The Latest Automotive Tire Industry Statistics Explained
Global automotive tire market is projected to reach around $114.9 million by 2025
The statistic stating that the global automotive tire market is projected to reach around $114.9 million by 2025 indicates the anticipated value of the total market size for automotive tires worldwide. This value represents the forecasted revenue generated by the sale of automotive tires across various regions and markets by the year 2025. The projection takes into account factors such as growing vehicle production, increasing consumer demand for tires, technological advancements in tire manufacturing, as well as economic and demographic trends that are expected to drive the growth of the automotive tire market in the coming years. This statistic serves as a valuable insight for industry stakeholders, businesses, and policymakers to understand the potential size and scope of the global automotive tire market in the near future.
The global automotive tire market was worth $112.7 billion in 2019
The statistic stating that the global automotive tire market was worth $112.7 billion in 2019 indicates the total monetary value of all automotive tires sold worldwide within that year. This figure represents the collective revenue generated by the sales of tires for passenger cars, commercial vehicles, and other automotive applications. The market value serves as a key indicator of the size and significance of the automotive tire industry on a global scale, showing the considerable economic activity and demand for tires across various regions and demographics. Analyzing trends within this market can provide insights into consumer preferences, industry competitiveness, technological advancements, and overall economic conditions impacting the automotive sector.
The demand for commercial vehicles tires was over 25 million units in 2020
The statistic indicates that in the year 2020, the demand for commercial vehicle tires exceeded 25 million units. This data point suggests a significant requirement for tires specifically designed for commercial vehicles such as trucks, buses, and vans. The high demand for commercial vehicle tires may be driven by factors such as increased transportation activities, growth in the logistics and delivery sector, and expansion of commercial vehicle fleets. This statistic highlights the importance of a robust supply chain for tires to meet the needs of the commercial vehicle industry and underscores the potential economic impact of this sector on the tire manufacturing and distribution businesses.
The Asia Pacific region dominated the global automotive tire market with a share of more than 40% in 2019
The statistic “The Asia Pacific region dominated the global automotive tire market with a share of more than 40% in 2019” indicates that more than 40% of the total sales and production of automotive tires worldwide in 2019 came from countries in the Asia Pacific region. This suggests strong growth and significant presence of automotive tire manufacturing and consumption in countries such as China, Japan, South Korea, and India within the Asia Pacific region. Factors contributing to this dominance may include the presence of major automotive manufacturers, increasing vehicle sales, and an expanding middle-class population driving the demand for automobiles in the region. The statistic highlights the key role that Asia Pacific countries play in the global automotive tire market and underscores the importance of this region in shaping trends and developments in the industry.
Passenger cars segment accounted for over 80% of the global automotive tire market in 2018
The statistic indicates that passenger cars dominated the global automotive tire market in 2018, capturing more than 80% of the market share. This means that the majority of tires produced and sold worldwide during that year were intended for use on passenger vehicles. This high market share suggests a strong demand for passenger car tires compared to other segments within the automotive industry, such as commercial vehicles or motorcycles. The statistic highlights the importance of the passenger car segment in driving the overall sales and dynamics of the global automotive tire market in 2018.
In 2017, Bridgestone was the leading tire manufacturer worldwide based on revenue with approximately $27.28 billion
The statistic states that in the year 2017, Bridgestone emerged as the top tire manufacturer globally in terms of revenue, generating around $27.28 billion in sales. This figure reflects the total income earned by Bridgestone from selling its tires worldwide during that year. Being the leader in revenue indicates that Bridgestone outperformed all other tire manufacturers in terms of generating sales and showcasing a strong market presence. It suggests that Bridgestone’s products were in high demand and that the company successfully capitalized on market opportunities to drive significant financial performance. Additionally, the statistic implies that Bridgestone’s business strategies, product quality, and global market reach were effective in positioning the company as a key player in the tire industry.
