Tire prices are expected to increase in 2024 due to rising raw material and production costs. Major tire manufacturers like Goodyear and Michelin plan to raise prices by up to 3% on certain tire lines in response. However, new eco-friendly and plant-based tires entering the market aim to enhance efficiency and durability while reducing fuel consumption and emissions. As environmental awareness grows, demand for these sustainable tires could help mitigate rising prices. Still, escalating inflation will likely contribute to higher tire costs industry-wide.
The automotive tire market is projected to grow at a CAGR of 6.6% through 2033, reaching a value of nearly $959 billion. While tire production volumes increased, the COVID-19 pandemic constrained global tire market growth over the past two years. However, the market began rebounding in 2021 and is forecasted to keep rising through 2024, driven by renewable consumer spending power.
- Bridgestone Corporation is the world’s largest tire manufacturer. Tires are still primarily made from rubber.
- Michelin has developed a puncture-proof tire prototype called Uptis that is scheduled to launch in 2024.
- Goodyear is addressing a key challenge for electric vehicles (EVs) with the introduction of its ElectricDrive 2 tires, designed to enhance the durability of tires for EVs.
- Motorcycle Racing Grade Tires are expected to show stable growth in the future market.
As technology advances, the future of runflat tires looks promising, with ongoing research and development focusing on enhancing their performance, comfort, and environmental footprint. Innovations in Materials and Design aim to lower the runflat tires’ weight and rolling resistance, improving handling and fuel efficiency.