Tire Market is expected to generate revenue of USD374.51 Billion by 2028
Global Tire Market is
expected to grow in the forecast years as the demand for replacement tire is
growing rapidly with the increase in the fleet size of vehicles.
According to TechSci Research report, “Tire
Market –Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028,” the Global Tire Market is estimated to exhibit
a growth rate of 7.42% by value during the forecast period. The market is also
expected to reach USD374.51 billion by 2028, owing to increasing manufacturing
and the need for replacement tires. China, the world's largest tire
manufacturer and market, is predicted to develop at a volume CAGR of 7.30%
throughout the projected period. The
rise of the tire market over the next five years will be primarily driven by
the strengthening of the global vehicle sector's financial status through loan
waivers, the availability of resources at lower rates, and the increasing acceptance
of bank financing. The expansion of the transportation and logistics
industries, as well as rising consumer demand for pleasant and fuel-efficient
tires, are the main drivers of the demand for tires. Other important drivers
include the expansion of the automotive industry and increased vehicle
production. Government rules concerning tire branding, safety, and fuel
efficiency also have an impact on market demand.
Global Tire Market is classified based on vehicle
type, by demand category, by tire construction type, by region and competitive landscape. Based on vehicle
type, the market is segmented into passenger car, light commercial vehicle,
medium and heavy commercial vehicle, two-wheeler, three-wheeler, and OTR.
The original equipment manufacturers (OEM)
segment is the fastest rising demand category in the anticipated years. As tire
producers implement new technology, the replacement rate of tires will also
rise, increasing demand for tires and allowing the industry to develop
sustainably.
Browse over 395 market
data Figures and 82 Tables spread through 660 Pages and an in-depth TOC
on "Global Tire Market".
The market is divided into two
categories based on tire construction type including radial tires and bias
tires. Radial tires provide superior performance qualities, particularly in
large commercial vehicles, such as low rolling resistance, quick heat
dissipation, and extended life, which are some of the elements driving radial
tire demand globally. Furthermore, the lower rolling resistance of tires
improves the flexibility of these tires. People prefer radial tires over bias
tires because of their superior characteristics. As a result, radial tires
dominate the global tire market in the tire construction type.
Majority of automobile production
and sales come from Asian & European countries, hence making them leaders
of the mainstream market. China, the US, and Germany are the three largest tires
producers and markets in the world, respectively. China and the US will grow at
a CAGR of 7.30% and 4.19% in terms of volume respectively and will help boost
the market in the forecast period.
The Michelin group dominated the market in the year 2022, due to its
remarkable dealership network. It is followed by Bridgestone Corporation and Goodyear
Tire and Rubber Company which offer a wide range of economical yet qualitative
products, which withstand safety norms.
Some of the major companies
operating in the Global Tire Market include:
·
The Michelin Group
·
Bridgestone
Corporation
·
Continental
AG
·
Goodyear
Tire and Rubber Company
·
Pirelli & C. S.p.A.
·
Hankook
Tire & Technology Co., Ltd.
·
Sumitomo
Rubber Industries, Ltd.
·
The
Yokohama Rubber Co., Ltd.
·
Zhongce
Rubber Group Co., Ltd.
·
Cheng Shin Rubber
Industry Co.
·
Toyo Tire Corporation
·
Shandong Linglong
Tire Co., Ltd.
·
Giti Tire
·
Sailun Group Co. Ltd.
·
Madras Rubber Factory
Ltd.
·
Kumho Tire Co.
·
Nokian Tires plc
·
Nexen Tire
Corporation
·
JK Tyre Industries
Ltd.
·
Apollo Tyres Ltd.
Download Sample Report
Customers can also request for 10% free
customization on this report.
“Tire demand is expected to rise substantially in the coming years as
innovative tire technologies become more widely used. Increased aftermarket
demand is also projected to improve market growth drivers in the next few years
globally,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
“Tire Market – Global Industry Size, Share, Trends,
Competition, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (Passenger Car, Light
Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler
and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type
(Radial and Bias), By Region, By Country (80 Countries),” has
evaluated the future growth potential of global tire market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Global Tire Market.
About TechSci Research
TechSci Research is a leading global market
research firm publishing premium market research reports. Serving 700 global
clients with more than 600 premium market research studies, TechSci Research is
serving clients across 11 different industrial verticals. TechSci Research
specializes in research based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking global and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Web: https://www.techsciresearch.com