Automotive and Transportation Automotive Tire Market Business Report Globally | Page 2

Automotive Tire Market
Market Overview
The global automotive tire market registered revenue of $155.3 billion in 2018, which is expected to reach $237.2 billion
by 2024, growing with a CAGR of 7.7% during 2019–2024. In terms of vehicles, the passenger cars category held the
largest share in the market during the historical period.
However, the fastest growth in the automotive tire market is projected to be observed by the medium & heavy
commercial vehicles category, during the forecast period. This is attributed to the rising demand for these vehicles in the
manufacturing industries across the world. For instance, as per the American Trucking Associations (ATA), the U.S. truck
transportation volume grew by 4.2% in 2018, owing to the rebound of the manufacturing industry, along with rising
economy, in the U.S.
Rising Popularity of Next-Generation, High Performance Tires is an Existing Trend Witnessed in the Market
The growing demand for next-generation, high performance tires is a popular trend being witnessed in the automotive
tire market, across the world. The mainstream adoption of these tires is encouraging tire makers across the world to
invest in new technologies for the development of ultra-high-performance tires to increase the speed and overall
performance of the tires.
P&S Intelligence