The global tire market reached a volume of 3.2 Billion Units in 2019, growing at a CAGR of around 4% during 2014-2019. Tires form an essential component of the automobile industry. They provide traction between the vehicle and the road while providing a flexible cushion that absorbs shock. They are manufactured using various materials, including natural and synthetic rubber, carbon black, polyester, rayon, steel, silica and vulcanization accelerator. Nowadays, there is a wide variety of tires available in the global market, which caters to the requirement of different kind of vehicles.
One of the leading factors driving the demand for tires across the globe is the accelerating sales of passenger vehicles, particularly in the emerging economies. Tires perform numerous functions, such as supporting the weight of a vehicle, transmitting accelerating and braking force to the ground, changing or maintaining direction, and absorbing shock from the road surface, which help in improving the overall performance of the vehicle. Along with this, the growing infrastructure activities in both the developed and developing countries are expected to fuel the demand for construction vehicles, which in turn will boost the sales of tires. Besides this, the leading companies are engaging in the development of advanced products, such as ecological, flat-run and nitrogen-based tires, that are environment-friendly. For instance, Bridgestone Corporation, the world's largest tire and rubber company, has introduced the next-generation fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly. They also continue to support the weight of the vehicle using the reinforced sidewalls even when the tire is punctured, unlike conventional tires. Looking forward, IMARC Group further expects the market to reach a volume of 4.0 Billion Units by 2025.
Key Market Segments:
Breakup by Design:
Breakup by End-Use:
Breakup by Vehicle Type:
Breakup by Distribution Channel
Breakup by Season
Breakup by Region:
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 Michelin, Bridgestone, Continental, Goodyear, Sumitomo, Pirelli, Yokohama, Hankook, Toyo, Kumho, etc.
Key Questions Answered in This Report:
The global tire market size reached 3.2 Billion Units in 2019.
According to IMARC Group estimates, the global tire market will reach a volume of 4.0 Billion Units by 2025.
The global tire market will primarily be driven by the growing demand for passenger cars, particularly in the developing regions of the world.
The major trends in the market include the development of green, eco-friendly tires that offer improved performance.
At present, passenger cars are the leading vehicle segment and hold the majority of the global tire market share.
The major tire manufacturers are Bridgestone Corporation, Manufacture Francaise de Pneumatiques Michelin, Goodyear Tire & Rubber Company, Continental Tire the Americas, LLC, Pirelli & C. S.p.A., TBC Corporation, Hankook Tire Co., Ltd., Yokohama Tire Corporation, Kumho Tire Company, and Toyo Tire Holdings of Americas Inc.
Based on region, Asia-Pacific, including major developing markets like China, India, and Indonesia, is the largest market for tires globally.
Currently, most tires are distributed through offline retailers.
During 2014-2019, the global tire market exhibited a CAGR of nearly 4%.
Presently, all season tires are the most preferred segment in the tire industry.
Currently, the most popular tire rim sizes in the Unites States are 13"-15"; 16"-18"; 19"-21"; and 22"-26".
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