The global tire market was worth 3.1 Billion Units in 2018, growing at a CAGR of 4.3% during 2011-2018. A tire surrounds a wheel’s rim to transfer the vehicle’s load on the surface and offers a strong grip between the road and the vehicle. It is a flexible and robust structure that is manufactured using various materials such as wire, fabric, natural rubber, carbon black and synthetic rubber. Tires are strong and flexible and help absorb vibrations. Since they improve the overall performance of the vehicle, they are widely utilized in buses, cars, trucks, bikes, bicycles, wheelchairs, lawn mowers, forklifts, shopping carts and airplanes.
Various factors such as rapid urbanization, changing lifestyles, mounting income levels and rising population have led to an increase in the sales of both commercial and passenger vehicles. Strong growth in the automotive industry is directly influencing the sales of tires across the globe. Moreover, increasing investments in the construction sector, the thriving tourism industry and rising vehicle motorization rates are positively impacting the production of commercial vehicles, thereby boosting the growth of the market. Apart from this, manufacturers are now engaging in the development of products such as ecological tires, flat run tires and nitrogen-based tires that are environment-friendly. For instance, they are employing orange peel extracts in the production to diminish petroleum usage. According to IMARC Group, the market is anticipated to reach a volume of 3.9 Billion Units by 2024.
On the geographical front, China holds the leading position in the global market. This can be accredited to the flourishing automotive industry in the region supported by increasing population and rapid urbanization.
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market. Some of the leading companies include:
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