Tires - Global Strategic Business Report

The global market for Tires was sized at 2.5 Billion Units in 2024 and is projected to reach 3.1 Billion Units by 2030, growing at a CAGR of 3.6% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Tires Market - Key Trends & Drivers Summarized

Tires are fundamental components of vehicles, providing the critical interface between the vehicle and the road. A tire is a ring-shaped component that surrounds a wheel's rim to transfer the vehicle’s load from the axle through the wheel to the ground and to provide traction on the surface traveled over. Most tires, such as those for automobiles and bicycles, are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface. Modern tires are typically made from rubber compounds reinforced with materials like steel and synthetic fibers. Over the years, tire technology has evolved, introducing innovations such as radial tires, which feature layers of fabric cords arranged at right angles to the direction of travel, offering superior flexibility and durability compared to bias-ply tires.

The tire industry has continuously adapted to meet the demands of new vehicle technologies and changing consumer preferences. In recent years, there has been a significant shift towards the development of environmentally friendly tires. Manufacturers are increasingly focusing on producing tires that reduce rolling resistance, thereby improving fuel efficiency and lowering carbon emissions. Additionally, the advent of electric vehicles (EVs) has spurred the need for tires specifically designed to handle the unique performance characteristics of these vehicles, such as higher torque and heavier battery loads. Innovations such as run-flat tires, which allow a vehicle to continue driving for a limited distance after a puncture, and self-sealing tires, which automatically seal small punctures, have also gained popularity.

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.

Scope of the Study

The report analyzes the Tires market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.

Segments:

Product Type (Radial, Bias); Vehicle Type (Passenger Cars, Trucks, Buses, Two-Wheelers, Off-The-Road); End-Use (Replacement, OEM).

Geographic Regions/Countries:

World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; Rest of Asia-Pacific; Latin America; Brazil; Rest of Latin America; Rest of World.

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 3.8%. 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, sized at 411.6 Million Units in 2024, 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.

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 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 Apollo Tyres Ltd., Bridgestone Corporation, CEATLtd., Cheng Shin Rubber Ind. Co. Ltd., Continental AG and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

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?

Some of the 142 major companies featured in this Tires market report include:

• Apollo Tyres Ltd.
• Bridgestone Corporation
• CEATLtd.
• Cheng Shin Rubber Ind. Co. Ltd.
• Continental AG
• Giti Tire Pte. Ltd.
• Hankook Tire Co., Ltd.
• JK Tyre & Industries Ltd.
• Maxxis International
• Michelin
• MITAS A.S.
• MRF Ltd.
• Nexen Tire Corporation
• Nokian Tyres plc
• Pirelli & C. S.p.A.
• Shandong Linglong Tire Co., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Techking Tires Ltd.
• The Yokohama Rubber Co., Ltd.
• Titan International, Inc.
• Toyo Tire Corp.
• Zhongce Rubber Group Co., Ltd.