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The global Automotive Tire Market size is predicted to reach USD 112.82 billion with a CAGR of 3.6% till 2030. The robust growth of the automotive industry across the globe is leading to an increase in vehicle production, which is driving the demand for the automotive tire market.
Overview
The increasing demand for safer and more secure vehicles is boosting the demand for high-quality tires further accelerating the growth of the market. These tires are designed to address various safety concerns, including grip, stability, and performance in adverse weather conditions. This heightened emphasis on safety features is playing a significant role in accelerating the growth of the tire market, as consumers increasingly prioritize vehicles equipped with tires that enhance overall safety performance.
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However, the increasing raw material price of tires along with their susceptibility to punctures and damages are restraining the growth of the market. On the contrary, the introduction of self-sealing and run-flat tires that offer benefits such as enhanced safety, convenience, and reduced downtime in case of tire damage or punctures is anticipated to generate significant opportunities for the growth of the automotive tire market.
Asia-Pacific holds the major share of automotive tire market and is expected to continue its dominance during the forecast period.
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On the other hand, North America is expected to show a steady growth in the automotive market due to the presence of one of the largest automotives industry in this region. This innovative technology aims to revolutionize the way teams manage tire usage and optimize performance during endurance racing events.
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