Automotive Summer Tire Market Overview:
As per MRFR analysis, the automotive summer tire market Size was estimated at 8.69 (USD Billion) in 2022. The automotive summer tire market is expected to grow from 8.89 (USD Billion) in 2023 to 10.83 (USD Billion) by 2032. The automotive summer tire market CAGR (growth rate) is expected to be around 2.22% during the forecast period (2024 - 2032).
Key Automotive Summer Tire Market Trends Highlighted
The automotive summer tire market is poised for robust growth, driven by increasing vehicle production and rising consumer preference for high-performance tires.
The market is witnessing the emergence of environmentally friendly and fuel-efficient tires, aligning with global sustainability initiatives.
Additionally, technological advancements, such as run-flat tires and smart tires, are creating opportunities for market expansion.
Recent trends indicate a shift towards all-season and ultra-high-performance tires, catering to the growing demand for versatility and enhanced driving experiences.
The market is also influenced by evolving regulatory frameworks and safety standards, especially in key regions like Europe and North America.
Furthermore, the rise of electric vehicles and autonomous driving systems is expected to impact tire design and performance requirements, presenting new opportunities for the industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Summer Tire Market Drivers
Increasing Demand for High-Performance Vehicles
The popularity of high-performance vehicles, such as sports cars and luxury sedans, and the rising sports activities are among the main factors contributing to the increasing demand for summer tires.
High-performance summer tires are designed to provide drivers with enhanced handling and grip in warm weather conditions, as well as ensure higher stability and traction at high speeds.
The demand for summer tires is also driven by the increasing number of automotive enthusiasts and the greater availability of high-performance vehicles.
The emergence of the automotive industry in developing countries, where high-performance vehicles’ popularity is increasing, also promotes growth in the automotive summer tire market.
Growing Environmental Awareness and Regulations
The rise in environmental consciousness and the growing regulatory pressure on the environmental impact of vehicles are the primary forces driving the demand for fuel-efficient tires. It is explained by the fact that summer tires are designed to decrease rolling resistance, which results in boosting fuel efficiency and lowering CO2 emissions.
Higher environmental awareness and increasing regulatory pressure result in the growing customers’ preference for these tires due to a more substantial contribution to sustainability.
Furthermore, given the growing number of incentives and tax breaks provided by governments for the owners of eco-friendly vehicles, these trends provide additional stimuli for this type of tire.
Technological Advancements and Innovations
Advancements in tire technology are continuously enhancing the performance and durability of summer tires. Manufacturers are incorporating innovative materials and tread designs to improve traction, handling, and responsiveness.
The use of silica-based compounds and asymmetric tread patterns, for example, optimizes grip and reduces noise levels. These technological advancements provide drivers with a more comfortable and safe driving experience, contributing to the growth of the global automotive summer tire market.
Automotive Summer Tire Market Segment Insights:
Automotive Summer Tire Market Vehicle Type Insights
The global automotive summer tire market is segmented by Vehicle Type as Passenger Cars, Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles. Passenger Cars held the largest market share of over 60% of the global automotive summer tire market revenue in 2023.
The demand for passenger cars has increased in recent years due to an increase in disposable income, especially in developing countries. The Light Commercial Vehicles segment will witness the highest growth rate during the forecast period. This increase is due to the higher demand for light commercial vehicles in the commercial sector.
Medium Commercial Vehicles will witness a steady growth rate during the forecast period. The demand for medium commercial vehicles has increased in recent years for the transportation of goods. Heavy Commercial Vehicles will witness a moderate growth rate during the forecast period.
The demand for heavy commercial vehicles for the transportation of heavy goods has been steadily increasing. Electric Vehicles will witness the highest growth rate during the forecast period as the adoption of electric vehicles is increasing. The research into advanced materials for the manufacturing of summer tires for threat variations will drive the growth of the global automotive summer tire market.
The increase in the sales of vehicles in developing countries is driving the growth of the market. The demand for summer tires has increased among customers due to the introduction of safety norms by governments.
