Increasing automobile sales and production and rising aftermarket demand for tires coupled with advancements in tire technology will lead to the growth of the Global Tire Market in the forecast period.
According to TechSci Research report, “Tire Market –Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the Global Tire Market is anticipated to grow at a robust growth rate of 7.53% by value during the forecast period to reach USD 353 billion by 2027, owing to increased manufacturing & demand for replacement tires. China, being the largest tire producer and market in the world is expected to grow at a CAGR of 7.52% by volume in the forecast period. The government of China is planning to increase the production of electric vehicles by providing subsidies on each purchase of electric vehicles. For the next five years, the expansion of the tire market will mostly be driven by strengthening the financial standing of the global automobile sector through loan waivers, the availability of commodities at reduced prices, and the rising acceptance of bank financing.
Global Tire Market is classified based on vehicle type, by demand category, by tire construction type, and by region. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicle, medium and heavy commercial vehicles, two wheelers, three wheelers, OTR. Increase in sales of passenger cars due to presence of huge population and disposable income is upsurging the demand for passenger car tires.
In terms of demand category, original equipment manufacturers (OEM) are the fastest growing segment in the forecast years. As tire manufacturers adopt new technologies, the replacement rate of tires will increase, which will escalate the demand for tires, and the market will continue to grow sustainably.
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On the basis of tire construction type, market is segmented into radial tires & bias tires. The radial tires have better performance characteristics, especially in heavy commercial vehicles, such as minimal rolling resistance, rapid heat dissipation, and prolonged life, which are some of the factors driving the demand for radial tires. Additionally, the flexibility of these tires is improved by the reduced rolling resistance of tires. Owing to these qualities of radial tires peoples are preferring radial tires instead of bias tires. As a result, radial tires hold a major share in the global tire market in tire construction segment.
Majority of automobile production and sales come from Asian & European countries, hence making them leaders of the mainstream market. China, the US, and Germany are the three largest tires producers and markets in the world, respectively. China and the US will grow at a CAGR of 7.52% and 5.90% in terms of volume respectively and will help boost the market in the forecast period.
Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of tires in the end of first quarter and substantially in second quarter fell in most of the countries affecting current year’s performance. Nevertheless, in most of the regions across globe, the market rapidly recovered in the end of second quarter and the third quarter.
The Michelin group dominates the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products, which withstand government’s safety norms.
Some of the major companies operating in the Global Tire Market include:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
- Cheng Shin Rubber Industry Co.
- Toyo Tire Corporation
- Shandong Linglong Tire Co., Ltd.
- Giti Tire
- Sailun Group Co. Ltd.
- Madras Rubber Factory Ltd.
- Kumho Tire Co.
- Nokian Tires plc
- Nexen Tire Corporation
- JK Tyre Industries Ltd.
- Apollo Tyres Ltd.
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“The demand for tires is anticipated to increase globally in the coming years, on account of increased adoption of new tire technologies.”, thus making the market grow in the forecast time period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“Tire Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region”, has evaluated the future growth potential of global tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Tire Market.
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