Global Tires Market Size, Share & Trends Analysis Report, By Product, By Application, By Region Forecasts, 2024 - 2032

Global Tires Market Size, Share & Trends Analysis Report, By Product, By Application, By Region Forecasts, 2024 - 2032

Global Tires Market was valued at US $ 1.3 billion in 2023 and is expected to reach US $ 3.4 billion by 2032 growing at a CAGR of 14.4% during the forecast period 2024 – 2032.

People's desire to purchase cars, small business vehicles, and large trucks is the primary cause of the rise in tyre sales revenue. Many are purchasing new vehicles, particularly in urban areas where there is greater financial availability. Tyres are now more necessary as a result of this. There's a noticeable trend in tyre manufacturing because of the government's stringent carbon emission regulations. This covers high-tech products like environmentally friendly and energy-efficient tyres. The demand for customised tyres is rising sharply as more and more people become concerned with ease of use and safety. These include tyres that can run on their own after a puncture or ones that self-heal without the need for tubes. Manufacturers must develop cutting-edge tyre technology because consumers are demanding better tyres. This will fulfil the buyers' desire. The tyre business benefits financially from the application of retreading technologies.

Global road expansion, factory expansion, and population increase are some of the major economic factors influencing the tyre industry. People in many places, such as cars, buildings, farms, and mines, require efficient and quick transportation methods. People are requesting more tyres as a result. In addition, the tyre industry is witnessing a significant surge in consumer demand for robust and long-lasting tyres. As a result, businesses are developing new materials and improving their technologies. Tyre manufacturers are putting a lot of effort into making their products more environmentally friendly and low energy. They emphasise the use of easily decomposable materials, such as natural rubber derived from plants or compostable plastics. Additionally, advancements in micro technology and composite materials are driving the tyre market's growth.

“Radial Tires segment, by product, to be dominating market from 2023 to 2030.”

The companies across the globe are offering both radial and diagonal tiers. In the global tyre market, radial tyres account for almost all of the revenue. Radial tyres are becoming more and more popular since they roll more easily, handle better, last longer, and use less gasoline. Additionally, with improved control, these tyres contribute to safer and more comfortable travel. The market for radial tyres has expanded due to the demand for large farming equipment, light trucks, and people-carrying cars.

“Passenger cars segment, by application, to be dominating market from 2023 to 2030.”

The market is divided into 3 main categories which include, Light Truck/Passenger Car Tires, Commercial Truck Tires and Commercial Off-Highway Tires. In 2023, the majority of the global tyre market was composed of passenger cars. The tyre market is separated into segments for various automobile and truck types, including small passenger cars, large commercial vehicles, and motorcycles or bikes. Tyre demand is high because more people are becoming more affluent and are making different purchases, which is contributing to the rise in the number of cars built in developing nations. Furthermore, it's predicted that more people would commute significant distances to work in urban areas. This will raise the need for durable and fuel-efficient tyres on passenger automobiles, resulting in future financial growth for this industry.

“Asia Pacific to be largest region in tire market.”

The Global Tires Market is segmented into the following regions geographically: Countries from the North America, Europe, Asia Pacific and other part of the world. It is anticipated that the majority of global tyre income will come from the Asia-Pacific region in the forecast period. This region needs a lot of tyres for a number of reasons, including the growth of the automobile industry, the number of cities, and the increase in disposable income. Many of the world's fastest-growing economies, including China and India, are also located in the Asia-Pacific region. Car manufacturers are growing faster in these areas, which increases demand for tyres. All such factors are expected to have a positive impact on the market growth in the Asia Pacific region during the forecast period.

Tire Competitive Landscape

The competitive landscape of the Tire market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Tire holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Tire market is highly competitive, with numerous companies vying for market share. Prominent companies in the Tire Market include:

Major Players:

Pirelli & C. S.p.A., Toyo Tire & Rubber Co., Ltd., Groupe Michelin France, MRF, Michelin, Goodyear Tyre & Rubber Co, Cooper Tire & Rubber Company, Apollo Tyres Ltd., Continental AG, Avon Tyres, Cheng Shin Rubber Ind. Co. Ltd., CEAT, Bridgestone Corporation.

Recent Developments:

A cooperation was formed in 2021 between JK Tire and JBM Auto to supply radial tires for CityLife CNG buses.

According to reports, Nokian Tyres PLC expanded the capacity of its vehicle tire manufacturing facility in 2021.

The Alliance Tire Group declared that it will invest $165 million in capital resources to open a new manufacturing facility in Vishakhapatnam, India. The new factory intends to produce 20,000 tonnes more rubber annually.

Tires that lower resistance, extending the range of electric cars (EVs) on a single charge JK Tyre is placing a wager that there is a market for these specialized goods. The business unveiled low-resistance tires for electric vehicles (EVs) on Friday. Additionally, it unveiled smart tires, which provide drivers with real-time information on temperature, pressure, and punctures via a smartphone app. For Ranger HPe tires intended for electric vehicle consumers, it is in discussions with original equipment manufacturers (OEMs). The Ranger X-AT tires are intended for use on sport utility vehicles (SUVs) and are built to withstand harsh terrain.

In India, Apollo Tyres Ltd. has introduced the Vredestein Pinza All Terrain tire line. These tires are meant to provide good traction in any weather condition and are intended for the luxury SUV market.