As per TechSci Research report “Global Tire Market Forecast & Opportunities, 2022”, tires are serious business. The overall global tire market is estimated to grow to well over $2.7 trillion by 2022. A fundamental chunk of this growth comes from the Asia-Pacific region, which is also growing at a fast clip. As countries in the APAC region start developing, their vehicle fleet size also tends to develop, which leads to an increase in the tire purchase. India and China, the two fasted growing economies in the world, are both situated in the APAC region and are both tremendous demand generators. While a rising Chinese middle class is slowly moving towards the purchase of passenger cars, in India two-wheelers still rule the roost as far as tire purchases are concerned.

The data present in the TechSci report also bears out certain macroeconomic phenomena being witnessed around the world; as more countries start to develop, spending on two-wheelers go up and then starts to slowly go down as the newly minted middle class abandon their two-wheelers for passenger cars. Developing countries on the whole have significantly higher percentage of market share cornered by two wheelers as compared with developed countries, which have more passenger cars. Medium and Heavy Commercial Vehicles (M&HCV) are deployed more in developed countries whereas developing countries still rely more on Light Commercial Vehicles (LCV). Admittedly, the correlations are still prone to outliers; for example, smaller countries with high population countries still favour two-wheelers and LCVs independent of income levels, given that space is at a premium.     

Other macroeconomic data also bears out by the strength of the research inculcated into the report. Europe and the Commonwealth of Independent States and North America, the erstwhile leading tire demand generators, are slowly on the decline, and APAC region is on the rise along with Africa, though admittedly Africa starts from a much lower base which helps with growth. Demand for tires in the Middle East and South America regions are expected to hold relatively steady, given that the regions are undergoing economic instability due to the dynamics of the global energy market.

TechSci Research report “Global Tire Market Forecast & Opportunities, 2022” is a phenomenal repository of information for all things related to tire production vis a vis passenger car, LCV, M&HCV, two-wheeler, three-wheeler and OTR tires. Boasting of over 400 graphs packed with information and insight, the report promises to be a one stop shop for all things tire related.