Automotive Tire Market Size Set for Growth to US$ 24.06 Billion by 2032 with a CAGR of 2.7%
Monday, 16 September 2024, 01:11
Automotive Tire Market Overview
The automotive tire market is witnessing significant growth, estimated at USD 19.12 billion in 2023. Forecasts indicate an increase to USD 19.44 billion in 2024, with projections reaching US$ 24.06 billion by 2032.
Key Growth Factors
- Technological Advancements in tire manufacturing are propelling market growth.
- The shift towards electric vehicles is influencing demand for specialized tires.
- Increased consumer focus on sustainability is shaping tire production practices.
Market Forecasts
With a projected CAGR of 2.7% from 2024 to 2032, industry stakeholders are optimistic about the market's trajectory.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.