Rubber world magazine reported that the global automobile tire market value in 2019 was 112.16 billion US dollars. It is expected to reach US $154.4 billion by 2027, with a CAGR of 4.1% from 2020 to 2027.

Many factors contributes to the growth of the automobile tire market, such as the intensified competition among global tire manufacturers and the extension of vehicle service life, as well as the rapid growth of manufacturing industry in China, India, Brazil and South Africa.

The passenger car sector is the largest revenue contributor in 2019, with US $80.33 billion, and is expected to reach US $110.47 billion by 2027. The Asia Pacific region is dominant, followed by Europe, North America and South America. In the Asia Pacific region, China dominates the automotive tire market in 2019, while India is to boast a significant growing in the future.

In addition, automobile manufacturers prefer electric and alternative fuel vehicles due to the implementation of vehicle emission regulations. The increase in the production of commercial vehicles and passenger vehicles, as well as new advanced technologies, has created new demand for the global tire business. The global composite tire market is expected to grow at a low rolling resistance rate of 12.12% in 2023. North America will lead the overall low rolling resistance tire market, and the high availability of commercial vehicles in the region is expected to promote the growth of this market. The Asia Pacific region will be the fastest growing low rolling resistance tire market in the world.