference for larger-diameter wheels as well as the emergence of smart tyre technology and airless tyres.

Preference for larger-diameter wheels: Consumers prefer larger-diameter wheels due to aesthetics, especially stylish designs, and low-profile tyres. This demand surge is linked to the global popularity of SUVs and MPVs. Larger rims are favoured for appearance and perceived benefits such as improved stability and shorter braking distances.

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Automotive Tyres and Wheels Market Segmentation by Regions

In 2023, Asia-Pacific accounted for the highest automotive tyres and wheels market share among all the regions

The key regions in the automotive tyres and wheels market are Asia-Pacific, Europe, North America, South America, and MEA. The demand for tyres and wheels continues to rise in China, India, Japan, and South Korea due to the high production of vehicles in these countries. Additionally, the growing middle class and increasing disposable income in APAC are driving the demand for cars, which, in turn, is boosting the demand for automotive tyres and wheels.

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

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

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Automotive Tyres and Wheels Market – Competitive Landscape

Goodyear led the tyre market in 2022

A few of the top companies operating in the market are:

  • Goodyear
  • Bridgestone
  • Michelin
  • Continental
  • Pirelli

The Assurance® WeatherReadyTM offers less road noise and traction in all weather conditions with its asymmetric tyre pattern. As the tyre ages, Evolving Traction® Grooves keep it traction-free, and 3D TreadLock® blades give dependable cornering in wet weather. For superior wet-road traction, sweeping tyre grooves direct water away, and zigzag biting edges provide strong traction in icy conditions.

Goodyear is also taking strategic actions to aid the automotive tyres and wheels market growth. In October 2023, The XUV300 received a new automatic gearbox sourced from Aisin. There is a likelihood that the new Aisin-sourced 6-speed automatic with a torque converter could replace the existing AMT gearbox. The decision to introduce this automatic gearbox is potentially influenced by consumer feedback, aiming to enhance the SUV’s positioning in the sub-4-meter compact SUV segment.​

Tyre Market Analysis by Companies, 2022 (%)

Tyre Market Analysis by Companies, 2022 (%)

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Automotive Tyres and Wheels Market Segmentation by Sectors

The key sectors in the automotive tyres and wheels market are tyres, aluminium wheels, steel wheels, and tyre pressure monitoring systems (TPMS), among others. In 2023, tyres accounted for the highest share of the automotive tyres and wheels market.

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

Automotive 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 tyres and wheels market are as follows:

  • 29th February 2024: Titan International Inc. acquired Carlstar Group LLC. The purchase agreement wire transfers and stock consideration issuance needed to be completed before the transaction could be finalized. The acquisition will have an immediate impact on earnings per share and operating margins in 2024.
  • 26th January 2024: Continental has recently announced that it will sell Finnish spikes specialist Tikka Spikes Oy, as part of a management buy-out. The acquisition will be made by Tikka Industrial Oy, a newly founded company owned by parts of Tikka’s current management team led by Juha Rautiainen. The deal is expected to be completed by March 1, 2024, and all of Tikka Spikes’ employees will be transferred to the new owners.

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Segments Covered in this Report

Automotive Tyres and Wheels Regional Outlook (Value, Million Units, 2018-2028)

  • Asia-Pacific
  • Europe
  • North America
  • South America
  • MEA

Automotive Tyres and Wheels Sector Outlook (Value, Million Units, 2018-2028)

  • Tyres
  • Aluminium Wheels
  • Steel Wheels
  • Tyre Pressure Monitoring Systems (TPMS)

Scope

  • Trends & Drivers: Provides an overview of the current key trends and drivers that will influence the sector’s growth in the future.

  • Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.

  • PESTER Analysis: Provides a detailed understanding of political, economic, social, technological, environmental, and regulatory factors impacting the sector.

  • Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018-2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions highlighting sector size and growth drivers for the region.​

  • Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the companies’ recent product innovations and key strategic initiatives. taken by the companies.

  • Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.​

Reasons to Buy

  • The report provides OEMs and component suppliers’ latest information on market evolution to help formulate sales and marketing strategies.

  • The report provides authentic market data with a high level of detail to help gain a competitive edge.

  • The report provides its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector.

Goodyear
Bridgestone
Michelin
Continental
Hankook
Pirelli.

Table of Contents

  • 1. Executive Summary

  • 2. Part 1: Main Trends and Drivers

    • 2.1. Trends

    • 2.2. Drivers

  • 3. Part 2: Technologies and Developments

  • 4. Part 3: PESTER Analysis

  • 5. Part 4: 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 – aluminum – Global Volumes

    • 5.5. Wheels – steel – Global Volumes

    • 5.6. Wheels – Spare – Global Volumes

    • 5.7. Spare wheels- Aluminum – Global Volumes

    • 5.8. Spare wheels- Steel – Global Volumes

    • 5.9. Asia-Pacific Market Growth Analysis

    • 5.10. European Market Growth Analysis

    • 5.11. North American Market Growth Analysis

    • 5.12. South America Market Growth Analysis

    • 5.13. MEA Market Growth Analysis

  • 6. Part 5: Latest Developments

  • 7. Part 6: Key Companies

    • 7.1. Top companies by Market Share – Tyres

  • 8. Part 7: Patent Analysis

    • 8.1. Patent Analysis

  • 9. Part 8: Appendix

Table

List of Tables

Table 1: Goodyear’s tyre-related facilities worldwide, 2016

Table 2: Market volumes of tyres fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 3: Market volumes of TPMS fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 4: Market fitment/penetration rates of aluminium wheels fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 5: Market volumes of aluminium wheels fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 6: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in China, 2016-2036, (% share)

Table 7: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Central Europe, 2016-2036, (% share)

Table 8: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Western Europe, 2016-2036, (% share)

Table 9: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in India, 2016-2036, (% share)

Table 10: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Iran, 2016-2036, (% share)

Table 11: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Japan, 2016-2036, (% share)

Table 12: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Korea, 2016-2036, (% share)

Table 13: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Mercosur, 2016-2036, (% share)

Table 14: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in North America, 2016-2036, (% share)

Table 15: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Other Asia Pacific, 2016-2036, (% share)

Table 16: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Russia, 2016-2036, (% share)

Table 17: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in South Africa, 2016-2036, (% share)

Table 18: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles in Thailand, 2016-2036, (% share)

Table 19: Market fitment/penetration rates of aluminium/steel wheels fitted to newly-assembled light vehicles worldwide, 2016-2036, (% share)

Table 20: Market fitment/penetration rates of steel wheels fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 21: Market volumes of steel wheels fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 22: Global manufacturer market shares of OE and replacement tyres for passenger cars and light trucks, 2010-2021, % of market value

Table 23: Asia-Pacific manufacturer market shares of OE tyres for passenger cars and light trucks, 2010-2021, % of volume

Table 24: Korean manufacturer market shares of OE tyres for passenger cars and light trucks, 2010-2021, % of volume

Table 25: Korean manufacturer market shares of replacement tyres for passenger cars and light trucks, 2010-2021, % of volume

Table 26: Chinese manufacturer market shares of OE tyres for passenger cars and light trucks, 2011-2021, % of volume

Table 27: European manufacturer market shares of OE and replacement tyres for passenger cars and light trucks, 2010-2021, % of volume

Table 28: European manufacturer market shares of OE and replacement tyres for medium- and heavy-duty trucks, 2010-2021, % of volume

Table 29: North American manufacturer market shares of OE and replacement tyres for passenger cars and light trucks, 2010-2021, % of volume

Table 30: North American manufacturer market shares of OE and replacement tyres for commercial vehicles, 2010-2021, % of volume

Table 31: Tyre size trends over six generations of VW Golf

Table 32: European OE market shares for aluminium wheels for passenger cars and light trucks, 2015-18, % of volume

Table 33: European OE market shares for steel wheels for passenger cars and light trucks, 2015-17, % of volume

Table 34: Global (Triad) OE market shares of aluminium wheels for passenger cars and light trucks, 2015-18 (% of volume)

Table 35: Global (Triad) OE market shares of steel wheels for passenger cars and light trucks, 2015-17 (% of volume)

Table 36: Japanese OE market shares of aluminium wheels for passenger cars and light trucks, 2015-18 (% of volume)

Table 37: Japan OE market shares of steel wheels for passenger cars and light trucks, 2015-17 (% of volume)

Table 38: North American OE market shares of aluminium wheels for passenger cars and light trucks, 2015-18, % of volume

Table 39: North American OE market shares of steel wheels for passenger cars and light trucks, 2015-17, % of volume

Table 40: Alternative materials: potential weight saving versus cost

Figures

List of Figures

Figure 1: Snowy tyre

Figure 2: Ferrari 458 Italia

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