Press release
Global Tire Market Overview 2033 : Forecasted Market Size And Growth Rate | Sumitomo Corporation, Continental AG, Bridgestone Corporation, Michelin Group, The Goodyear Tire and Rubber Company
Tire Global Market Report
The Business Research Company offers in-depth market insights through Tire Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The tire market size has grown steadily in recent years. It will grow from $204.71 billion in 2023 to $214.43 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to automotive industry growth, consumer preferences for performance, safety and regulations, economic conditions, replacement tire market.
The tire market size is expected to see steady growth in the next few years. It will grow to $253.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to electric vehicle (EV) adoption, autonomous vehicles, circular economy initiatives, innovations in tire materials, climate change considerations. Major trends in the forecast period include smart tire technologies, technological advancements, rising demand for sustainable and eco-friendly tires, advancements in tire technology, expansion of online tire retailing.
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Market Segmentation:
The tire market covered in this report is segmented -
1) By Type: Bias Tire, Radial Tire, Belted Bias
2) By Distribution Channel: Online, Offline
3) By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
4) By End-Use: Replacement Tires, OEM Tires
Major Driver - Growing Vehicle Production Drives Tire Market Growth
The growing vehicle production is expected to propel the growth of the tire market going forward. Vehicle production refers to the process of mass-producing identical models of passenger cars, heavy and light trucks, pickups, vans, and sport utility vehicles in large quantities. Tires are an important component of a vehicle's suspension and steering system. Its primary functions are to support the vehicle load, transmit traction and braking forces to the road surface, absorb road shocks, and change and maintain the direction of travel. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. in 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, growing vehicle production drives the growth of the tire market.
Competitive Landscape:
Major companies operating in the tire market report are Sumitomo Corporation, Continental AG, Bridgestone Corporation, Michelin Group, The Goodyear Tire and Rubber Company, Maxxis International, Yokohama Tire Corporation, Pirelli Tyre SpA, Zhongce Rubber Group Co Ltd., Cheng Shin Rubber Ind. Co Ltd., Sailun Group Co Ltd., Apollo Tyres Ltd., Trelleborg AB, MRF Limited, Kumho Tyre Pty. Ltd., Shandong Linglong Tire Co Ltd., Linglong Tire Co Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Hankook Tire and Technology Co Ltd., Nokian Tyres plc, Toyo Engineering Corporation, Double Coin Holdings Ltd., JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co Ltd., Guizhou Tyre Co Ltd., Alliance Tire Group, Aeolus Tyre, GT Asia Pacific Holdings Pte. Ltd., Federal Corporation, JINYU Tire Group Co LTD.
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Top Trend - Electric Vehicle-Optimized Commercial Tires Redefining Market Standards
Major companies operating in the tire market are focusing on innovative solutions, such as electric vehicle-ready commercial tires, to address evolving consumer needs and market demands. An electric vehicle-ready commercial tire is specifically designed and optimized to meet the unique requirements and demands of electric-powered commercial vehicles, offering enhanced durability and efficiency for such vehicles' operation. For instance, in March 2022, Goodyear Tire & Rubber Company, a US-based tire company, launched the new Endurance RSA ULT and Fuel Max RSA ULT tires, catering to the higher load capacity of electric commercial vehicles with the Electric Drive Ready Endurance RSA ULT and focusing on the escalating demand within the last-mile delivery sector, influenced by e-commerce growth, fleet savings, and sustainability targets. The premium 17.5-inch all-position tire, the Endurance RSA ULT, is designed to suit last-mile delivery vehicles, pickup trucks, and light trucks, uniquely capable of handling the increased load capacities of EVs, and proudly marked as Goodyear's inaugural commercial tire with the Electric Drive Ready badge, suitable for both EVs and traditional fuel-powered work vehicles.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tire Market Characteristics
3. Tire Market Trends And Strategies
4. Tire Market - Macro Economic Scenario
5. Tire Market Size And Growth
…..
27. Tire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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