The Tires Market is anticipated to reach US$ 169.06 Bn by 2029 from US$ 126.75 Bn in 2022 at a CAGR of 4.2% during a forecast period.
pooja rakade
Tires Market Report Scope and Research Methodology :
Our comprehensive Tires Market report is the result of rigorous research methodology. It incorporates a wide array of data sources, including market trends, industry analysis, and expert insights. Our approach ensures that complex data is presented in an easily understandable manner, making it valuable to industry stakeholders and decision-makers.
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Tires Market Dynamics:
1. Increase in Vehicle Production & Sales: The global tire market is primarily driven by the continuous surge in global vehicle production and sales. This growth extends to commercial vehicles such as trucks, tractors, and trailers, further boosting market prospects. Increasing consumer preferences for lightweight, luxury, and premium vehicles are contributing to the market’s expansion. With global vehicle sales projected to reach an estimated XX million by 2026, the demand for tires remains robust.
2. Growing Production and Sales of Electric Vehicles: The rise of electric vehicles (EVs) is expected to drive the tire market in the coming years. Consumers are increasingly concerned about environmental issues, leading to stricter regulations aimed at reducing emissions. Consequently, manufacturers are focusing on developing environmentally sustainable options, making EVs more appealing due to their improved range, battery life, reliability, and affordability. China, a leader in the EV market, is projected to reach a market value of 3.79 million units by 2026.
Tires Market Regional Insights:
- United States: The U.S. tire market holds a 28% share and is expected to grow at a CAGR of 5.4% during the forecast period.
- Europe: Expected to reach 593 billion units, with Germany growing at a CAGR of 3.4%.
- Japan and Canada: Expected to grow at 2.6% and 3.6%, respectively.
- Asia-Pacific: Expected to grow at a CAGR of 5.3%, with China, India, and Japan accounting for 72% of the Asia tire market in 2022.
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Tires Market Segmentation:
by Type
Radial Tires
Bias Tires
Non-Pneumatic Tires
by Vehicle Type
Passenger Cars
Commercial Cars
Off-Road Cars
by Distribution Channel
OEM
Aftermarket
Tires Market Key Players:
Asia Pacific
Apollo Tyres Ltd (India)
MRF (India)
CEAT (India)
JK Tyre & Industries Ltd (India)
Madras Rubber Factory Ltd.(India)
Bridgestone Corporation (Japan)
Toyo Tire & Rubber Co., Ltd.(Japan)
Sumitomo Corporation(Japan)
Yokohama Tire Corporation (Japan)
Giti Tire Pte. Ltd (Singapore)
Cheng Shin Rubber Ind. Co. Ltd (Taiwan)
Maxxis International (Taiwan)
Hankook Tire Co., Ltd (South Korea)
Kumho Tire Co., Inc (South Korea)
Nexen Tire Corporation(South Korea)
Zhongce Rubber Group Co., Ltd.(China)
Sailun Group Co. Ltd.(China)
Shandong Linglong Tire Co., Ltd (China)
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Table of content for the Tires Market includes:
- Global Tires Market : Research Methodology
- Global Tires Market : Executive Summary
- Market Overview and Definitions
- Introduction to the Global Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Tires Market : Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size and Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by growth and trend
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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