The U.S. is home to over 1,000 tire manufacturing facilities
The statistic stating that the U.S. is home to over 1,000 tire manufacturing facilities reflects the significant presence and scale of the tire manufacturing industry in the country. This indicates a robust and competitive market with a high level of production capacity. The large number of facilities distributed throughout the U.S. suggests that tire manufacturing is a geographically widespread industry, likely contributing to job creation and economic growth in various regions. Furthermore, the sheer quantity of manufacturing facilities highlights the importance of the tire industry in meeting the domestic demand for tires while also potentially exporting to other countries. This statistic underscores the country’s capability to supply a wide range of tire products both domestically and internationally.
The global automotive tire e-retailing market is forecasted to grow at a CAGR of 12% during 2020-2024
This statistic indicates the expected compound annual growth rate (CAGR) of the global automotive tire e-retailing market between 2020 and 2024. A CAGR of 12% implies that the market is projected to expand at a steady pace of 12% per year on average over the specified time period. This suggests a strong potential for growth in the online retailing segment of automotive tires, driven by factors such as increasing consumer preference for online shopping, technological advancements in e-commerce platforms, and convenience of purchasing tires online. The forecasted growth rate signifies significant opportunities for businesses operating in this market to capitalize on the growing trend of online retailing and expand their market presence.
Asia-Pacific is projected to grow at the highest CAGR of 5.8% from 2020 to 2027 in the automotive tire market
The statistic indicates that the Asia-Pacific region is expected to experience the highest Compound Annual Growth Rate (CAGR) of 5.8% in the automotive tire market from 2020 to 2027. This projection suggests that the demand for automotive tires in the Asia-Pacific region is anticipated to increase significantly during this time period. Factors such as rising population, increasing urbanization, expanding middle class, and growth in the automotive industry contribute to this projected growth rate. Companies operating in the automotive tire market may consider focusing their resources and strategies in the Asia-Pacific region to leverage the expected growth opportunities and maximize their market share in this dynamic and rapidly expanding market segment.
Latin America’s automotive tire market is expected to display a steady growth rate at 4.1% CAGR during 2018-2026
This statistic indicates that the Latin America automotive tire market is projected to experience consistent growth over the period from 2018 to 2026, with a Compound Annual Growth Rate (CAGR) of 4.1%. This implies that the market is expected to expand at a steady pace each year, reaching new heights by the end of the forecast period. Factors contributing to this growth may include increasing vehicle ownership, rising demand for replacement tires due to wear and tear, and overall economic development in the region. This forecast can serve as valuable information for businesses operating in the automotive tire industry in Latin America, guiding their strategic planning and decision-making processes.
The Middle East and Africa may exhibit 3% CAGR from 2020 to 2026 in Automotive Tire Market
This statistic indicates that the compound annual growth rate (CAGR) of the Automotive Tire Market in the Middle East and Africa region is projected to be approximately 3% from 2020 to 2026. This suggests that the market for automotive tires in this region is expected to experience steady and consistent growth over the specified time period. Factors driving this growth could include increasing vehicle ownership, rising demand for replacement tires, and advancements in tire technologies. The forecasted CAGR provides valuable insight for industry stakeholders, investors, and policymakers looking to understand the potential growth trajectory of the automotive tire market in the Middle East and Africa region.
The radial tire segment will expand at 2.5% CAGR from 2020 to 2026
The statement indicates that the radial tire segment is projected to experience a Compound Annual Growth Rate (CAGR) of 2.5% from 2020 to 2026. This suggests that on average, the market size for radial tires is expected to increase by 2.5% each year during this period. A CAGR is a useful indicator of the steady annual growth rate of an investment over a specified time frame, providing a smooth representation of growth without taking into account fluctuations within the period. Therefore, this statistic implies a forecasted steady expansion in the radial tire market over the next six years.
Europe automotive tire market size was valued at over USD 42 billion in 2019
The statistic “Europe automotive tire market size was valued at over USD 42 billion in 2019” reflects the total monetary value of the European market for automotive tires in the year 2019. This figure includes the revenue generated from the sale of tires for various vehicles such as cars, trucks, and buses in the European region during that specific time period. The size of the market indicates the significant economic importance of the automotive tire industry in Europe, highlighting the scale of demand for tires among consumers and businesses operating in the automotive sector within the region.
