Tire Market Size, Share, Development, Growth and Demand Forecast to 2023

The tire market is driven by increase in vehicles production and increasing disposable income of people. The economic growth in the developing countries is resulting into high demand and production of vehicles, which is driving the demand of tires. The production volume for passenger car and light commercial vehicles (LCV) in Asia-Pacific accounted for more than 50% of the global production.

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Moreover, a growing number of countries are becoming increasingly urbanized. According to the World Urbanization Prospects report, 54% of the global population lived in urban agglomerations in 2014, in comparison to 30% in 1950. This is projected to increase further to 66% by 2050. With an increase in the percentage of urbanization, there is an increase in the number of passenger cars per 1,000 people. This in turn, is expected to boost the growth of the global tire market during the forecast period.

Tire is one of the most important parts of any automobile, as it provide grip to the vehicle, resist abrasion, and carry and transport loads. Product advancement is one of the key strategies executed by the tire manufacturers to sustain in the global market. In order to do so, the leading players in the automotive tire market are investing heavily on a continued basis on research and development activities.

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The use of tires are not limited to new vehicles, but can also be used in old vehicles for replacement purpose, which is also a major market for tires. Passenger car is the largest segment of the global tire market in 2015, accounting for more than 55%. On the other hand, two-wheeler and commercial vehicle tire segments collectively contributed over 30% revenue to the global tire market in 2015.

In 2015, Asia-Pacific was globally the largest market for tire, followed by Europe and North America. Asia-Pacific is further expected to lead the tire market during the forecast period, owing to the increase in the sales and production of vehicles. In 2015, China, India and Japan were the major contributors to tire market in the region.

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Some of the major competitors in the global tire market include Apollo Tyres Ltd, Michelin Group, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Pirelli & C. SpA, Yokohama Rubber Company, Xingyuan Tire Group, JK Tyre & Industries, and Cooper Tire & Rubber Company.

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