Market Research Blog

The automotive tire industry is projected to reach a value of USD 503.91 billion in 2023 and is estimated to generate USD 928.3 billion by 2033. The market revenue is anticipated to grow at a CAGR of 6.3% during this period.

The automotive tire industry is a cornerstone of vehicle safety, efficiency, and performance, playing an integral role in the overall driving experience. As automotive technology evolves and consumer preferences shift toward sustainability and performance, tire manufacturers are innovating to meet these demands. From the development of eco-friendly, energy-efficient tires to advancements in materials and manufacturing processes, the industry is witnessing a transformation aimed at improving vehicle performance, reducing fuel consumption, and promoting environmental sustainability.

The market for automotive tires is poised for steady growth, fueled by rising vehicle production and advancements in tire technology. With global sales projected to continue growing, the industry is gearing up for a future that balances performance, safety, and environmental consciousness.

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Key Drivers of Growth

• Increased Vehicle Production and Sales:
  The steady increase in vehicle production, especially in emerging markets, is a significant driver for tire demand. Higher sales volumes, particularly of passenger and electric vehicles, continue to bolster the industry.
• Technological Advancements in Tire Design:
  Innovations such as run-flat tires, airless tires, and smart tires equipped with sensors that monitor tire pressure, temperature, and wear are transforming the industry. These advancements contribute to better vehicle control, safety, and longer tire life.
• Growing Demand for Fuel Efficiency and Sustainability:
  Tires are now being designed to reduce rolling resistance, which in turn improves fuel efficiency. Additionally, the industry is focusing on developing sustainable tire options using recycled materials and eco-friendly manufacturing processes to meet environmental regulations and consumer expectations.
• Rising Popularity of Electric Vehicles (EVs):
  The surge in electric vehicle sales has increased demand for tires that are specifically designed to support the unique performance characteristics of EVs, such as lower rolling resistance and enhanced durability.
• Enhanced Safety Regulations:
  Government regulations mandating higher safety standards for vehicles have led to an increased emphasis on tire performance, tread design, and traction technology, pushing manufacturers to innovate and meet stringent safety criteria.

Key Takeaways

• The global automotive tire market is expected to grow at a CAGR of 6.3% from 2023 to 2033, reaching a market value of USD 928.3 billion by the end of the forecast period.
• Asia-Pacific is the largest regional market, driven by high vehicle production in countries like China and India. North America and Europe are significant markets, with consumers prioritizing advanced safety features and sustainability in tire selection.
• Electric vehicle (EV) integration is driving the development of specialized tire types that optimize the unique performance needs of EVs, including features like reinforced sidewalls and materials to handle increased torque.
• Sustainability is becoming a core focus, with tire manufacturers investing in eco-friendly materials such as sustainable rubber sources, bio-based materials, and recycled components to meet environmental standards and reduce carbon footprints.
• Leading tire manufacturers, such as Michelin, Bridgestone, Goodyear, and Continental, are focusing on expanding their portfolios with innovative products that incorporate smart technology, better fuel efficiency, and eco-friendly features.
• The emergence of smart tires equipped with embedded sensors for real-time data collection is revolutionizing vehicle safety and maintenance by providing data on tire pressure, temperature, and wear.

Competitive Landscape

A number of automotive tire manufacturers are forming alliances and partnerships with other companies in order to increase their productivity while meeting the demands of an ever-growing customer base.Continental AG; Bridgestone Corp.; Michelin; Goodyear Tire And Rubber Company; Pirelli & C. S.P.A; Yokohama Rubber Company, Limited; Cheng Shin Rubber Industries; Sumitomo Rubber Industries Ltd.; Toyo Tire & Rubber Company; Trelleborg AB; Cooper Tire & Rubber Company; Hankook Tire

• In October 2023, Continental plans to introduce high-quality, comfort-focused products for passenger and commercial vehicles in India, anticipating rapid growth. A company-branded Continental tyre shop has already reached 200 in India, as the company expands its retail footprint. It intends to continually expand its network in India by identifying areas for improvement and aligning its retail partners with its core values.
• In October 2023, Apollo Tyres opened its second Vredestein brand retail outlet in Bhopal, following the launch of its first outlet in Bengaluru. With its specialist counter, Vredestein enables customers to buy tyres suited to their vehicle, driving style, and usage in a modern upmarket retail format, creating a link between low-involvement products like tyres and expert advice.

Segmentation Analysis of the Automotive Tire Market

By Type:

• 2 or 3 Wheeler
• Passenger Vehicle
• Commercial Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Specialty Vehicle

By Tire Structure:

• Radial (Tubes, Tubeless)
• Bias

By Sales Channel:

• OEM
• Aftermarket

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa

The automotive steering system industry is expected to grow at a CAGR of 4.6% during the forecast period. With a market value of USD 24.1 billion in 2023, it is projected to surpass USD 38.0 billion by 2033.

The automotive steering system industry is at the forefront of innovation, playing a critical role in ensuring vehicle control, maneuverability, and overall safety. As vehicles evolve to meet stringent safety standards and enhance driver experience, the steering system is becoming increasingly sophisticated. From mechanical steering systems to advanced electronic power steering (EPS) solutions, the industry is transforming to support more efficient, precise, and safer driving.

Recent developments in automotive technology have led to the introduction of smart steering systems that integrate seamlessly with other vehicle control systems, enhancing both driver and vehicle performance. Industry experts forecast a steady growth trajectory for this market, driven by advancements in automotive engineering, increased vehicle production, and the demand for enhanced safety features.

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Key Drivers of Growth

• Rising Demand for Safety and Driver Assistance Systems:
  Enhanced safety regulations and consumer preference for advanced driver-assistance systems (ADAS) are pushing manufacturers to develop steering systems with integrated safety features like lane-keeping assist, adaptive steering, and automatic correction.
• Technological Advancements in Steering Mechanisms:
  The shift from traditional hydraulic steering to electronic power steering (EPS) systems is driven by their energy efficiency, lighter weight, and ability to offer more precise control. EPS systems are also crucial for supporting autonomous and semi-autonomous vehicle technologies.
• Increasing Vehicle Production and Sales:
  The global increase in vehicle production, particularly in emerging markets, is driving the demand for modern and reliable steering systems. This growth is supported by the expansion of both passenger car and commercial vehicle segments.
• Demand for Enhanced Fuel Efficiency:
  The automotive industry’s push toward fuel-efficient vehicles has made electronic steering systems more desirable as they require less energy compared to traditional systems, contributing to overall vehicle efficiency.
• Integration with Autonomous Vehicle Technologies:
  The growing development and adoption of autonomous vehicles are creating demand for advanced steering solutions capable of supporting self-driving technologies, such as steer-by-wire systems.

Key Takeaways

• The global automotive steering system market is projected to grow at a CAGR of 4.6% from 2023 to 2033, reaching a market value of USD 38.0 billion by the end of the forecast period.
• Electronic Power Steering (EPS) is anticipated to dominate the market due to its advantages in energy efficiency, lightweight construction, and compatibility with modern vehicle designs.
• North America and Europe are significant markets, driven by advancements in safety regulations and the high adoption rate of vehicle safety technologies. Asia-Pacific remains the largest market, fueled by high vehicle production in countries such as China, Japan, and India.
• Key players, including ZF Friedrichshafen AG, Bosch Group, Nexteer Automotive, and Hyundai Mobis Co., Ltd., are focusing on R&D to develop more efficient, precise, and integrated steering technologies.
• Steer-by-wire systems, which eliminate the mechanical link between the steering wheel and the wheels, are gaining traction as they offer greater design flexibility and advanced control, particularly in autonomous vehicles.

Major Contributors to the Automotive Steering System Market are

• JTEKT Corporation
• Nexteer Automotive Group Ltd.
• Showa Corp.
• ThyssenKrupp AG
• Hitachi Automotive System Ltd.
• Robert Bosch GmbH
• NSK Steering System Co. Ltd.
• Mando Corp.
• ZF Friedrichshafen AG
• ATS Automation Tooling System Inc.
• Hyundai Mobis
• Mitsubishi Electric Corporation
• China Automotive Systems, Inc.

Key Segmentations

By Vehicle Type:

• Passenger Cars
  • Compact
  • Mid-size
  • Premium
  • SUVs
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Technology:

• Electronic Steering
  • H-EPS
  • C-EPS
  • P-EPS
  • R-EPS
• Hydraulic Steering
• Manual Steering
• Electro-hydraulic Steering

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa (MEA)

The global conventional motorcycles and scooters industry is projected to attain a valuation of USD 199,138.0 million by 2033, growing at a CAGR of 3.8% from 2023 to 2033. The market is expected to be valued at USD 137,145.2 million in 2023.

The conventional motorcycles and scooters industry remains a vital segment of the global transportation market, offering a unique blend of affordability, convenience, and versatility. Despite the rise of electric two-wheelers, traditional motorcycles and scooters continue to hold significant market share due to their established infrastructure, affordability, and widespread appeal across different demographics. This market segment is poised for steady growth as manufacturers adapt to evolving consumer preferences and regulatory standards.

Recent industry reports indicate that the conventional motorcycles and scooters industry is undergoing a transformation, with innovations in design, fuel efficiency, and safety features redefining the market. With a strong focus on sustainability and performance, traditional two-wheelers are maintaining their relevance in an era of technological advancements and growing environmental awareness.

Detailed Market Study: Full Report and Analysis

Key Drivers of Growth

• Affordability and Cost-Effectiveness:
  Conventional motorcycles and scooters remain an attractive choice for consumers in developing regions due to their lower cost compared to cars, making them a practical means of transportation for individuals and families.
• Established Infrastructure and Market Penetration:
  The widespread availability of refueling stations and service centers supports the continued growth of conventional two-wheelers, making them a convenient choice for daily commuting.
• Rising Urban Commuting Needs:
  With increasing urbanization and traffic congestion, motorcycles and scooters offer a nimble and efficient solution for navigating crowded city streets, reducing travel time and stress.
• Improved Fuel Efficiency and Emissions Standards:
  Manufacturers are investing in more fuel-efficient engines that meet stringent environmental regulations, appealing to eco-conscious consumers while adhering to government standards.
• Diverse Consumer Preferences:
  The demand for various types of motorcycles and scooters, from sport and touring models to scooters designed for city commuting, supports market growth across different consumer segments.

Key Takeaways

• The global conventional motorcycles and scooters market is projected to grow at a CAGR of 3.8% from 2023 to 2033, with a market value reaching USD 1,99,138.0 million by 2033 by the end of the forecast period.
• Asia-Pacific remains the dominant market, driven by high sales volumes in countries like India, China, and Indonesia, where motorcycles and scooters are a primary mode of transportation for millions.
• Technological enhancements, such as improved fuel efficiency, advanced safety features, and integration of smart technologies, are key trends reshaping the market.
• Motorcycle safety innovations like ABS (Anti-lock Braking System) and traction control systems are becoming standard features, driven by consumer demand for enhanced rider protection.
• Key industry players, including Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Bajaj Auto Limited, and Suzuki Motor Corporation, continue to lead the market with strategic product launches and technology upgrades.
• The market is also witnessing a shift toward dual-sport motorcycles that cater to both on-road and off-road riding preferences, reflecting changing consumer tastes and lifestyles.

Competitive Landscape

Over the last few years, there has been a rising number of acquisitions and growth efforts to increase the supply of conventional motorcycles and scooters among key players. Several major firms are also working on technology development. Contracts & agreements, new product developments, and partnerships are some of the crucial growth strategies adopted by key firms to maintain their market positions.Yamaha Motors Co., Ltd.; Piaggio & C. SpA; Suzuki Motor Corporation; Honda Motor Co., Ltd.; Hero Motocorp Ltd.; Eicher Motors Limited; Harley-Davidson, Inc.; Bajaj Auto Ltd.; TVS Motor Company; Lifan Industry (Group) Co., Ltd.; Ducati Motor Holding S.p.A.; KTM AG; Triumph Motorcycles Ltd.; Kwang Yang Motor Co., Ltd.; Syarikat Motosikal dan Enjin Nasional Sdn. Bhd.; Sanyang Motor Co., Ltd.; Walton Group; QianJiang Group Co., Ltd.; Luoyang Northern Ek Chor Motorcycle Co., Ltd.; Chongqing YinXiang Motorcycle (Group) Co., Ltd

For instance,

• In March 2022, Yamaha Motor Co., Ltd. announced that it has established Moto Business Service India Pvt. Ltd. (MBSI) as a new company in India to expand its mobility service businesses. The company has also started leasing motorcycles to Royal Brothers, a local mobility service provider that offers motorcycle rentals and other services.

Key Segments Covered in Conventional Motorcycles and Scooters Market Analysis

By Product Type:

• Conventional Motorcycles
  • Standard
  • Cruiser
  • Mopeds
  • Sports
  • Others
• Conventional Scooters
  • Standard
  • Enclosed
  • Maxi
  • Three-Wheeled

By Engine Capacity Type:

• Up to 150cc
• 151-300cc
• 301-500cc
• Above 500cc

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and the Pacific
• Middle East & Africa (MEA)

The electric bike industry is expected to grow at a robust CAGR of 10.2% from 2023 to 2033. The market is projected to reach a value of USD 56.79 billion in 2023 and is anticipated to attain a market size of USD 150.01 billion by 2033.

The electric bike (e-bike) industry is rapidly evolving as consumers and cities alike recognize the value of sustainable, efficient, and cost-effective transportation solutions. E-bikes are becoming a key component in the shift toward greener urban mobility, offering an eco-friendly alternative to traditional vehicles. As technological advancements and environmental concerns drive demand, the market is poised for significant growth in the coming years.

Recent data highlights a surge in e-bike adoption driven by urbanization, advancements in battery technology, and increasing awareness of health and environmental benefits. Industry experts predict that this trend will only accelerate as cities and governments push for cleaner air and reduced traffic congestion.

Detailed Market Study: Full Report and Analysis

Key Drivers of Growth

• Growing Demand for Sustainable Transportation:
  Increasing environmental awareness and the push for reduced carbon emissions are driving consumers and cities to adopt e-bikes as a more eco-friendly alternative to cars and conventional bicycles.
• Technological Advancements in Battery and Motor Systems:
  Innovations in battery life, charging technology, and motor efficiency are making e-bikes more accessible and reliable, boosting their popularity among a wider audience.
• Urbanization and Traffic Congestion:
  As urban areas expand and traffic congestion worsens, e-bikes are becoming a practical solution for quick, cost-effective, and eco-friendly commuting.
• Government Incentives and Subsidies:
  Several governments are offering incentives, tax breaks, and subsidies for the purchase of electric bikes to encourage the adoption of green transportation solutions.
• Increased Health and Fitness Consciousness:
  E-bikes provide an opportunity for people to stay active while commuting, offering the benefits of cycling with the added convenience of motor assistance. This dual benefit is appealing to health-conscious consumers.

Key Takeaways

• The global electric bike market is projected to grow at a CAGR of 10.2% from 2023 to 2033, reaching a market value of USD 150.01 billion by the end of the forecast period.
• Asia-Pacific leads the market, with countries like China and Japan spearheading e-bike adoption due to strong local manufacturing and favorable government policies. Europe and North America are also experiencing rapid growth, driven by consumer interest and infrastructure investments.
• Pedelecs (pedal-assist e-bikes) are the most popular category, but throttle-controlled e-bikes are gaining traction due to their ease of use and accessibility.
• Leading players in the industry, such as Giant Manufacturing Co., Ltd., Trek Bicycle Corporation, Accell Group, and Yamaha Motor Co., Ltd., are investing heavily in R&D to enhance product design, battery efficiency, and motor power.
• Trends such as the integration of IoT technology, app connectivity, and smart features (e.g., GPS tracking and health monitoring) are driving the future of the market.

