According to the latest report by IMARC Group, titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global tire market reached a volume of 2,321.3 Million Units in 2022. Tires are ring-shaped flexible and pneumatic structures that are placed around the rim of a wheel. They are manufactured using wire, rayon, natural and synthetic rubber, polyester, steel, silica, carbon black and a vulcanization accelerator. These structures provide a sturdy gripping surface for traction while transferring the vehicle’s load to the surface. Tires also absorb shocks and reduce the impact of vibrations while driving as they serve as a cushion for the wheels of a moving vehicle. This enhances the road feel and improves the overall performance of the vehicle.
Global Tire Market Trends:
The global tire market is primarily driven by the rapid growth of the automotive sector. The rising global population, rapid urbanization and increasing consumer expenditure capacities have escalated the demand for passenger vehicles across the globe, especially in developing countries. Besides this, with the increasing demand for construction vehicles due to expanding infrastructural development, is significantly catalyzing the market growth. Moreover, several leading manufacturers are extensively investing in research and development (R&D) activities to improve tire design and rubber quality. This has led to the advent of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances. Besides this, with the growing environmental concerns, numerous ecological tires have also been introduced in the market, which is gaining widespread popularity owing to their enhanced focus toward sustainable development. They are also introducing biodegradable 3D printed smart concept tires, manufactured using sustainable materials, which are airless and equipped with sensors that offer real-time updates about the condition of the tire. Looking forward, the market is expected to grow at a CAGR of 2.88% during 2023-2028.
- On the basis of the design, the market has been bifurcated into radial and bias tires, wherein radial tires represent the most preferred segment.
- Based on the end-use, the replacement segment dominates the market.
- On the basis of the vehicle type, the market has been divided into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR) vehicles. Among these, passenger cars exhibit a clear dominance in the market.
- Based on the distribution channel, the market has been bifurcated offline and online, wherein tires are majorly distributed through offline channels.
- On the basis of the season, the market is segmented into all season, winter and summer tires. Currently, summer tires account for the majority of the total market share.
- On the geographical front, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been analyzed, with the key players being 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.
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