The global market for Tires is estimated at 2.4 Billion Units in 2023 and is projected to reach 3.1 Billion Units by 2030, growing at a CAGR of 3.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the tire market is driven by several factors, including advancements in tire technology, increasing vehicle production, and rising consumer awareness about vehicle safety and performance. Technological innovations, such as the development of smart tires equipped with sensors to monitor tire pressure and temperature, are enhancing vehicle safety and performance. The expanding electric vehicle market is also boosting demand for specialized tires that cater to the unique needs of EVs.
Furthermore, the trend towards sustainable and eco-friendly products is prompting manufacturers to invest in the development of tires made from renewable materials and those that offer improved fuel efficiency. Additionally, the increasing prevalence of ride-sharing and mobility services is driving demand for durable, high-performance tires that can withstand higher usage rates. These factors collectively contribute to the robust growth of the tire market, reflecting its critical role in the evolving automotive landscape.
The growth in the tire market is driven by several factors, including advancements in tire technology, increasing vehicle production, and rising consumer awareness about vehicle safety and performance. Technological innovations, such as the development of smart tires equipped with sensors to monitor tire pressure and temperature, are enhancing vehicle safety and performance. The expanding electric vehicle market is also boosting demand for specialized tires that cater to the unique needs of EVs.
Furthermore, the trend towards sustainable and eco-friendly products is prompting manufacturers to invest in the development of tires made from renewable materials and those that offer improved fuel efficiency. Additionally, the increasing prevalence of ride-sharing and mobility services is driving demand for durable, high-performance tires that can withstand higher usage rates. These factors collectively contribute to the robust growth of the tire market, reflecting its critical role in the evolving automotive landscape.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Radial Tires segment, which is expected to reach 2.5 Billion Units by 2030 with a CAGR of a 3.7%. The Bias Tires segment is also set to grow at 3.1% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at 400.4 Million Units in 2023, and China, forecasted to grow at an impressive 5.0% CAGR to reach 723.5 Million Units by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Tires Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Tires Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Tires Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Continental AG, Bridgestone Corporation, Apollo Tyres Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 142 Featured):
- Continental AG
- Bridgestone Corporation
- Apollo Tyres Ltd.
- Balkrishna Industries Ltd. (BKT)
- Bridgestone Americas, Inc.
- CEAT Ltd.
- Cooper Tire & Rubber Company
- FATE S.A.I.C.I.
- Kenda Tire
- Nokian Tyres PLC
- Cheng Shin Rubber (Xiamen) Ind. Ltd.
- Dunlop Aircraft Tyres Ltd.
- Dunlop Tires
- Kumho Tire Co., Inc.
- Petlas
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAFRANCEGERMANYITALYUNITED KINGDOMSPAINRUSSIAREST OF EUROPEREST OF ASIA-PACIFICLATIN AMERICABRAZILREST OF LATIN AMERICAREST OF WORLDIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
ASIA-PACIFIC
INDIA
Companies Mentioned
- Continental AG
- Bridgestone Corporation
- Apollo Tyres Ltd.
- Balkrishna Industries Ltd. (BKT)
- Bridgestone Americas, Inc.
- CEAT Ltd.
- Cooper Tire & Rubber Company
- FATE S.A.I.C.I.
- Kenda Tire
- Nokian Tyres PLC
- Cheng Shin Rubber (Xiamen) Ind. Ltd.
- Dunlop Aircraft Tyres Ltd.
- Dunlop Tires
- Kumho Tire Co., Inc.
- Petlas
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 503 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value in 2023 | 2.4 Billion Units |
| Forecasted Market Value by 2030 | 3.1 Billion Units |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
