Global Tire Market to cross over 2700 Million tires by 2026 | The passenger cars are the biggest driver for the global Tire market

The Global tire market is an allied market to the rapidly shifting automotive market. As vehicles are getting more efficient, infrastructure is getting smoother, the tire market finds itself a suitable pedestal to grow upon. As per the research conducted by Bonafide Research, under the title – Global Tire Market Outlook, 2026, the global tire market is evaluated to be selling more than 2000 Million tires annually as of 2020. The tire market globally is expected to grow to more than 2700 Million tires by the year 2026.

To assess and study the tire market globally, the global tire market has been segmented appropriately aiding in a comprehensive view of the developing and already developed global scenarios. The global tire market has been segmented on the basis of vehicle types they are used on which include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers, and other vehicles including bicycles. The market is also categorized based on end-use demand which includes demand for replacement tires and OEM demand for tires. On the basis of design types, the tire market is segmented as radial tires and bias-ply tires. In order to have a broader understanding of the global landscape of the tire market, further segmentation has been made based on regions, countries, companies, and the sales channels through which the product is made available to the distributors and customers.

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Globally it has been observed that the different regions have different share patterns depending on the stage of the economy and the penetration of the automotive market and its allied tire market. In highly developed regions in the globe, such as North America and Europe, where vehicle per 1000 inhabitants metric stands relatively higher than the rest of the world. In regions such as the Asia Pacific, which has become the hub for automotive manufacturing and assembly due to highly competitive labor rates, the productions, as well as sales of tires, are growing rapidly. Latin America on the other hand is a major avenue for tire production and assembly of automotive in the western hemisphere. However, the Latin American markets are a little far from the Asian Pacific market which is poised with suitable demographics and economic outlook trends. However, a common characteristic of both these regional markets is that the global trend of using radial tires is still penetrating these markets.

North America:

The North America tire market is majorly driven by the USA having almost a little more than 85% of the overall market’s share. Canada, Mexico combined share a little over 14% of the market leaving a minuscule share for the rest of the North American tire market. The USA and Canada are more developed economies and have a more saturated tire market than Mexico. Mexican tire market is the fastest growing tire market in the region, forecasted to register a CAGR little shy of 7% during the forecast period of 2021 to 2026. As the North American region is highly developed economically, where the automotive industry is well penetrated, the radial tires have one of the highest adoption rates in the region as compared to the rest of the world.

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Europe:

The Europe tire market is majorly driven by Germany having 20% of the overall market share. France and Russia combined to share a little over 20% of the market, while Spain contributes the lowest share as of 2020. As many of the major national markets in the region are well saturated, Russia and Spain continue to show more growth prospects than others during the forecasted period of 2021 to 2026. However, during the same period, the rest of the European regional markets combined excluding the major economies are projected to be registering a growth rate of more than 5%.

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Asia-Pacific:

The Asia-Pacific tire market is majorly driven by China, Japan, and India having a combined share of little shy than 65%. Australia contributes the lowest share in the overall Asia-Pacific tire market as of 2020. As many of the major national markets in the region are rapidly growing, Japan is the only market that is showing signs of maturity. Japan grew at a CAGR of roughly 2% during the historical period of 2015 to 2020. It has been further forecasted that its tire market will be progressing towards maturity by growing at a CAGR of 3.70% during the 2021 to 2026 period

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Latin America:

The Latin American market is majorly driven by Brazil contributing about 1/2 of the overall regional tire market. Argentina and Columbia are the 2nd and 3rd biggest tire markets in the region whereas the Rest of the Latin American region contributes close to 1/4th of the total tire market in 2020. As the region is exposed to economic vulnerabilities caused to global commodity price fluctuations, the region as some systematic issues that need strong policy support. During the period of 2021 to 2026, the rest of the Latin American regional markets combined excluding the major economies are projected to be registering a growth rate of more than 7% CAGR.

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Middle East and Africa:

The Middle East and Africa tire market is majorly driven by Saudi Arabia contributing about 1/4th of the overall regional tire market. UAE and Qatar contribute the least to the Middle East and Africa tire market revenue as of 2020 by having a share in single digits. As some of the major countries in the Middle East and Africa region are characterized by having high spending capability among their residents, the growth of the tire market is well-positioned to exploit high growth opportunities. From 2021 to 2026, the rest of the Middle East and Africa regional markets combined excluding the major economies are projected to be registering a growth rate of more than 12%.

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CONSIDERED IN THE REPORT

Geography: Global
Base Year: 2020
Historical year: 2015
Forecasted Year: 2026

ASPECTS COVERED IN THE REPORT

Market Size by Value (2015-2026F)
Market Size by Volume (2015-2026F)
Market Share by Company
Market Share by Vehicle Type
Market Share by End Use
Market Share by Design
Market Share by Sales Channel
Market Share by Region
Market Share by Country

Table of Contents

1. Executive Summary
2. Report Methodology
3. Global Tire Market Outlook
3.1. Market Size by Value
3.2. Market Size by Volume
3.3. Market Share
3.3.1. By Vehicle Type
3.3.2. By End Use
3.3.3. By Design
3.3.4. By Sales Channels
3.3.5. By Region
3.3.6. By Country
3.3.7. By Company
4. North America Tire Market Outlook
4.1. Market Size by Value
4.2. Market Size by Volume
4.3. Market Share
4.3.1. By Vehicle Type
4.3.2. By End Use
4.3.3. By Design
4.3.4. By Sales Channels
4.3.5. By Country
4.4. US Tire Market Outlook
4.4.1. Market Size by Value
4.4.2. Market Share
4.4.2.1. By Vehicle Type
4.4.2.2. By End Use
4.4.2.3. By Design
4.5. Canada Tire Market Outlook
4.5.1. Market Size by Value
4.5.2. Market Share
4.5.2.1. By Vehicle Type
4.5.2.2. By End Use
4.5.2.3. By Design
4.6. Mexico Tire Market Outlook
4.6.1. Market Size by Value
4.6.2. Market Share
4.6.2.1. By Vehicle Type
4.6.2.2. By End Use
4.6.2.3. By Design
continue…

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Key Players:

The prominent companies of the tire industry are Bridgestone, Apollo Tyres, Ceat Tyres, Continental, Cooper Tires, Giti Tire, Goodyear Tyres, Hankook Tire, JK Tyre, Kenda Rubber, Kumho Tires, Maxxis International, Michelin, MRF, Nexen Tire Corp, Nokian Tyres, Pirelli, Sailun Group Co., Ltd, Sumitomo Rubber Industries, Titan International, Toyo Tire Corporation, Triangle Tyre Co, Zhongce Rubber Group Co.

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