The growth of the electric vehicle segment will also drive the growth of the global automotive summer tire market. The market is expected to witness a moderate growth rate during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Summer Tire Market Tire Size Insights
The global automotive summer tire market is segmented by tire size into 15 Inches and Below, 16-18 Inches, 19-21 Inches, and 22 Inches and Above. The 16-18 Inches segment held the largest market share in 2023, owing to the increasing demand for mid-size and compact vehicles.
The 19-21-inch segment is projected to witness the highest growth rate during the forecast period, driven by the growing popularity of luxury and performance vehicles. The 15 Inches and Below segment is expected to account for a significant market share, particularly in emerging markets where smaller vehicles are preferred.
The 22 Inches and Above segment is likely to gain traction over time as more consumers opt for larger vehicles with enhanced off-road capabilities.
Automotive Summer Tire Market Speed Rating Insights
The Speed Rating segment of the global automotive summer tire market is categorized based on the maximum speed a tire can safely withstand. Key speed ratings include 'H (130 mph)', 'V (149 mph)', 'W (168 mph)', 'Y (186 mph)', and 'Z (249 mph)'.
The 'H' speed rating, representing tires designed for speeds up to 130 mph, held a significant market share in 2023. However, the growing popularity of high-performance vehicles is expected to drive demand for higher speed-rated tires, such as 'V' and 'W', in the coming years.
The 'V' speed rating, corresponding to tires capable of speeds up to 149 mph, is projected to witness steady growth due to its suitability for a wide range of vehicles.
Meanwhile, the 'W' speed rating, intended for tires enduring speeds up to 168 mph, is anticipated to gain traction in the luxury and sports car segment. The 'Y' speed rating, representing tires engineered for speeds reaching 186 mph, is expected to experience moderate growth, primarily driven by the increasing demand for ultra-high-performance tires.
The 'Z' speed rating, designed for tires capable of handling speeds up to 249 mph, is likely to remain a niche segment, catering to a limited number of high-end performance vehicles.
Automotive Summer Tire Market Tread Pattern Insights
Tread patterns play a significant role in determining the performance, safety, and handling characteristics of automotive summer tires. The global automotive summer tire market segmentation by tread pattern considers various types, including symmetrical, asymmetrical, directional, mud terrain, and all-season.
Each tread pattern offers unique advantages and caters to specific driving conditions. Symmetrical patterns, with identical tread blocks on both sides of the tire, provide balanced handling and stability. Asymmetrical patterns featuring a different tread design on the inside and outside of the tire enhance cornering grip and water evacuation.
Directional patterns, with a V-shaped or chevron design, effectively channel water away from the tire, reducing the risk of hydroplaning. Mud terrain patterns, with aggressive tread blocks and deep grooves, are designed for off-road conditions, providing excellent traction on loose surfaces.
All-season patterns combine the features of summer and winter tires, offering decent performance in various weather conditions but may not excel in extreme conditions.
The global automotive summer tire market revenue is expected to grow at a steady pace, driven by increasing vehicle production, rising demand for performance tires, and technological advancements.
Automotive Summer Tire Market Regional Insights
The regional segmentation of the global automotive summer tire market offers valuable insights into the market's growth dynamics and competitive landscape. North America commands a significant share of the market, driven by the presence of major automotive manufacturers and a high demand for summer tires.
Europe holds a sizable portion of the market due to the region's advanced automotive industry and well-established distribution networks. The Asia-Pacific region is anticipated to witness substantial growth in the coming years, fueled by the rapidly expanding automotive sector and increasing consumer preference for summer tires.
South America and the Middle East and Africa (MEA) are expected to contribute to the market's growth, albeit at a slower pace, as these regions continue to develop their automotive industries and infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Summer Tire Market Key Players and Competitive Insights:
Major players in the automotive summer tire market are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolio, and forming strategic partnerships. Leading automotive summer tire market players are focusing on developing innovative technologies to improve tire performance, safety, and fuel efficiency.
They are also investing in expanding their manufacturing capacity to meet the growing demand for automotive summer tire market. The automotive summer tire market is characterized by intense competition, with major players competing on factors such as product quality, price, and brand recognition.
