The global tire market size reached 2,388 Million Units in 2023. The market is projected to reach 3,012 Million Units by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2023-2032. The market is experiencing dynamic growth driven by rapid technological advancements in tire manufacturing, robust growth in the automotive industry, the implementation of stringent regulatory policies, growing consumer preferences for specialized and eco-friendly tires, and the rising impact of urbanization and infrastructure development.
2. What is the expected growth rate of the global tire market during 2024-2032?
3. What are the key factors driving the global tire market?
4. What has been the impact of COVID-19 on the global tire market?
5. What is the breakup of the global tire market based on the design?
6. What is the breakup of the global tire market based on the end-use?
7. What is the breakup of the global tire market based on the vehicle type?
8. What is the breakup of the global tire market based on the distribution channel?
9. What is the breakup of the global tire market based on the season?
10. What are the key regions in the global tire market?
11. Who are the key players/companies in the global tire market?
Tire Market Trends
Rapid technological advancements in tire manufacturing
The rising technological advancements, leading to improvements in tire longevity, fuel efficiency, and performance, are major factors bolstering the market growth. Moreover, rapid innovations like low rolling resistance tires that contribute to better fuel efficiency and address the rising environmental concerns and fuel prices are fostering the market growth. Additionally, the development of advanced materials, such as silica-enhanced rubber compounds, leading to tires that offer better grip and durability, is positively impacting the market growth. Besides this, the integration of smart technologies, including sensors for monitoring tire pressure and tread wear to enhance safety and maintenance, is acting as a growth-inducing factor. Along with this, the increasing investment in research and development (R&D) by manufacturers to innovate and improve their products is anticipated to drive the market growth.Expansion in the automotive industry
The widespread expansion of the automotive industry is one of the major factors enhancing the market growth. In line with this, the escalating production of passenger and commercial vehicles, boosting the demand for tires, is providing an impetus to the market growth. Moreover, the growing vehicle sales, fueled by rising income levels and urbanization, as consumers are willing to spend on advanced vehicles, are supporting the market growth. Along with this, the increasing demand for electric vehicles (EVs), prompting the manufacturing of EV-specific tires, which require different design parameters, such as low noise and high load-carrying capacity, are offering lucrative growth opportunities for the market. Furthermore, the rising popularity of sports utility vehicles (SUVs) and crossover vehicles, leading to increased demand for larger tire sizes and robust designs, is strengthening the market growth.Implementation of regulatory policies and safety standards
The implementation of various government regulations and safety standards to reduce carbon emissions and improve fuel efficiency is creating new avenues for the market growth. In line with this, the development of eco-friendly and fuel-efficient tires, as stringent regulations on tire labeling require manufacturers to disclose information about fuel efficiency, wet grip, and noise levels, is acting as a growth-inducing factor. Furthermore, the implementation of tire recycling regulations to address the environmental concerns associated with tire disposal and encourage the development of sustainable production is anticipated to drive the market growth. In addition to this, the growing need for green mobility, leading to stricter emissions standards, is positively impacting the market growth.Rising urbanization and infrastructure development
The rapid pace of urbanization and corresponding infrastructure development is driving the market growth. In line with this, the rising expansion of cities and new roads, leading to the heightened demand for passenger and commercial vehicles, is bolstering the market growth. Moreover, the increasing demand for diverse transportation modes, such as private cars and public transportation systems like buses and taxis, requiring regular tire replacements due to wear and tear, is boosting the market growth. Along with this, the expansion of road networks, facilitating longer travel distances and contributing to higher tire usage and replacement frequency, is enhancing the market growth. Additionally, the growing infrastructure projects, such as construction and mining, requiring heavy machinery equipped with specialized tires, are catalyzing the market growth.Rapid changes in lifestyle and consumer preferences
The changing consumer preferences and lifestyles, leading to a shift towards personalization and high-performance tires, are creating new avenues for the market growth. In confluence with this, the heightened demand for customized tires with unique tread patterns, colors, and enhanced performance features, such as off-road or high-speed track, is boosting the market growth. Additionally, the increasing demand for eco-friendly tires made from sustainable materials, compelling manufacturers to diversify their product offerings, is anticipated to drive the market growth. As a result, the burgeoning preference for diverse tire choices as consumers seek products that align with their driving habits, climate conditions, and vehicle types is offering remunerative growth opportunities for the market.Tire Industry Segmentation:
The report provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. The report has categorized the market based on design, end-use, vehicle type, distribution channel, and season.Breakup by Design:
- Radial Market
- Bias Market
Radial tires accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the tire market based on the design. This includes radial market and bias market. According to the report, radial market represented the largest segment.Breakup by End-Use:
- OEM Market
- Replacement Market
Replacement market holds the largest share in the industry
A detailed breakup and analysis of the tire market based on the end-use has also been provided in the report. This includes OEM market and replacement market. According to the report, replacement market accounted for the largest market share.Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Three Wheelers
- Off-The-Road (OTR)
Passenger cars represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR). According to the report, passenger cars represented the largest segment.Breakup by Distribution Channel:
- Offline
- Online
Offline exhibits a clear dominance in the market
A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes offline and online. According to the report, offline accounted for the largest market share.Breakup by Season:
- All Season Tires
- Winter Tires
- Summer Tires
Summer tires dominates the market
The report has provided a detailed breakup and analysis of the market based on the season. This includes all season tires, winter tires, and summer tires. According to the report, summer tires represented the largest segment.Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
Asia-Pacific leads the market, accounting for the largest tire market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others); and the Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, and others). According to the report, Asia-Pacific accounted for the largest market share.Competitive Analysis
The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:- The Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire and Rubber Company
- Sumitomo Corporation
- Pirelli Tyre S.p.A
- Yokohama Tire Corporation
- Hankook Tire and Technology Co., Ltd.
- Toyo Engineering Corporation
- Kumho Tyre (Australia) Pty Ltd.
Key Questions Answered in This Report
1. What was the size of the global tire market in 2023?2. What is the expected growth rate of the global tire market during 2024-2032?
3. What are the key factors driving the global tire market?
4. What has been the impact of COVID-19 on the global tire market?
5. What is the breakup of the global tire market based on the design?
6. What is the breakup of the global tire market based on the end-use?
7. What is the breakup of the global tire market based on the vehicle type?
8. What is the breakup of the global tire market based on the distribution channel?
9. What is the breakup of the global tire market based on the season?
10. What are the key regions in the global tire market?
11. Who are the key players/companies in the global tire market?
Table of Contents
1 Preface3 Executive Summary19 Loans and Financial Assistance
2 Scope and Methodology
4 Introduction
5 Global Tire Industry
6 Market Breakup by Design
7 Market Breakup by End-Use
8 Market Breakup by Vehicle Type
9 Market Breakup by Distribution Channel
10 Market Breakup by Season
11 Market Breakup by Region
12 Tire Pricing
13 SWOT Analysis
14 Value Chain Analysis
15 Porters Five Forces Analysis
16 Competitive Landscape
17 Tire Manufacturing Process
18 Project Details, Requirements and Costs Involved
20 Project Economics
List of Figures
List of Tables
Companies Mentioned
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire and Rubber Company
- Sumitomo Corporation
- Pirelli Tyre S.p.A
- Yokohama Tire Corporation
- Hankook Tire and Technology Co. Ltd.
- Toyo Engineering Corporation
- Kumho Tyre (Australia) Pty Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | January 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value in 2023 | 2.38 Billion Units |
| Forecasted Market Value by 2032 | 3.01 Billion Units |
| Compound Annual Growth Rate | 2.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
