Global Tire Market

Global Tire Market

Global Tire Market By Type (Diagonal/Bias Tires, Radial Tires), By Technology (Regular, Advanced (Self-Inflating/Chip-Enabled/Multi-Chamber/Self Sealing)), By Category (Passenger Car Radial (PCR) tires, Truck, Bus and Radial (TBR) tires, Agriculture tires, Off the Road (OTR) tires, Motorcycle tires, Industrial tires, Others) By End User (OEMs, Aftermarket), By Season (All Season Tires, Winter Tires, Summer Tires), And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032

The global Tire market was valued at $255.63 Billion in 2022 and is anticipated to grow at a CAGR of 7.90% from 2023 to 2033. This growth is attributed to several macro and microeconomic factors such as

Growing replacement market

The growing replacement market serves as a pivotal driving factor for the global tire industry. As vehicles traverse roads and accumulate miles, tires inevitably undergo wear and tear, necessitating regular replacements. This demand for replacement tires is influenced by a myriad of factors, including the sheer size of the global vehicle fleet, which includes passenger cars, trucks, and commercial vehicles. As economies expand and more individuals attain higher disposable incomes, there is a consequential increase in vehicle ownership, intensifying the demand for replacement tires. Consumer preferences also play a role, with drivers often opting for specific tire types, such as all-season, performance, or specialty tires, based on their driving habits and needs. Moreover, as the lifespan of tires is finite, the replacement market remains dynamic, continuously propelled by the need for new and technologically advanced tire models. The growth in the replacement market not only underscores the continuous demand for tires but also reflects consumers' inclination towards upgrading to more durable, fuel-efficient, and innovative tire options, thereby contributing significantly to the overall expansion of the global tire industry.

Further several factors restraining the market growth include

Increasing competition from used or retreaded tires

The increasing competition from used or retreaded tires represents a notable restraining factor for the global tire market. As the automotive industry, particularly in commercial sectors, seeks cost-effective solutions, there has been a growing trend towards the use of retreaded or used tires. Retreading involves refurbishing worn tires with a new tread, extending their service life and reducing costs compared to purchasing new tires. The appeal of retreaded tires lies in their lower price point, making them an attractive option for cost-conscious consumers, fleet operators, and commercial vehicle owners. This increased acceptance of retreaded tires in various segments, including transportation and logistics, poses a direct challenge to new tire sales. It not only intensifies competition within the tire market but also exerts pressure on manufacturers to enhance the durability and performance of new tires to justify their higher cost. Additionally, the expanding market for used tires, driven by environmental considerations and cost savings, contributes to a shift in consumer preferences. As a result, tire manufacturers face the challenge of balancing innovation and competitiveness in order to navigate this evolving landscape shaped by the rising prominence of retreaded and used tires.

Growth of online retail and e-commerce and collaborations and alliances in the Tire market are expected to generate higher avenues during the forecast period.

In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Tire market. The pandemic has caused a decline in new orders and a corresponding decrease in Typeion.

This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Tire.

In terms of COVID-19 impact, the Tire market report also includes the following data points:

Impact on Tire market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Outdoor Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Tire market

Key Insight in the report:

The global Tire market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and End Users.

Our report covers extensive competitive intelligence which includes the following data points:

Business Overview
Business Segment Data
Financial Data
Type Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis

Tire Market Segmentation:

Type
Diagonal/Bias Tires
Radial Tires
Technology
Regular
Advanced (Self-Inflating/Chip-Enabled/Multi-Chamber/Self Sealing)
Category
Passenger Car Radial (PCR) tires
Truck, Bus and Radial (TBR) tires
Agriculture tires
Off the Road (OTR) tires
Motorcycle tires
Industrial tires
Others
End User
OEMs
Aftermarket
Season
All Season Tires
Winter Tires
Summer Tires

Region/ Countries Covered:

North America
Europe
U.K.
Ireland
Rest of Europe
Asia Pacific
Latin America
Middle East & Africa

Key Players Analyzed in the Report:

MICHELIN
Bridgestone Corporation
Continental AG
The Goodyear Tire and Rubber Company
Sumitomo Rubber Industries
Pirelli Tyre S.p.A
Yokohama Tire Corporation
Hankook Tire and Technology
Kumho Tyre (Australia) Pty Ltd
MAXXIS INTERNATIONAL
NEXEN TYRE
European Tyre Distributors B.V.
Ascenso Tires
BKT Tires
Nokian Tyres