Key Players

• ECCITY Motorcycles
• Hero Electric Vehicles Private Limited
• Gogoro Inc.
• GOVECS GmbH
• Vmoto Limited
• Honda Motor Co. Ltd.
• Piaggio & C. SpA
• Terra Motors Corp.
• Bayerische Motoren Werke AG
• Jiangsu Xinri E-Vehicle Co. Ltd.
• Giant Manufacturing Co Ltd.
• Emotion Bikes USA
• Pedego Electric Bikes
• Volt
• Energica Motor Company S.p.A.
• Zero Motorcycles, Inc.
• Mahindra Genze
• Derby Cycle
• Accell Group.

Key Segments Covered

By Product type:

• Electric Scooter
• Electric Motorcycles
• Pedelec

By Battery type:

• Li-Ion
• NiMH
• Lead-based

By Technology:

• Plug-In
• Battery

Key Regions Covered:

• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Russia
  • Rest of Europe
• Japan
• Asia Pacific Excluding Japan
  • China
  • India
  • Malaysia
  • Singapore
  • Australia
  • Rest of Asia Pacific Excluding Japan (APEJ)
• The Middle East and Africa
  • GCC Countries
  • Israel
  • South Africa
  • Middle East and Africa (MEA)

The global automotive door latch industry is projected to grow at a CAGR of 4% from 2023 to 2033. The industry is anticipated to increase in value from USD 6.0 billion in 2023 to USD 9.3 billion by 2033.

The automotive door latch industry is experiencing robust growth, driven by increasing safety regulations, advancements in automotive manufacturing, and consumer demand for enhanced vehicle security and convenience. As automakers strive to meet stringent safety and durability standards, door latch technologies are evolving to include smart and electronic functionalities.

Recent industry reports highlight a promising future for the market, with innovations in lightweight materials and integration of IoT technologies playing pivotal roles in shaping the next generation of automotive door latches.

Detailed Market Study: Full Report and Analysis

Key Drivers of Growth

• Rising Automotive Production:
  The global increase in vehicle production, particularly in emerging markets, is driving the demand for high-quality door latch systems across all vehicle segments.
• Stringent Safety Regulations:
  Governments worldwide are implementing strict safety standards, mandating robust and reliable door latch systems to enhance passenger safety during accidents.
• Technological Advancements:
  Innovations such as power-operated latches, sensor-based locking systems, and smart access technologies are transforming traditional door latches into advanced safety and convenience features.
• Growing Demand for Electric Vehicles (EVs):
  The rise in EV adoption necessitates lightweight and energy-efficient components, including advanced door latch systems, to improve vehicle performance and energy efficiency.
• Consumer Focus on Security:
  Increasing consumer awareness and preference for vehicles equipped with advanced locking mechanisms and anti-theft systems are boosting the demand for innovative door latch solutions.

Key Takeaways

• The global automotive door latch market is projected to grow at a CAGR of 4% between 2023 and 2033, reaching a market value of USD 9.3 billion by the end of the forecast period.
• Asia-Pacific dominates the market, with high automotive production in countries like China, India, and Japan, while North America and Europe are experiencing significant growth due to advancements in vehicle technologies.
• The market is witnessing a shift toward electronic and power-operated door latches, reflecting growing consumer demand for convenience and security.
• Key players in the industry, such as Kiekert AG, Aisin Seiki Co., Ltd., Magna International, and Mitsui Kinzoku, are focusing on R&D to develop lightweight, durable, and innovative door latch solutions.
• The integration of IoT and smart technologies, such as keyless entry systems and remote locking/unlocking features, is a key trend shaping the market.

Key Market Players working in the Automotive Door Latch Market are

• STRATTEC
• Kiekert AG
• Inteva Products LLC
• Aisin Seiki Co. Ltd.
• Magna International Inc.
• WITTE Automotive GmbH
• Brose Fahrzeugteile GmbH & Co. KG
• U-Shin Ltd
• Shivani Locks Private Limited
• MITSUI KINZOKU

Automotive Door Latch Market by Category

By Latch Type:

• Side Door Latch
• Tailgate Latch
• Hood Latch

By Function:

• Electronically Operated
• Mechanically Operated

By Vehicle Type:

• Compact Car
• Mid-Size
• Luxury Car
• SUV
• HCV
• LCV

By Sales Channel:

• Aftermarket
• OEM

By Region:

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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