Tire Market is Expected US$ 256.8 Billion by 2032 | IMARC Group

IMARC Group has recently released a new research study titled "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global tire market size reached US$ 164.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 256.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032. Continuous technological advancements in the manufacturing of tires, along with the rising demand among individuals for eco-friendly and specialized tires, owing to the increasing environmental consciousness, are primarily bolstering the tire market growth.

Global Tire Market Trends:

The implementation of stringent regulations regarding vehicular safety and environmental conservation, leading to the use of tires that comply with specific safety, fuel efficiency, and emission standards, is boosting the market growth. Additionally, the increasing use of commercial vehicles for transportation and the rising popularity of off-road vehicles for recreational activities, which require specialized tires, is fostering the market growth. Besides this, rapid urbanization and the expansion of road networks, which enhance vehicle usage, thereby increasing tire demand, is favoring the market growth. Furthermore, the expansion of e-commerce platforms and online sales channels, which has made tire purchasing more accessible, expanding the consumer base, is strengthening the market growth.

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Factors Affecting the Growth of the Tire Industry:
• Automotive Industry Expansion:

The expansion of the automotive industry is a pivotal factor driving the demand for tires. This relationship is anchored in the fundamental need for tires as an essential component of vehicles. Along with this, the heightened automotive sales, fueled by the expanding middle class with increasing disposable incomes, are boosting the market growth. Furthermore, the ongoing shift towards electric vehicles (EVs) due to growing environmental consciousness and supportive governmental policies promoting sustainable transportation is fueling the market growth. This shift is creating new opportunities for tire manufacturers to innovate and cater to the unique requirements of EVs, such as low rolling resistance tires to enhance battery efficiency and range.

• Replacement Tire Market:

Tires are subject to constant friction, temperature variations, and various forms of mechanical stress, which degrade their tread and overall integrity over time, necessitating periodic replacements. This replacement cycle creates a steady demand stream, independent of the fluctuations in new vehicle sales, thereby providing a stable revenue base for tire manufacturers. Furthermore, the heightened awareness among consumers regarding tire maintenance and the critical role of tires in ensuring driving safety is supporting the market growth. Additionally, the proliferation of service centers and tire retail outlets, coupled with aggressive marketing and promotional strategies, which have made it easier and more enticing for vehicle owners to opt for tire replacements, is strengthening the market growth.

• Technological Advancements:

Technological advancements in the tire industry that are revolutionizing how tires are designed, manufactured, and utilized are significantly influencing the market growth. Modern tires are high-tech products that incorporate advanced materials and engineering to offer improved performance, safety, and sustainability. Beyond this, manufacturers are investing heavily in research and development (R&D) to introduce innovations like smart tires equipped with sensors that provide real-time data on tire health, enhancing safety and efficiency. Furthermore, the development of environmentally sustainable tires, made from bio-based materials and designed to reduce rolling resistance, is contributing to the market growth. Additionally, the ongoing push towards creating more durable and long-lasting tires, which aligns with the consumer's economic interests and the environmental agenda, is supporting the market growth.

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Key Companies:

• The Michelin Group
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire and Rubber Company
• Sumitomo Corporation
• Pirelli Tyre S.p.A
• Yokohama Tire Corporation
• Hankook Tire and Technology Co., Ltd.
• Toyo Engineering Corporation
• Kumho Tyre (Australia) Pty Ltd.
• Tire Market Report Segmentation:

By Design:

• Radial Market
• Bias Market

Radial tires hold the majority of the market share due to their superior durability, fuel efficiency, and performance characteristics, which align with the broad spectrum of consumer and commercial vehicle requirements.

By End-Use:

• OEM Market
• Replacement Market

Replacement market accounted for the largest market share, as the ongoing need to replace worn-out tires ensures a consistent, high demand independent of new vehicle sales fluctuations.

By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two Wheelers
• Three Wheelers
• Off-The-Road (OTR)

Passenger cars represented the largest segment because of their widespread use globally, making up the majority of vehicles on the road and thereby driving the highest demand for tires.

By Distribution Channel:

• Offline
• Online

Offline holds the majority of the market share, as consumers often prefer purchasing tires in-person to benefit from professional fitting, immediate installation, and the opportunity to consult with experts.

By Season:

• All Season Tires
• Winter Tires
• Summer Tires

Summer tires accounted for the largest market share due to their widespread use in varied climates, catering to the majority of driving conditions with optimal performance in warm, wet, and moderately dry conditions.

Regional Insights:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Asia Pacific's dominance in the market is attributed to its massive automotive industry, growing middle-class population, increasing vehicle penetration, and the significant presence of both tire manufacturers and consumers.

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.