The revenue of tire (except retreading) in the U.S. amounted to $32.1B in 2018
The statistic states that the revenue generated from tire sales in the United States, excluding retreading services, totaled $32.1 billion in the year 2018. This figure represents the total amount of money earned by businesses selling new tires to consumers and other sectors during that specific year. The statistic is important in understanding the economic activity and market size of the tire industry in the U.S., providing insight into the demand for tires and the overall financial performance of companies operating in this sector.
The market size of the Global Tire Manufacturing industry has grown 2.8% per year on average between 2015 and 2020
The statistic indicates that the global market size of the Tire Manufacturing industry has experienced average annual growth of 2.8% over the period from 2015 to 2020. This growth rate implies a steady expansion of the industry over the specified time frame, with an increasing demand for tires worldwide. Factors such as population growth, urbanization, economic development, and the rise in vehicle ownership likely contributed to this growth trend. The statistic suggests that the Tire Manufacturing industry has been positively impacted by market dynamics and consumer behavior, positioning it as a potentially lucrative sector for investors and businesses involved in the production and distribution of tires.
In 2019, the volume of car and light truck tire shipments in the United States amounted to approximately 33.7 million
In 2019, the volume of car and light truck tire shipments in the United States reached approximately 33.7 million units. This statistic indicates the total number of car and light truck tires that were shipped within the country during that year. The volume of tire shipments is a critical indicator of the demand for vehicles and the automotive industry’s overall health. It reflects consumer preferences, economic conditions, and trends in the transportation sector. This data can be used by businesses to make informed decisions on production, inventory management, and marketing strategies in response to market demands and fluctuations.
Retreads make up 48% of replacement tires for the U.S. airline industry
The statistic that retreads make up 48% of replacement tires for the U.S. airline industry indicates that nearly half of the tires used for replacements on airplanes in the United States are retreaded tires. Retreads are tires that have already been used and have gone through a process to replace the tread, extending their lifespan and reducing waste. This statistic suggests that the airline industry is actively choosing to use retreaded tires as replacements, likely due to the cost savings and environmental benefits associated with this type of tire. The high percentage of retreads in use reflects the industry’s commitment to sustainability and efficiency in its operations.
By 2024, Worldwide automobile tire market is expected to reach an estimated value of $249.9 billion
The statistic indicates that the global automobile tire market is projected to grow substantially by the year 2024, with an estimated value of $249.9 billion. This suggests a significant expansion in the demand for automobile tires worldwide, driven by factors such as increasing vehicle production, rising consumer purchasing power, and growth in the automotive industry. The forecasted value reflects the anticipated market size and potential opportunities for tire manufacturers and suppliers to capitalize on this growth trend. This statistic highlights the importance of the automobile tire market within the larger automotive sector and underscores the economic significance of this industry on a global scale.
Over 70% of scrapped tires are repurposed for energy recovery globally
The statistic “Over 70% of scrapped tires are repurposed for energy recovery globally” indicates that a significant portion of used tires are utilized for energy generation on a worldwide scale. This suggests that instead of ending up in landfills, the majority of discarded tires are being diverted towards more sustainable practices, such as incineration for energy production. By repurposing these tires for energy recovery, it not only reduces the environmental impact of tire disposal but also helps generate renewable energy, contributing to efforts in promoting sustainability and reducing dependence on fossil fuels. This statistic highlights the positive trend towards more environmentally friendly methods of handling used tires, demonstrating a shift towards a more circular economy approach in the management of waste materials.
Demand for replacement tires accounts for nearly 70% of the total tire market
This statistic indicates that the demand for replacement tires is a significant portion of the entire tire market, comprising nearly 70% of all tire sales. This suggests that a majority of consumers are purchasing tires as replacements for their existing ones rather than as originally equipped tires for new vehicles. The high demand for replacement tires could be influenced by factors such as wear and tear on existing tires, seasonal tire changes, or shifts in consumer preferences. Understanding the significant proportion of the market that replacement tires account for can help tire manufacturers and retailers tailor their marketing strategies and product offerings to meet the specific needs and preferences of this segment of consumers.
Conclusion
The statistics presented clearly demonstrate the significant growth and potential in the automotive tire industry. As technology advances and consumer behaviors evolve, the industry is poised for continued expansion and innovation. Stay tuned for more updates and insights on this thriving sector.
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