What Fueled Tire Market?
The tire market has seen considerable growth due to a variety of factors.
• In recent times, the tire market size has witnessed substantial growth. It is projected to escalate from $200.97 billion in 2024 to $211.22 billion in 2025, following a compound annual growth rate (CAGR) of 5.1%.
The growth observed in the historic period is due to factors such as the expansion of the automotive industry, customer preferences towards performance and safety, legal regulations, economic conditions, and the alternative tire market.
What is the Forecasted Market Size and CAGR for the Tire Market?
The tire market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the tire industry is anticipated to experience a consistent surge in market size, projected to reach $250.39 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 4.3%.
Various factors contributing to this growth over the forecast period include the rise in electric vehicle (EV) integration, self-driving vehicles, initiatives around the circular economy, developments in tire materials, and considerations around climate change. Key trends that are expected to be seen during the forecast period include the emergence of intelligent tire technologies, technological enhancements, an increase in demand for green and environmentally friendly tires, developments in tire technology, and the growth of online tire retailing.
What Are the Critical Driver Fuelling the Tire Market's Growth?
The tire market's advancement is anticipated to be fuelled by an escalation in vehicle fabrication. The term "vehicle production" pertains to the creation of identical versions of passenger vehicles, light and heavy-duty trucks, pickups, vans and sports utility vehicles on a substantial scale. Tires, being a crucial part of a vehicle's suspension and steering system, are chiefly responsible for carrying the vehicle's weight, transmitting traction and braking forces to the roadway, absorbing roadway shocks, and modifying and sustaining the direction of motion. For example, the European Automobile Manufacturers' Association (ACEA), which represents the main lobbying and standards group for the automobile industry in the European Union, indicated in a report issued in March 2022 that global production of motor vehicles hit 85.4 million in 2022, a rise of 5.7% compared to 2021. Consequently, the escalating production of vehicles propels the expansion of the tire market.
What are the Market Segments in the Tire Market?
The tire market covered in this report is segmented –
1) By Type: Bias Tire, Radial Tire, Belted Bias
2) By Distribution Channel: Online, Offline
3) By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
4) By End-Use: Replacement Tires, OEM Tires
Subsegments:
1) By Bias Tire: Cross Ply Tires, Diagonal Ply Tires
2) By Radial Tire: Passenger Radial Tires, Truck Radial Tires, Specialty Radial Tires
3) By Belted Bias: Belted Bias Passenger Tires, Belted Bias Truck Tires
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What Trends are Shaping the Tire Market?
The tire market is witnessing a growing trend of technological innovations. Prominent businesses in this sector are concentrating their efforts on producing advanced technologies to maintain their dominant position in the market. For instance, in February 2023, Zhongce Rubber Group, a company based in China that specialises in tire manufacturing, launched a novel range of tires named the EV Pro line-up catered for EV passenger vehicles. These tires incorporate Zuper Silent technology, designed to minimize tire sounds through the incorporation of all-season noise absorbing compounds, three-dimensional silent bolts, and a unique soundproof chamber. Notably, the EV PRO is equipped with BPOT technology that provides superior handling due to a 5% increase in contact area at high speed, and Mixing Technology, enhancing grip and stability. Also, the use of Gen II Hybrid Silane Compound in the EV PRO improves mileage, while the application of DMOT Design Theory enhances rolling resistance.
Who Are the Key Players in the Tire Market?
Major companies operating in the tire market include:
• Sumitomo Corporation
• Continental AG
• Bridgestone Corporation
• Michelin Group
• The Goodyear Tire and Rubber Company
• Maxxis International
• Yokohama Tire Corporation
• Pirelli Tyre SpA
• Zhongce Rubber Group Co Ltd.
• Cheng Shin Rubber Ind. Co Ltd.
• Sailun Group Co Ltd.
• Apollo Tyres Ltd.
• Trelleborg AB
• MRF Limited
• Kumho Tyre Pty. Ltd.
• Shandong Linglong Tire Co Ltd.
• Linglong Tire Co Ltd.
• Cooper Tire & Rubber Company
• Nexen Tire Corporation
• Hankook Tire and Technology Co Ltd.
• Nokian Tyres plc
• Double Coin Holdings Ltd.
• JK Tyre & Industries Ltd.
• CEAT Limited
• Triangle Tyre Co Ltd.
• Guizhou Tyre Co Ltd.
• Alliance Tire Group
• Aeolus Tyre
• GT Asia Pacific Holdings Pte. Ltd.
• Federal Corporation
• JINYU Tire Group Co Ltd.
What are the Regional Insights into the Tire Market?
Asia-Pacific was the largest region in the tire market in 2024. The regions covered in the tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
