New Delhi, June 12, 2023 (GLOBE NEWSWIRE) -- Consumers are becoming more conscious of safety and performance when it comes to their vehicles. They are willing to invest in high-quality tires that offer better traction, fuel efficiency, and durability. This trend has led to an increased demand for premium and specialty tires. In regions with distinct seasons, the demand for seasonal tires, such as winter tires or summer tires, fluctuates accordingly. Drivers switch to tires suitable for specific weather conditions, driving up demand during those seasons.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Tire Market was worth USD 276.36 billion in 2022 and is anticipated to reach USD 712.56 billion by 2029 at a CAGR of 8.05% (2023-2029). Rising vehicle production and sales are propelling the global Tyres Market. Rising profits in emerging economies are fueling the tire industry's rise by increasing the number of cars in use. Because increased automobile ownership leads to increased demand for light-weight vehicle tyres, the Tyres Market benefits from an expansion of the middle class in nations undergoing modernization. Rubber cost reductions have resulted in increased tire output. The replacement tire sector, in particular, may expect considerable growth in the next years due to its high profit margins. The Global Tyres Market is predicted to expand due to rising demand for vehicles, buses, and trucks, as well as increased need for low-resistance tyres.
Rapid Urbanization, Expanding Population
Rapid urbanization, expanding population, and robust expansion in the automobile sector are all driving global tyre sales. Furthermore, increased construction spending and rising vehicle motorization rates are having an influence on commercial vehicle manufacturing, boosting market development. With an increase in consumer awareness of road safety and an increase in the incidence of road accidents, OEMs have been pushed to focus on tire efficiency and performance. Several significant players are pioneering novel product designs such as lightweight tyres, streamlined ribs, blocks, and lugs. The expansion of this market is aided by stable output in the automobile sector. Rapid population development, rising population, and major expansion in the vehicle sector all have an impact on global tyre sales.
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Global Tires Market: By Demand Category
Based on demand category, the market is classified into OEM, and replacement. The Original Equipment Manufacturer (OEM) segment in the tires market has been experiencing significant growth in recent years. The OEM segment refers to tires that are directly supplied by tire manufacturers to vehicle manufacturers for installation on new vehicles during the production process. The global automotive industry has been expanding, with a growing number of vehicles being produced each year. This has led to a higher demand for OEM tires as automakers require tires to equip their newly manufactured vehicles.
Global Tires Market: By Region
The global Tires Market is divided into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia-Pacific is the leading player and holding more than half of the market share. China is the central hub for business through industries and one of the firmest rising economies in the world. The request for materials like coal, iron ore, gold, and copper is growing. As a result, the demand for mining truck tires has gone up as well. Besides, investments in the mining sector are predictable to help as a good opportunity for heavy-duty tire manufacturers. The surge in the mining production is likely to push demand for new building machinery in fields by replacing old machinery, which is additionally powering the mining tires' demand.
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Impact of COVID-19 on the Global Tires Market
The automobile and transportation industries are among the most vulnerable to the ongoing Covid-19 eruption and are presently experiencing unprecedented instability. COVID-19 is expected to have a substantial influence on the automotive supply chain and product requirements. The industry's concern has shifted from supply chain disruptions from China to a general drop in demand for automotive items. With the suspension of all non-essential services, demand for commercial cars is expected to fall. Furthermore, changes in consumer purchasing behavior owing to uncertainty surrounding the pandemic may have serious ramifications for companies with near-term growth.
Competitive Landscape
Some of the leading players operating in the Global Tire Market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), and Sumitomo Rubber Industries (Japan) and other prominent players. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global Tires Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Tires Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Development:
- April 2023: French tyre major Michelin is actively considering production of passenger vehicle tyres locally in India, according to the group Chief Executive Officer Florent Menegaux. The local manufacturing would help the Clermont-Ferrand based tyre major to scale up operations in India, which remain critically subdued with the government introducing import restrictions in 2020.
- June 2021: Goodyear Tire and Rubber Company, a US-based tire manufacturing company acquired Cooper Tire and Rubber Company for an undisclosed amount. The acquisition combines two leading tire companies with complementary product portfolios, services, and capabilities to create a stronger U.S.-based leader in the global tire industry. Cooper Tire and Rubber Company is a US-based tire manufacturing company.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | North America (US, Canada), Europe (Germany, UK, France, Italy, Spain, The Netherlands, Belgium, NORDIC Countries, Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of Asia Pacific), Latin America (Brazil, Mexico, Argentina, Peru, Colombia, Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Qatar, Kuwait, Iran, South Africa, Nigeria, Kenya, Egypt, Morocco, Algeria, Rest of Middle East & Africa) |
| Product/ Service Segmentation | Product, Application, Demand Category and Region |
| Key Players | Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), and Sumitomo Rubber Industries (Japan) and other prominent players. |
By Type
- Radial
- Bias
By Application
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheelers
By Demand Category
- OEM
- Replacement
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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