Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A575
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Market Overview:

The global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.

A tire is a circular, ring-shaped automotive component that contains the wheel rim and is filled with compressed air. It is manufactured using natural or synthetic rubber, wire, silica, carbon black, steel, and other compounds. It transfers the weight of the automobile from the axle to the ground and provides stability to the vehicle by reducing vibrations and improving shock absorption. It also increases the performance of the vehicle, improves mileage and passenger safety, and reduces wear and tear. Presently, it is commonly available in different sizes and variants depending on the type of automobile.

Tire Market Trends:

Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world. In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. Apart from this, key players are launching eco-friendly, lightweight, and airless three-dimensional (3D) printed variants. They are also focusing on recovering and recycling used tires to minimize their environmental impact and save a considerable amount of energy required to manufacture new ones. Besides this, there is a rise in the number of logistics and transportation activities to deliver packages on time. This, in turn, is propelling the market growth. Furthermore, increasing numbers of farming activities in the agricultural industry are anticipated to create lucrative growth opportunities for the market.

 

 
 

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global tire market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on design, end-use, vehicle type, distribution channel and season.

Breakup by Design:

 

 
 

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  • Radial
  • Bias


Radial tires dominate the market by reducing fuel consumption due to less rolling resistance.

Breakup by End-Use:

  • OEM Market
  • Replacement Market


Tires find extensive application in the replacement market. 

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles
  • Two Wheelers
  • Three Wheelers
  • Off-The-Road (OTR)


Passenger cars hold the largest market share.

Breakup by Distribution Channel:

  • Offline
  • Online


The offline distribution channel accounts for the majority of the total market share as it offers a wider collection of tires and personal services.

Breakup by Season:

  • All Season Tires
  • Winter Tires
  • Summer Tires


Summer tires exhibit a clear dominance in the market as they offer increased responsiveness, cornering, and braking capabilities.

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Others
  • Middle East and Africa
    • Turkey
    • Saudi Arabia
    • Iran
    • United Arab Emirates
    • Others


The Asia Pacific holds the majority of the global tire market share due to increasing sales of passenger vehicles in the region.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units Million Units
Segment Coverage Design, End-Use, Vehicle Type, Distribution Channel, Season, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2999
Five User License: US$ 3999
Corporate License: US$ 4999
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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