Overview and Scope
A tire is a circular-shaped component usually made of rubber that is fitted around the outer rim of a vehicle’s wheel, enabling the vehicle to attach to the ground. Its primary purpose is to provide smooth traction on the surface over which the wheel travels.
Sizing and Forecast
The tire market size has grown steadily in recent years. It will grow from $204.71 billion in 2023 to $214.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to automotive industry growth, consumer preferences for performance, safety and regulations, economic conditions, replacement tire market.
The tire market size is expected to see steady growth in the next few years. It will grow to $253.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to electric vehicle (EV) adoption, autonomous vehicles, circular economy initiatives, innovations in tire materials, climate change considerations. Major trends in the forecast period include smart tire technologies, technological advancements, rising demand for sustainable and eco-friendly tires, advancements in tire technology, expansion of online tire retailing.
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Segmentation & Regional Insights
The tire market covered in this report is segmented –
1) By Type: Bias Tire, Radial Tire, Belted Bias
2) By Distribution Channel: Online, Offline
3) By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
4) By End-Use: Replacement Tires, OEM Tires
Top 5 Major Players:
- Sumitomo Corporation,
- Continental AG,
- Bridgestone Corporation,
- Michelin Group,
- The Goodyear Tire and Rubber Company
Asia-Pacific was the largest region in the tire market in 2023. The regions covered in the tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing vehicle production is expected to propel the growth of the tire market going forward. Vehicle production refers to the process of mass-producing identical models of passenger cars, heavy and light trucks, pickups, vans, and sport utility vehicles in large quantities. Tires are an important component of a vehicle’s suspension and steering system. Its primary functions are to support the vehicle load, transmit traction and braking forces to the road surface, absorb road shocks, and change and maintain the direction of travel. For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. in 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, growing vehicle production drives the growth of the tire market.
Key Industry Players
Major companies operating in the tire market report are Sumitomo Corporation, Continental AG, Bridgestone Corporation, Michelin Group, The Goodyear Tire and Rubber Company, Maxxis International, Yokohama Tire Corporation, Pirelli Tyre SpA, Zhongce Rubber Group Co Ltd., Cheng Shin Rubber Ind. Co Ltd., Sailun Group Co Ltd., Apollo Tyres Ltd., Trelleborg AB, MRF Limited, Kumho Tyre Pty. Ltd., Shandong Linglong Tire Co Ltd., Linglong Tire Co Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Hankook Tire and Technology Co Ltd., Nokian Tyres plc, Toyo Engineering Corporation, Double Coin Holdings Ltd., JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co Ltd., Guizhou Tyre Co Ltd., Alliance Tire Group, Aeolus Tyre, GT Asia Pacific Holdings Pte. Ltd., Federal Corporation, JINYU Tire Group Co LTD.
The tire market report table of contents includes:
1. Executive Summary
2. Tire Market Characteristics
3. Tire Market Trends And Strategies
4. Tire Market – Macro Economic Scenario
5. Global Tire Market Size and Growth
…
32. Global Tire Market Competitive Benchmarking
33. Global Tire Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tire Market
35. Tire Market Future Outlook and Potential Analysis
36. Appendix
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