Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.
A tire is a circular, ring-shaped automotive component that contains the wheel rim and is filled with compressed air. It is manufactured using natural or synthetic rubber, wire, silica, carbon black, steel, and other compounds. It transfers the weight of the automobile from the axle to the ground and provides stability to the vehicle by reducing vibrations and improving shock absorption. It also increases the performance of the vehicle, improves mileage and passenger safety, and reduces wear and tear. Presently, it is commonly available in different sizes and variants depending on the type of automobile.
Tire Market Trends:
Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world. In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. Apart from this, key players are launching eco-friendly, lightweight, and airless three-dimensional (3D) printed variants. They are also focusing on recovering and recycling used tires to minimize their environmental impact and save a considerable amount of energy required to manufacture new ones. Besides this, there is a rise in the number of logistics and transportation activities to deliver packages on time. This, in turn, is propelling the market growth. Furthermore, increasing numbers of farming activities in the agricultural industry are anticipated to create lucrative growth opportunities for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global tire market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on design, end-use, vehicle type, distribution channel and season.
Breakup by Design:
Radial
Bias
Radial tires dominate the market by reducing fuel consumption due to less rolling resistance.
Breakup by End-Use:
OEM Market
Replacement Market
Tires find extensive application in the replacement market.
Breakup by Vehicle Type:
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)
Passenger cars hold the largest market share.
Breakup by Distribution Channel:
Offline
Online
The offline distribution channel accounts for the majority of the total market share as it offers a wider collection of tires and personal services.
Breakup by Season:
All Season Tires
Winter Tires
Summer Tires
Summer tires exhibit a clear dominance in the market as they offer increased responsiveness, cornering, and braking capabilities.
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
The Asia Pacific holds the majority of the global tire market share due to increasing sales of passenger vehicles in the region.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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, and Kumho Tyre (Australia) Pty Ltd.
Key Questions Answered in This Report
1. What was the size of the global tire market in 2022?
2. What is the expected growth rate of the global tire market during 2023-2028?
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?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Global Tire Industry
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 6 Market Breakup by Design
- 6.1 Radial Market
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Bias Market
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 7 Market Breakup by End-Use
- 7.1 OEM Market
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Replacement Market
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 8 Market Breakup by Vehicle Type
