Global Tires Market Growth 2024-2030

Global Tires Market Growth 2024-2030

According to our LPI (LP Information) latest study, the global Tires market size was valued at US$ 22320 million in 2023. With growing demand in downstream market, the Tires is forecast to a readjusted size of US$ 27850 million by 2030 with a CAGR of 3.2% during review period.

The research report highlights the growth potential of the global Tires market. Tires are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Tires. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Tires market.

Tire is in a variety of vehicles or machinery assembled on the ground rolling ring elastic rubber products. Usually mounted on metal rims, it can support the body, cushion the external impact, achieve contact with the road and ensure the vehicle performance. Tires are often used under complex and harsh conditions. They bear various deformation, load, force and high and low temperature when driving, so they must have higher bearing capacity, traction capacity and buffer capacity. At the same time, it also requires high wear resistance and flexural resistance, as well as low rolling resistance and thermogenesis. Half of the world's rubber consumption in tire production, tire consumption capacity can be seen.

In 2022, global tire sales reached 1.749 billion units, of which the three major markets of Europe, North America and China will collectively sell 1.14 billion units, accounting for 65% of the total. China is the world's largest tire producer and exporter. Among the top 75 tire companies in 2022 released by Tire Business, 34 are Chinese companies (including 5 from Taiwan), with a total sale of approximately US$ 34.5 billion, accounting for approximately 19.42% of the total global sales. According to data from the National Bureau of Statistics, by the end of December 2022, the output of rubber tire casings in China was about 856 million. According to the data of the General Administration of Customs, in 2022, the cumulative export volume of rubber tires in China was 7.65 million tons, a year-on-year increase of 4.7%; the export value was ¥131.418 billion, an increase of 16%; the trade surplus was 103.709 billion yuan, an increase of ¥15.89 billion.

Key Features:

The report on Tires market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the Tires market. It may include historical data, market segmentation by Type (e.g., Radial Tires, Bias Tires), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Tires market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the Tires market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the Tires industry. This include advancements in Tires technology, Tires new entrants, Tires new investment, and other innovations that are shaping the future of Tires.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Tires market. It includes factors influencing customer ' purchasing decisions, preferences for Tires product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Tires market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Tires market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Tires market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Tires industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Tires market.

Market Segmentation:

Tires market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

Segmentation by type
Radial Tires
Bias Tires

Segmentation by application
Limousine
Truck
Motocycle
Airplane
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Michelin
Bridgestone
Goodyear
Continental
Sumitomo Rubber Group
Pirelli
Yokohama Rubber
Hankook
Cooper
Kumho Tire
Toyo Tire &Rubber
Apollo Tyres
MRF
NOKIAN
Cheng Shin Tire
Hangzhou Zhongce Rubber
Triangle Tire
Linglong Tire
Aeolus Tire
Shanghai Huayi Group Corporation Limited (Originally Double Coin)
Jiangsu General Science Technology Co, Ltd.
Guizhou Tire
Qingdao Double Star
Xingyuan
Sailun Jinyu Group Co, Ltd
Giti Tire
Shengtai Group
Prinx Chengshan (Shandong) Tire Co, Ltd

Key Questions Addressed in this Report

What is the 10-year outlook for the global Tires market?

What factors are driving Tires market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Tires market opportunities vary by end market size?

How does Tires break out type, application?

Please note: The report will take approximately 2 business days to prepare and deliver.