Tires Market to reach USD 126.75 Bn by 2029, emerging at a CAGR of 4.2 percent and forecast 2023-2029

Tires Market Report Scope and Research Methodology

The Tires Market is projected to surge to US$ 169.06 Bn by 2029, witnessing a steady growth from US$ 126.75 Bn in 2022, with a CAGR of 4.2% over the forecast period.

Maximize Market Research Pvt Ltd, a leading market research firm, presents a comprehensive report on the Global Tires Market. The report encompasses detailed insights into market dynamics, segmentation analysis, and regional trends, providing stakeholders with a clear understanding of the industry's past, present, and future.

The report employs a robust research methodology to analyze complicated data, offering stakeholders valuable insights. For a detailed understanding, stakeholders can request a free sample report.

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Tires Market Dynamics:

The surge in global tire market growth is predominantly fueled by the continuous escalation in worldwide vehicle production and sales. Notably, the market is being driven forward by robust sales in the commercial vehicle segment, encompassing trucks, tractors, and trailers. The market's expansion is further propelled by consumer preferences for lightweight vehicles, including a growing demand for luxury and premium automobiles. The forecasted period anticipates a substantial increase in the global vehicle sales figure, reaching an expected total of millions by 2026. This heightened demand and increased global automotive sales are contributing significantly to the heightened demand for tires worldwide.

Tires Market Regional Insights:

In the global arena, the U.S. tire market currently commands a substantial 28 percent share and is poised for a growth rate of 5.4% throughout the forecast period. Europe, over the same period, is anticipated to reach a staggering 593 billion units, with Germany leading the growth at a Compound Annual Growth Rate (CAGR) of 3.4 percent. Meanwhile, Japan and Canada are projected to experience growth rates of 2.6 percent and 3.6 percent, respectively, over the forecast period.

The Asia-Pacific region is forecasted to exhibit robust growth at a CAGR of 5.3 percent during the same period. As of 2022, the Asia Pacific region commands a formidable 48 percent of the global tire market. The tire market in Asia displays diversity, with a dominance of passenger car and light truck tires. In 2022, China, India, and Japan collectively accounted for a substantial 72 percent of the Asian tire market, representing 1.3 billion tires with a total value of $97.4 billion. Despite the significant impact of COVID-19 on tire sales in 2020, the Asian tire market is expected to rebound with a growth rate of 3.6 percent during the forecast period.

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Tires Market Segmentation:

By Tire Type: Bias tires offer a smoother ride, while radial tires gain popularity in mining and construction industries.

By Vehicle Type: Passenger Cars Tires segment dominates, driven by increased demand for safety, premium features, and rising per capita income.

By Distribution Channel: OEM segment holds over 70% market share, driven by increased vehicle production and consumer awareness of road safety.

by Type

Radial Tires
Bias Tires
Non-Pneumatic Tires

by Vehicle Type

Passenger Cars
Commercial Cars
Off-Road Cars

by Distribution Channel

OEM
Aftermarket

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Tires Market Key Players:

1. Cooper Tire & Rubber Company (U.S)
2. Goodyear Tire & Rubber Company (U.S)
3. Avon Tyres (U.K)
4. Continental AG (Germany)
5. MITAS A.S. (Czech Republic)
6. Michelin (France)
7. Nokian Tyres Oyj (Finland)
8. Pirelli & C. S.p.A (Italy)
9. Apollo Tyres Ltd (India)
10. MRF (India)
11. CEAT (India)
12. JK Tyre & Industries Ltd (India)
13. Madras Rubber Factory Ltd. (India)
14. Bridgestone Corporation (Japan)
15. Toyo Tire & Rubber Co., Ltd. (Japan)
16. Sumitomo Corporation (Japan)
17. Yokohama Tire Corporation (Japan)
18. Giti Tire Pte. Ltd (Singapore)
19. Cheng Shin Rubber Ind. Co. Ltd (Taiwan)
20. Maxxis International (Taiwan)
21. Hankook Tire Co., Ltd (South Korea)
22. Kumho Tire Co., Inc (South Korea)
23. Nexen Tire Corporation (South Korea)
24. Zhongce Rubber Group Co., Ltd. (China)
25. Sailun Group Co. Ltd. (China)
26. Shandong Linglong Tire Co., Ltd (China)

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Table of content for the Tires Market includes:

1. Global Tires Market: Research Methodology

2. Global Tires Market: Executive Summary

• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry

3.Global Tires Market: Competitive Analysis

• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact

4 . Company Profile: Key players

• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments

Key Offerings:

• Past Market Size and Competitive Landscape (2022 to 2029)
• Past Pricing and price curve by region (2022 to 2029)
• Market Size, Share, Size and Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by growth and trend
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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