How Big is the Tire (Tyre) Market?
The Global Tire Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29. With the emergence of more efficient vehicles and a smoother infrastructure, the market is experiencing rapid growth & changes. The rise in vehicle production in developing countries & increased competition among tire manufacturers are the prime aspects projected to drive the market in the forecast years.
Market Statistics
- Market Size in 2023: USD 232 billion
- Market Growth Rate (CAGR): 4.11% from 2024-2029
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Tire (Tyre) Market Insight:
Driver-
Mounting Prevalence of Electric Vehicles – One of the most prominent factors projected to drive the Tyre Market during 2024-29 is the rapidly surging electric vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the Tire Market growth.
Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.
Tire (Tyre) Market Segmentation:
The report has segmented the market into the following categories:
By Vehicle Type
- Two-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
- Three-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
- Passenger Car- Market Size & Forecast 2019-2029, (Thousand Units)
- Commercial Vehicle -Market Size & Forecast 2019-2029, (Thousand Units)
- Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2029, (Thousand Units)
- Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2029, (Thousand Units)
- Off-the-Road Vehicle (OTR)-Market Size & Forecast 2019-2029, (Thousand Units)
By Demand Type
- OEM – Market Size & Forecast 2019-2029, (Thousand Units)
- Replacement – Market Size & Forecast 2019-2029, (Thousand Units)
By Tire Type
- Radial- Market Size & Forecast 2019-2029, (Thousand Units)
- Bias – Market Size & Forecast 2019-2029, (Thousand Units)
By Season
- Summer Tires- Market Size & Forecast 2019-2029, (Thousand Units)
- Winter Tires – Market Size & Forecast 2019-2029, (Thousand Units)
- All Season Tires- Market Size & Forecast 2019-2029, (Thousand Units)
By Sales Channel
- Direct Sales- Market Size & Forecast 2019-2029, (Thousand Units)
- Dealer Distributor – Market Size & Forecast 2019-2029, (Thousand Units)
- Online Platform- Market Size & Forecast 2019-2029, (Thousand Units)
By Rim Size
- Up to 12” – Market Size & Forecast 2019-2029, (Thousand Units)
- 1” to 15” – Market Size & Forecast 2019-2029, (Thousand Units)
- 1” to 18” – Market Size & Forecast 2019-2029, (Thousand Units)
- 18” to 22.5” – Market Size & Forecast 2019-2029, (Thousand Units)
- 6” to 26” – Market Size & Forecast 2019-2029, (Thousand Units)
- 1” to 35” – Market Size & Forecast 2019-2029, (Thousand Units)
- 1” to 47” – Market Size & Forecast 2019-2029, (Thousand Units)
- Above 47” – Market Size & Forecast 2019-2029, (Thousand Units)
By Price Category
- Budget- Market Size & Forecast 2019-2029, (Thousand Units)
- Economy- Market Size & Forecast 2019-2029, (Thousand Units)
- Premium- Market Size & Forecast 2019-2029, (Thousand Units)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape:
- Bridgestone Corporation
- Continental AG
- Hankook & Company Co., Ltd.
- Michelin
- Nokian Tyres Plc
- Pirelli & C. S.P.A.
- Sumitomo Rubber Industries, Ltd.
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- MRF Limited
- CEAT Limited
- JK Tire & Industries Ltd.
- Apollo Tires Ltd
- Zhongce Rubber Group Co., Ltd.
- Sailun Group Co., Ltd
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Key Highlights of the Report:
- Market Performance (2024-2029)
- Strategic Recommendations
- Current, Historical and Future Market Trends
- Market Drivers and Leading Competitor
- SWOT Analysis
- Structure of the Market
- Comprehensive Mapping and Recent Advancement
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