One of the leading companies in the automotive summer tire market is Michelin. Michelin is a global tire manufacturer with a wide range of products for various applications, including passenger cars, trucks, and buses.
The company has a strong focus on innovation and technology, and it has developed a number of advanced tire technologies, such as the Michelin Total Performance System. Michelin has a wide distribution network and a strong brand reputation, which gives it a competitive advantage in the automotive summer tire market.
A key competitor to Michelin in the automotive summer tire market is Bridgestone. Bridgestone is another global tire manufacturer with a wide range of products for various applications.
The company has a strong focus on sustainability and environmental friendliness, and it has developed a number of eco-friendly tire technologies, such as the Ecopia line of tires. Bridgestone has a wide distribution network and a strong brand reputation, which gives it a competitive advantage in the automotive summer tire market.
Key Companies in the automotive summer tire market Include:
- Goodyear
- Bridgestone
- Sumitomo Rubber Industries
- Toyo Tires
- Nexen Tire
- Michelin
- Continental
- Apollo Tyres
- Kumho Tire
- Yokohama
- Cooper Tire Rubber Company
- Giti Tire
- Pirelli
- Falken
- Hankook
Automotive Summer Tire Market Developments
The rising demand for high-performance and fuel-efficient tires, increasing vehicle production, and the growing popularity of SUVs and CUVs are driving market growth. Key industry trends include the adoption of advanced technologies such as run-flat tires, self-sealing tires, and noise-canceling tires.
Major players are focusing on expanding their product portfolios, investing in RD, and forming strategic partnerships to gain a competitive edge.
Recent developments include the launch of Michelin's new CrossClimate 2 tire, designed for year-round performance, and Goodyear's introduction of the Eagle F1 Asymmetric 6 tire, offering improved grip and handling.
Automotive Summer Tire Market Segmentation Insights
- Automotive Summer Tire Market Vehicle Type Outlook
- Passenger Cars
- Light Commercial Vehicles
- Medium Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- Automotive Summer Tire Market Tire Size Outlook
- 15 Inches and Below
- 16-18 Inches
- 19-21 Inches
- 22 Inches and Above
- Automotive Summer Tire Market Speed Rating Outlook
- H (130 mph)
- V (149 mph)
- W (168 mph)
- Y (186 mph)
- Z (249 mph)
- Automotive Summer Tire Market Tread Pattern Outlook
- Symmetrical
- Asymmetrical
- Directional
- Mud Terrain
- All-Season
- Automotive Summer Tire Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
8.69(USD Billion) |
| Market Size 2023 |
8.89(USD Billion) |
| Market Size 2032 |
10.83(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
2.22% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Goodyear, Bridgestone, Sumitomo Rubber Industries, Toyo Tires, Nexen Tire, Michelin, Continental, Apollo Tyres, Kumho Tire, Yokohama, Cooper Tire Rubber Company, Giti Tire, Pirelli, Falken, Hankook |
| Segments Covered |
Vehicle Type, Tire Size, Speed Rating, Tread Pattern, Regional |
| Key Market Opportunities |
Electrification and EV Adoption Growing Demand for Premium Tires Technological Advancements in Tire Design Rising Consumer Focus on Safety and Efficiency Expansion into Emerging Markets |
| Key Market Dynamics |
Technological advancements Rising disposable incomes Increasing vehicle production Growing environmental concerns Government regulations |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global automotive summer tire market reached an overall valuation of 8.89 billion USD in 2023.
The global automotive summer tire market is projected to grow at a CAGR of 2.22% from 2024 to 2032.
Asia Pacific is expected to hold the largest market share in the global automotive summer tire market in 2032.
The growth of the global automotive summer tire market is driven by factors such as increasing vehicle production, rising demand for high-performance tires, and growing consumer awareness of safety.
Some of the key competitors in the global automotive summer tire market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli.
The global automotive summer tire market is expected to reach a valuation of 10.83 billion USD by 2032.
The passenger car segment is expected to account for the largest share of the global automotive summer tire market in 2032.
The global automotive summer tire market in the Asia Pacific region is expected to grow at a CAGR of 2.5% from 2024 to 2032.
