Tire Market Key Players | The Michelin Group, Bridgestone Corporation, Continental AG

Key Highlights:
• The global Tire Market size was valued at USD 2.3 billion in 2022 growing at a CAGR of 2.8% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Tire Market size accounted for USD 2.3 Billion in 2022, growing at a CAGR of 2.8% from 2023 to 2033. The tire market is the global industry responsible for the manufacturing, distribution, and sales of tires. The tire industry is a complex and globalized market, with major players located in all parts of the world. The tire market is driven by a number of factors, including the global automotive industry, the growing demand for fuel-efficient tires, and the increasing popularity of SUVs and trucks.

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The Tire Market is primarily driven by the increasing Demand for Fuel-Efficient Tires. Environmental concerns and stricter fuel efficiency regulations are driving the demand for eco-friendly tires. Tire manufacturers are developing innovative technologies to improve tire rolling resistance, which reduces fuel consumption and emissions. This focus on fuel efficiency is a major driver of tire market growth.

Key Players
Some of the major Tire Market players holding high market shares include The Michelin Group, Bridgestone Corporation, Continental AG, The Goodyear Tire and Rubber Company, Sumitomo Corporation, Pirelli Tyre S.p.A,. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Hankook Tire and Technology Co. Ltd., Toyo Engineering Corporation and Kumho Tyre (Australia) Pty Ltd.

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Segmental Analysis
Based on design, the Tire Market is segmented into radial market and bias market. Radial tires represented the largest segment as they absorb the bumps, impacts and shocks, and provide better comfort to the rider. The demand for radial tires is largely influenced by its better fuel efficiency. Moreover, there is a rise in the demand for radial tires due to their heat, wear, and cut resistant properties.
Based on Vehicle Type, the Tire Market is segmented into Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers and Off-The-Road (OTR). Passenger cars accounted for the largest market share due to the increasing production of passenger cars across the globe. The growing integration of autonomous safety systems in passenger cars is positively influencing the market.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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