- 8.1 Passenger Cars
- 8.1.1 Market Trends
- 8.1.2 Market Breakup by Rim Size
- 8.1.3 Market Breakup by Tire Size
- 8.1.4 Price Ranges by Rim Size
- 8.1.5 Market Forecast
- 8.2 Light Commercial Vehicles
- 8.2.1 Market Trends
- 8.2.2 Market Breakup by Rim Size
- 8.2.3 Market Breakup by Tire Size
- 8.2.4 Price Ranges by Rim Size
- 8.2.5 Market Forecast
- 8.3 Medium and Heavy Commercial Vehicles
- 8.3.1 Market Trends
- 8.3.2 Market Breakup by Rim Size
- 8.3.3 Market Breakup by Tire Size
- 8.3.4 Price Ranges by Rim Size
- 8.3.5 Market Forecast
- 8.4 Two Wheelers
- 8.4.1 Market Trends
- 8.4.2 Market Breakup by Rim Size
- 8.4.3 Market Breakup by Tire Size
- 8.4.4 Price Ranges by Rim Size
- 8.4.5 Market Forecast
- 8.5 Three Wheelers
- 8.5.1 Market Trends
- 8.5.2 Market Breakup by Rim Size
- 8.5.3 Market Breakup by Tire Size
- 8.5.4 Price Ranges by Rim Size
- 8.5.5 Market Forecast
- 8.6 Off-The-Road (OTR)
- 8.6.1 Market Trends
- 8.6.2 Market Breakup by Rim Size
- 8.6.3 Market Breakup by Tire Size
- 8.6.4 Price Ranges by Rim Size
- 8.6.5 Market Forecast
- 9 Market Breakup by Distribution Channel
- 9.1 Offline
- 9.1.1 Market Trends
- 9.1.2 Market Forecast
- 9.2 Online
- 9.2.1 Market Trends
- 9.2.2 Market Forecast
- 10 Market Breakup by Season
- 10.1 All Season Tires
- 10.1.1 Market Trends
- 10.1.2 Market Forecast
- 10.2 Winter Tires
- 10.2.1 Market Trends
- 10.2.2 Market Forecast
- 10.3 Summer Tires
- 10.3.1 Market Trends
- 10.3.2 Market Forecast
- 11 Market Breakup by Region
- 11.1 North America
- 11.1.1 United States
- 11.1.1.1 Market Trends
- 11.1.1.2 Market Forecast
- 11.1.2 Canada
- 11.1.2.1 Market Trends
- 11.1.2.2 Market Forecast
- 11.2 Asia Pacific
- 11.2.1 China
- 11.2.1.1 Market Trends
- 11.2.1.2 Market Forecast
- 11.2.2 Japan
- 11.2.2.1 Market Trends
- 11.2.2.2 Market Forecast
- 11.2.3 India
- 11.2.3.1 Market Trends
- 11.2.3.2 Market Forecast
- 11.2.4 South Korea
- 11.2.4.1 Market Trends
- 11.2.4.2 Market Forecast
- 11.2.5 Australia
- 11.2.5.1 Market Trends
- 11.2.5.2 Market Forecast
- 11.2.6 Indonesia
- 11.2.6.1 Market Trends
- 11.2.6.2 Market Forecast
- 11.2.7 Others
- 11.2.7.1 Market Trends
- 11.2.7.2 Market Forecast
- 11.3 Europe
- 11.3.1 Germany
- 11.3.1.1 Market Trends
- 11.3.1.2 Market Forecast
- 11.3.2 France
- 11.3.2.1 Market Trends
- 11.3.2.2 Market Forecast
- 11.3.3 United Kingdom
- 11.3.3.1 Market Trends
- 11.3.3.2 Market Forecast
- 11.3.4 Italy
- 11.3.4.1 Market Trends
- 11.3.4.2 Market Forecast
- 11.3.5 Spain
- 11.3.5.1 Market Trends
- 11.3.5.2 Market Forecast
- 11.3.6 Russia
- 11.3.6.1 Market Trends
- 11.3.6.2 Market Forecast
- 11.3.7 Others
- 11.3.7.1 Market Trends
- 11.3.7.2 Market Forecast
- 11.4 Latin America
- 11.4.1 Brazil
- 11.4.1.1 Market Trends
- 11.4.1.2 Market Forecast
- 11.4.2 Mexico
- 11.4.2.1 Market Trends
- 11.4.2.2 Market Forecast
- 11.4.3 Argentina
- 11.4.3.1 Market Trends
- 11.4.3.2 Market Forecast
- 11.4.4 Colombia
- 11.4.4.1 Market Trends
- 11.4.4.2 Market Forecast
- 11.4.5 Chile
- 11.4.5.1 Market Trends
- 11.4.5.2 Market Forecast
- 11.4.6 Peru
- 11.4.6.1 Market Trends
- 11.4.6.2 Market Forecast
- 11.4.7 Others
- 11.4.7.1 Market Trends
- 11.4.7.2 Market Forecast
- 11.5 Middle East and Africa
- 11.5.1 Turkey
- 11.5.1.1 Market Trends
- 11.5.1.2 Market Forecast
- 11.5.2 Saudi Arabia
- 11.5.2.1 Market Trends
- 11.5.2.2 Market Forecast
- 11.5.3 Iran
- 11.5.3.1 Market Trends
