Categories: Market Research

Tire Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tire Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tire Global Market Report 2024, 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.

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.

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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

Major companies operating in the tire market are focusing on innovative solutions, such as electric vehicle-ready commercial tires, to address evolving consumer needs and market demands. An electric vehicle-ready commercial tire is specifically designed and optimized to meet the unique requirements and demands of electric-powered commercial vehicles, offering enhanced durability and efficiency for such vehicles’ operation. For instance, in March 2022, Goodyear Tire & Rubber Company, a US-based tire company, launched the new Endurance RSA ULT and Fuel Max RSA ULT tires, catering to the higher load capacity of electric commercial vehicles with the Electric Drive Ready Endurance RSA ULT and focusing on the escalating demand within the last-mile delivery sector, influenced by e-commerce growth, fleet savings, and sustainability targets. The premium 17.5-inch all-position tire, the Endurance RSA ULT, is designed to suit last-mile delivery vehicles, pickup trucks, and light trucks, uniquely capable of handling the increased load capacities of EVs, and proudly marked as Goodyear’s inaugural commercial tire with the Electric Drive Ready badge, suitable for both EVs and traditional fuel-powered work vehicles.

The tire market report table of contents includes: