Global Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Tires Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A tire is a ring-shaped component that surrounds a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and to provide traction on the surface over which the wheel travels. Most tires, such as those for automobiles and bicycles, are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface. Tires provide a footprint, called a contact patch that is designed to match the weight of the vehicle with the bearing strength of the surface that it rolls over by providing a bearing pressure that will not deform the surface excessively.

Market Overview:

The latest research study on the global Tires market finds that the global Tires market reached a value of USD 162825.99 million in 2022. It’s expected that the market will achieve USD 239623.66 million by 2028, exhibiting a CAGR of 6.65% during the forecast period.

Affect the normal operation of the industry

The raging COVID-19 has left the global economic environment in depression. The impact of COVID-19 on the tires industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, market sales have declined, and company and employee revenue have declined. The impact on the tires industry depends on the prevention and control effects of COVID-19.

Strength

Complete industrial chain
The essence of the industry chain is used to describe a corporate group structure with a certain internal connection. It is a relatively macro concept with two-dimensional attributes: structural attributes and value attributes. A large number of upstream and downstream relationships and mutual value exchanges exist in the industrial chain. The upstream links deliver products or services to the downstream links, and the downstream links feed back information to the upstream links. There are a large number of mature companies in the Tires industry. After long-term development and integration, their strong own strength can help them establish a complete industrial chain, which can realize both structural attributes and value attributes. Companies can not only enjoy the convenience when looking for raw materials and downstream customers, but also get sufficient upstream and downstream information feedback, quickly understand the development trends in the industry, and do some help with the rapid development of the Tires industry.

Weakness

Fierce competition
There are a large number of companies in the industry and the competition is fierce. If the company cannot correctly grasp the market dynamics and industry development trends, it cannot further consolidate its dominant position and ensure its core in product research and development, market expansion, etc. There are market competition risks such as decline in business performance and decline in market share due to weakened competitive advantages. In addition, more and more competitors are entering the market, which means that competition in the industry will become increasingly difficult. If the players still provide roughly the same products or services, or at least few obvious differences; Or if the players continue to compete on price in Tires products, avoiding enhancing products with features and technological content that could increase costs, it will be hard for them to sustain the fierce market. Therefore, companies in the Tires market must increase their R&D activities in order to gain a competitive edge over other market players.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia Pacific (47.42% in 2021).

Company Overview

Michelin, Bridgestone, Goodyear were the top 3 players in the Tires market in 2020, taking up a market share of 41.4% together.

Michelin

Michelin manufactures and distributes tires. The Company offers tires for cars, sport utility vehicles, vans, and motorhomes. Michelin Tyre markets their products worldwide.

Bridgestone

Bridgestone Corporation is a Japanese multinational auto and truck parts manufacturer founded in 1931 by Shojiro Ishibashi in the city of Kurume, Fukuoka, Japan.

Segmentation Overview:

Among different product types, Bias Tire segment is anticipated to contribute the largest market share in 2027.

Radial Tire

The radial tire is a new type of tire in which the tire body cord is arranged according to the meridian direction and the cushion layer of the cord line is arranged circumferentially or close to the circumferential arrangement. It is composed of tread, fetal body, fetal side, buffer layer (or belt layer), bead, lining layer (or airtight layer) of six main parts. According to the body of the tire and the cord material used in the belt layer, radial tires can be divided into three kinds: full steel wire radial tire, half steel wire radial tire and full fiber radial tire.

Bias Tire

The bias tire is mainly composed of tread, cord layer, cushion layer and bead. In a bias tire, the cords (plies) run at a 45-degree angle from bead to bead. This diagonal pattern is criss-crossed with each layer of ply cord, and creates a very rigid structure. This kind of tire has good longitudinal rigidity and is suitable for driving at medium speed on ordinary roads.

Non-Pneumatic Tire

Non-pneumatic tires adopt the integrated design of tire and rim. Its rim and elastic spokes can be deformed to reduce vibration, and can rebound very easily to absorb the energy from the bumps on the ground. Since there is no need for inflation of traditional tires, and no rims of traditional tires, non-pneumatic tires have the functions of maintenance-free, puncture-free, and leakage-free compared to ordinary tires. In addition, when non-inflatable tire is subjected to longitudinal impact load, its internal support structure can have a much larger type variable than ordinary inflatable tire, thus reducing the impact of rugged road surface transmitted through the tire to the suspension and body of the road surface, and improving the performance of vehicle comfort.

Application Overview:

By application, the Auto segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Tires market covered in Chapter 3:

GRI Tires
Apollo Tyres
MRF Tyres
Cooper Tire
Cheng Shin Rubber
Triangle Tire
Hengfeng Tire
Zhongce Rubber
Michelin
Kumho Tire
Titan International, Inc.
Hankook
Nexen Tire
Trelleborg
Giti Tire
Bridgestone
Continental
Goodyear
Sumitomo
Yokohama Tire
Petlas
TVS Eurogrip
Toyo Tire
Linglong Tire
Pirelli

In Chapter 4 and Chapter 14.2, on the basis of types, the Tires market from 2018 to 2029 is primarily split into:

Radial Tire
Bias Tire
Non-Pneumatic Tire

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Tires market from 2018 to 2029 covers:

Agricultural
General Construction
Mining
Forestry
Material Handling
Auto

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)