- 11.5.3.2 Market Forecast
- 11.5.4 United Arab Emirates
- 11.5.4.1 Market Trends
- 11.5.4.2 Market Forecast
- 11.5.5 Others
- 11.5.5.1 Market Trends
- 11.5.5.2 Market Forecast
- 12 Tire Pricing
- 12.1 Price Indicators
- 12.2 Cost Structure and Margins
- 12.3 Manufacturer and Distributor Prices
- 12.4 Price Trends and Forecast
- 13 SWOT Analysis
- 13.1 Overview
- 13.2 Strengths
- 13.3 Weaknesses
- 13.4 Opportunities
- 13.5 Threats
- 14 Value Chain Analysis
- 14.1 Overview
- 14.2 Inbound Logistics
- 14.3 Operations
- 14.4 Outbound Logistics
- 14.5 Marketing and Sales
- 14.6 Service
- 15 Porters Five Forces Analysis
- 15.1 Overview
- 15.2 Bargaining Power of Buyers
- 15.3 Bargaining Power of Suppliers
- 15.4 Degree of Competition
- 15.5 Threat of New Entrants
- 15.6 Threat of Substitutes
- 16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Key Players
- 16.3 Profiles of Key Players
- 16.3.1 The Michelin Group
- 16.3.1.1 Company Overview
- 16.3.1.2 Product Portfolio
- 16.3.1.3 Financials
- 16.3.1.4 SWOT Analysis
- 16.3.2 Bridgestone Corporation
- 16.3.2.1 Company Overview
- 16.3.2.2 Product Portfolio
- 16.3.2.3 Financials
- 16.3.2.4 SWOT Analysis
- 16.3.3 Continental AG
- 16.3.3.1 Company Overview
- 16.3.3.2 Product Portfolio
- 16.3.3.3 Financials
- 16.3.3.4 SWOT Analysis
- 16.3.4 The Goodyear Tire and Rubber Company
- 16.3.4.1 Company Overview
- 16.3.4.2 Product Portfolio
- 16.3.4.3 Financials
- 16.3.4.4 SWOT Analysis
- 16.3.5 Sumitomo Corporation
- 16.3.5.1 Company Overview
- 16.3.5.2 Product Portfolio
- 16.3.5.3 Financials
- 16.3.5.4 SWOT Analysis
- 16.3.6 Pirelli Tyre S.p.A
- 16.3.6.1 Company Overview
- 16.3.6.2 Product Portfolio
- 16.3.6.3 Financials
- 16.3.6.4 SWOT Analysis
- 16.3.7 Yokohama Tire Corporation
- 16.3.7.1 Company Overview
- 16.3.7.2 Product Portfolio
- 16.3.7.3 Financials
- 16.3.7.4 SWOT Analysis
- 16.3.8 Hankook Tire and Technology Co., Ltd.
- 16.3.8.1 Company Overview
- 16.3.8.2 Product Portfolio
- 16.3.8.3 Financials
- 16.3.8.4 SWOT Analysis
- 16.3.9 Toyo Engineering Corporation
- 16.3.9.1 Company Overview
- 16.3.9.2 Product Portfolio
- 16.3.9.3 Financials
- 16.3.9.4 SWOT Analysis
- 16.3.10 Kumho Tyre (Australia) Pty Ltd.
- 16.3.10.1 Company Overview
- 16.3.10.2 Product Portfolio
- 16.3.10.3 Financials
- 16.3.10.4 SWOT Analysis
- 17 Tire Manufacturing Process
- 17.1 Product Overview
- 17.2 Detailed Process Flow
- 17.3 Various Types of Unit Operations Involved
- 17.4 Mass Balance and Raw Material Requirements
- 18 Project Details, Requirements and Costs Involved
- 18.1 Land Requirements and Expenditures
- 18.2 Construction Requirements and Expenditures
- 18.3 Plant Machinery
- 18.4 Machinery Pictures
- 18.5 Raw Material Requirements and Expenditures
- 18.6 Raw Material and Final Product Pictures
- 18.7 Packaging Requirements and Expenditures
- 18.8 Transportation Requirements and Expenditures
- 18.9 Utility Requirements and Expenditures
- 18.10 Manpower Requirements and Expenditures
- 18.11 Other Capital Investments
- 19 Loans and Financial Assistance
- 20 Project Economics
- 20.1 Capital Cost of the Project
- 20.2 Techno-Economic Parameters
- 20.3 Product Pricing and Margins Across Various Levels of the Supply Chain
- 20.4 Taxation and Depreciation
- 20.5 Income Projections
- 20.6 Expenditure Projections
- 20.7 Financial Analysis
- 20.8 Profit Analysis
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