Projected Revenue Growth:
The Tires Market is anticipated to reach USD 176.15 Bn by 2030 from USD 132.07 Bn in 2023 at a CAGR of 4.2% during a forecast period.
What is the Tires Market scope?
The global tire market plays a pivotal role in the automotive industry, with tires being essential for the performance and safety of vehicles. They serve as the primary point of contact between the road and the vehicle, providing crucial functions like load-bearing, traction, and steering stability. Driven by rising vehicle production and sales, the demand for tires continues to grow, particularly as consumers seek more premium, fuel-efficient, and safer vehicles. The Asia-Pacific region, led by China, holds a significant share of the global tire market, driven by low production costs and abundant manufacturing hubs. The market is expected to see further expansion as vehicle sales increase, particularly in emerging economies, and as electric vehicle (EV) adoption accelerates.
Tires are categorized into various segments, including passenger cars, commercial vehicles, and two-wheelers, with each segment experiencing different levels of growth. Passenger cars remain the largest segment, accounting for a substantial portion of the market, driven by increasing urbanization, rising disposable incomes, and the demand for advanced vehicle features. Radial tires, in particular, are gaining prominence due to their durability and enhanced performance, especially in industries such as construction and mining. OEMs continue to dominate tire distribution, though the aftermarket segment is also expanding due to the growing vehicle lifespan and the need for tire replacements.
Tires Market Trends:
One of the key trends shaping the global tire market is the growing production and sales of electric vehicles (EVs). With consumers becoming more environmentally conscious, the demand for sustainable and energy-efficient vehicles has surged, boosting the need for specialized tires designed to meet the unique requirements of EVs. These vehicles require tires with lower rolling resistance to improve energy efficiency and extend battery range. As the adoption of EVs rises globally, particularly in regions like China and Europe, tire manufacturers are innovating to develop products that cater to this growing demand.
Another notable trend is the increased consumer preference for premium and performance tires. As vehicle owners prioritize safety, comfort, and luxury, manufacturers are responding by offering advanced tire features such as enhanced grip, noise reduction, and fuel efficiency. This trend is further supported by advancements in tire technology, including smart tires that monitor pressure and wear. The demand for high-quality tires is particularly strong in developed markets, but it is also gaining traction in emerging economies where disposable incomes are rising and consumers are upgrading to more premium vehicles.
The dynamics of the tire market are shaped by several key factors. A primary driver of growth is the increase in global vehicle production and sales, which boosts demand for both original equipment (OEM) tires and aftermarket replacements. The shift towards fuel-efficient, low-weight, and premium vehicles further enhances this demand, as consumers seek performance-enhancing features in their tires. Additionally, the rising popularity of electric vehicles (EVs) has introduced new dynamics, requiring tire manufacturers to innovate and adapt to the specific needs of EVs, such as low rolling resistance and improved durability.
However, the market faces challenges, particularly in terms of fluctuating raw material costs. Tires are heavily reliant on materials like rubber, nylon, and polyester, and any volatility in the prices of these materials can impact production costs. Furthermore, the COVID-19 pandemic significantly disrupted the supply chain, causing a sharp decline in tire sales and production as manufacturing operations were halted and transportation was restricted. Despite these challenges, the market is poised for recovery, driven by the resumption of global trade, the rise in vehicle production, and growing demand for both traditional and electric vehicles.
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How is the Tires Market Asia Pacific Expected to grow?
The Asia-Pacific region is expected to grow at a CAGR of 5.3 percent during the forecast period. In 2023, the Asia Pacific region holds 48 percent of the global market. The tire market in Asia is diverse, with passenger car and light truck tires dominating.
what is the expected growth of Tires Market by Vehicle Type segmentation?
By Vehicle Type, the Passenger Cars Tires segment dominated the market, with market size in 2023 and expected to grow with a CAGR of 4.3%. The United States dominates the market for the passenger cars segment accounting for 27% of the global sales in 2020.
What is Tires Market Segmentation?
by Type
Radial Tires
Bias Tires
Non-Pneumatic Tires
by Vehicle Type
Passenger Cars
Commercial Cars
Off-Road Cars
by Distribution Channel
OEM
Aftermarket
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What are the key trends in the market for Tires Market
1. Cooper Tire & Rubber Company (U.S)
2. Goodyear Tire & Rubber Company (U.S)
3. Avon Tyres (U.K)
4. Continental AG (Germany)
5. MITAS A.S. (Czech Republic)
6. Michelin (France)
7. Nokian Tyres Oyj (Finland)
8. Pirelli & C. S.p.A (Italy)
9. Apollo Tyres Ltd (India)
10. MRF (India)
11. CEAT (India)
12. JK Tyre & Industries Ltd (India)
13. Madras Rubber Factory Ltd. (India)
14. Bridgestone Corporation (Japan)
15. Toyo Tire & Rubber Co., Ltd. (Japan)
16. Sumitomo Corporation (Japan)
17. Yokohama Tire Corporation (Japan)
18. Giti Tire Pte. Ltd (Singapore)
19. Cheng Shin Rubber Ind. Co. Ltd (Taiwan)
20. Maxxis International (Taiwan)
21. Hankook Tire Co., Ltd (South Korea)
22. Kumho Tire Co., Inc (South Korea)
23. Nexen Tire Corporation (South Korea)
24. Zhongce Rubber Group Co., Ltd. (China)
25. Sailun Group Co. Ltd. (China)
26. Shandong Linglong Tire Co., Ltd (China)
Key Offerings:
- Tires Market Past Market Size and Competitive Landscape
- Tires Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Tires Market Segmentation – A detailed analysis by Product
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Tires Market Competitive benchmarking of key players by region
- PESTLE AnalysisORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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