Tire Market (By Season: Winter Tires, Summer Tires, All Season Tires, Other Tires Types; By Vehicles Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicles (All-terrain Vehicles, Recreational Vehicles); By Type: Radial Tire, Bias Tire; By Sales Channel: OEM, Aftermarket; By Tube: Tubed Tire, Tubeless Tire; By Material: Natural Rubber, Synthetic Rubber) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global tire market size is anticipated to reach of around US$ 150 Bn by 2027 and is expected to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 – 2027.

Automotive tire are made up of pneumatic structures mounted on the vehicle’s rims to transfer the vehicle drive to the ground. Mainly tire is made of synthetic rubber, natural rubber, fabric and wire.

Market Insights

Tire demand has risen exponentially as demand for vehicles in all markets has increased. The tire market is therefore essentially driven by vehicle production, which enhances automotive tire market growth. In addition, intense competition between tire manufacturers to manufacture highly durable, long-lasting and inexpensive tires is projected to foster the demand growth of auto tires. Furthermore, the adoption of new technologies in the manufacturing process of tire to give customers a high degree of quality that contributes to a high degree of efficiency and reliability, is contributing to demand development. In addition, the aftermarket expansion of the global automotive tire market is expected to result in an improvement in the life of vehicles. The growth of the retreading tire market in which worn out tire is replaced, however, this factor may hinder the demand growth of the automobile tires due to the material cost required for the retreading tire process is much smaller than the production of new tires. The growth of market majorly rely on the retreading method may therefore be a challenge for this market. The fluctuation of raw material prices including natural rubber and structural materials may also affect the development of the tire market. Enhancing economies in new emerging countries, including China, India, Brazil and South Africa, may create a possibility to increase the world share of tires.

Report coverage

The market research study on “Tire Market (By Season: Winter Tires, Summer Tires, All Season Tires, Other Tires Types; By Vehicle Types: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicles (All-terrain Vehicles, Recreational Vehicles); By Type: Radial Tire, Bias Tire; By Sales Channel: OEM, Aftermarket; By Tube: Tubed Tire, Tubeless Tire; By Material: Natural Rubber, Synthetic Rubber) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global tire market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global tire market are season, types, vehicle type, tube, material, and major geographic regions. The tire market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.

Asia Pacific holds the significant market share of the global tire market due to rapidly demand of tire, large population, availability of low labor cost, and evolving standards regarding the automotive industry. Due to the current huge investment in the tire market, India is expected to dominate the region. This spending leads to 3% of GDP generated by 7.1% of GDP for the automotive sector as a whole. The global Tire OEM market will be expected to grow significantly in Europe. The second largest position in Tire OEM is currently held by Europe. The rise in carbon emission reduction steps taken by various governments in the region was the driving force behind the development of the car pipe OEM industry in the region. Russia, Denmark, Switzerland, Finland and the Czech Republic are the main countries in the region. The Latin America and Middle East & Africa market is not involved in R&D to produce the tires, which can prove to be fuel-efficient, which is likely to experience a sluggish growth in the automotive tire OEM market.

Key Players

Major players included in this report include Michelin, Continental AG, The Yokohama Rubber Co. Ltd., Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Goodyear Tyre & Rubber Co., Madras Rubber Factory Limited , JK Tyre & Industries Ltd., CEAT Ltd. and others.

The global tire market is segmented as below:

Market Segmentation

Tire Market By Season

• Winter Tires
• Summer Tires
• All Season Tires
• Other Tires Types

Tire Market By Vehicles Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Other Vehicles (All-terrain Vehicles, Recreational Vehicles)

Tire Market By Type

• Radial Tire
• Bias Tire

Tire Market By Sales Channel

• OEM
• Aftermarket

Tire Market By Tube

• Tubed Tire
• Tubeless Tire

Tire Market By Material

• Natural Rubber
• Synthetic Rubber

Tire Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa