Insights Into The Tire Market’s Growth Opportunities Through 2023-2032 – Includes Tire Market Share
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Growing vehicle production is likely to promote tyre manufacturing innovation, propelling the market during the forecast period.
The global tire market is expected to grow from $194.32 billion in 2022 to $203.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The global tire market size is expected to reach $241.37 billion in 2027 at a CAGR of 4.3%.
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Global Tire Market Segments Include:
- By Type: Bias Tire, Radial Tire, Belted Bias
- By Distribution Channel: Online, Offline
- By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
- By End-Use: Replacement Tires, OEM Tires
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global tire market in 2021.
Major Market Players in the tire market include Michelin Group, Bridgestone Corporation, Continental AG, The Goodyear Tire and Rubber Company, Sumitomo Corporation, Pirelli Tyre SpA, Yokohama Tire Corporation, Hankook Tire and Technology Co. Ltd.
Technological developments are a major trend that is gaining traction in the tyre business. To strengthen their market position, major tyre firms are focusing on creating innovative technology. For example, Zhongce Rubber Group, a Chinese tyre manufacturer, introduced the EV Pro line-up for EV passenger cars in February 2023, which included Zuper Silent technology, which reduces tyre noise by utilising all-season noise-absorbing compounds, three-dimensional silent bolts and a special soundproof chamber. Furthermore, the EV PRO incorporates BPOT technology, which provides exceptional handling due to a 5% bigger contact area at high speeds, as well as Mixing Technology, which improves grip and stability. Furthermore, the DMOT Design Theory lowers rolling resistance while the Gen II Hybrid Silane Compound enhances EV PRO mileage.
The Tire Global Market Report 2023 provides a tire market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The tire market forecast analyzes tire market size, tire market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A tyre is a circular-shaped component that is usually made of rubber and is put around the outer rim of a vehicle’s wheel to allow the vehicle to attach to the ground. Its major function is to create smooth traction on the surface that the tyre travels over.
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