The global car tire market is anticipated to grow at a considerable CAGR of 2.2% during the forecast period (2023-2029). Tire makers are turning to green energy in their production as companies are working to achieve carbon neutrality by 2050, with investments in the direction of zero-carbon technology, energy efficiency, and green energy. For instance, in February 2021, Michelin Group announced that it is working toward making its tires 100% sustainable by 2050. For this, Michelin partnered with various organizations like Axens, IFP Energies Nouvelles, Pyrowave, Carbios, Enviro, and BlackCycle.
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Most manufacturing companies are using automation to increase productivity and profitability due to rapid technological advancements. The automotive tire market is expected to witness growth as a result of technological advancements in the global car tire industry, such as the introduction of rimless tires, green tires, and the use of lightweight elastomers and metals such as alloys and carbon fiber or composites such as manganese bronze and nickel aluminum bronze to manufacture tires.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Car Tire Market Report Segment
By Tire Type
- Winter Tires
- Summer Tires
- Others
By Application
- On-the-Road
- Off-the-Road
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By End-User
- OEM
- Aftermarket
Global Car Tire Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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