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 expects the global tire market to exhibit moderate growth during 2020-2025..
IMARC Group provides an analysis of the key trends in each sub-segment of the global tire market, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on region, end-use, vehicle type, distribution channel and season.
Breakup by Design:
The market has been categorized based on the design into radial and bias tires. Radial tires currently dominate the market across the globe.
Breakup by End-Use:
Based on the end-use, the market has been bifurcated into OEM and replacement tires. At present, OEM tires account for the majority of the global market share.
Breakup by Vehicle Type:
On the basis of the vehicle type, passenger cars hold the largest market share. Other major vehicle types include light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers and off-the-road (OTR) vehicles.
Breakup by Distribution Channel
Based on the distribution channel, the market has been classified into online and offline. Presently, tires are majorly distributed through offline channels.
Breakup by Season
The market has been divided on the basis of the season into all-season, winter and summer tires. Amongst these, all-season tires exhibit a clear dominance in the market.
Breakup by Region:
Region-wise, Asia Pacific holds the leading position in the market. It is further segmented into China, Japan, India, South Korea, Australia and Indonesia. Other major regions are Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others), North America (the United States and Canada), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and Others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and Others).
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.
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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