Automotive Tyres and Wheels Market Trends, Sector Overview and Forecast to 2028

Automotive Tyres and Wheels Market Trends, Sector Overview and Forecast to 2028

Summary

The global tires and wheels market was at 942.7 mn units in 2023, recording a substantial annual growth of 9.3%. However, the sector posted a negative CAGR of 1.0% during 2018–23. Over the forecast period, the sector is expected to record a CAGR of 1.4% to reach 1.0 bn units by 2028.​ Tyres garnered a share of 43.8% in 2023 and are expected to account for 43.9% by 2028 while wheels aluminum accounted for 22.7% in 2023 and is expected to account for 25.1% by 2028. Wheels steel accounted for 15.9% in 2023 and is expected to decline to 14.6% by 2028 while TPMS accounted for 6.9% in 2023 and is expected to account for 7.4% by 2028. Top five companies operating in the global tires and wheels are Goodyear, Bridgestone, Michelin, Continental, Hankook, and Pirelli.

This report brings together multiple data sources to provide a comprehensive overview of the global Tyre and wheels sector. It includes analysis on the following

Trends & Drivers: Provides an overview of current sector scenario regarding the future outlook in terms of key trends and drivers of the sector.

Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.

PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.

Sector Forecast: Provides deep-dive analysis of global market covering volume growth during 2018–2028, and spot estimates for 2023 and 2028. The analysis also covers regional overview across four regions-Asia-Pacific, Europe, North America, and South America and MEA-highlighting sector size, and growth drivers for the region.

Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.

Patent Analysis: Provides an overview of patent filings in the sector across regions, countries and top applicants.

Scope

This report brings together multiple data sources to provide a comprehensive overview of the global Tyres and Wheels sector. It includes an analysis of the following

Trends & Drivers: Provides an overview of the current sector scenario regarding the future outlook in terms of key trends and drivers of the sector. ​

Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.​

PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.​

Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018–2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions-Asia-Pacific, Europe, MEA, North America, and South America -highlighting sector size, and growth drivers for the region.​

Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.​

Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.​

Reasons to Buy

Auto OEMs and component suppliers seek the latest information on how the market is evolving to formulate their sales and marketing strategies. There is also a demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region. The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances. The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion. To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.