Tires Market Report: Trends, Forecast and Competitive Analysis to 2030

Tires Market Report: Trends, Forecast and Competitive Analysis to 2030

Tires Trends and Forecast

The future of the global tires market looks promising with opportunities in the passenger car/ light truck, commercial tires (trucks), and commercial tires (off-highway) markets. The global tires market is expected to reach an estimated $29.6 billion by 2030 with a CAGR of 3.2% from 2024 to 2030. The major drivers for this market are growing demand for high-performance tires owing to increasing popularity of road trips among the masses, stringent environmental regulations, and increasing global production and sales of both passenger and commercial cars.

A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Tires by Segment

The study includes a forecast for the global tires by product, application, and region.

Tires Market by Product [Shipment Analysis by Value from 2018 to 2030]:

• Diagonal Tires
• Radial Tires

Tires Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Passenger Car/ Light Truck
• Commercial Tires (Trucks)
• Commercial Tires (Off-Highway)

Tires Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Tires Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies tires companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the tires companies profiled in this report include-

• The Michelin
• Bridgestone
• Continental
• The Goodyear Tire and Rubber
• Sumitomo
• Pirelli Tyre
• Yokohama Tire
• Hankook Tire and Technology
• Toyo Engineering
• Kumho Tyre

Tires Market Insights

Lucintel forecasts that bias tires will remain the larger segment over the forecast period.

APAC will remain the largest region over the forecast period.

Features of the Global Tires Market

Market Size Estimates: Tires market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Tires market size by product, application, and region in terms of value ($B).

Regional Analysis: Tires market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different product, application, and regions for the tires market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the tires market.

Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the tires market size?

Answer: The global tires market is expected to reach an estimated $29.6 billion by 2030.

Q2. What is the growth forecast for tires market?

Answer: The global tires market is expected to grow with a CAGR of 3.2% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the tires market?

Answer: The major drivers for this market are growing demand for high-performance tires owing to increasing popularity of road trips among the masses, stringent environmental regulations, and increasing global production and sales of both passenger and commercial cars.

Q4. What are the major segments for tires market?

Answer: The future of the global tires market looks promising with opportunities in the passenger car/ light truck, commercial tires (trucks), and commercial tires (off-highway) markets.

Q5. Who are the key tires market companies?

Answer: Some of the key tires companies are as follows:

• The Michelin
• Bridgestone
• Continental
• The Goodyear Tire and Rubber
• Sumitomo
• Pirelli Tyre
• Yokohama Tire
• Hankook Tire and Technology
• Toyo Engineering
• Kumho Tyre

Q6. Which tires market segment will be the largest in future?

Answer: Lucintel forecasts that bias tires will remain the larger segment over the forecast period.

Q7. In tires market, which region is expected to be the largest in next 5 years?

Answer: APAC will remain the largest region over the forecast period.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the tires market by product (bias tires and radial tires), application (passenger car/ light truck, commercial tires (trucks), and commercial tires (off-highway)), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

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