Tires Market is anticipated to reach USD 176.15 Bn by 2030 from USD 132.07 Bn in 2023 at a CAGR of 4.2 percentage during a forecast period.

Forecast Increase in Revenue:

Tires Market is anticipated to reach USD 176.15 Bn by 2030 from USD 132.07 Bn in 2023 at a CAGR of 4.2 percentage during a forecast period.

Tires Market Overview:

The global tire market is anticipated to grow significantly, reaching USD 176.15 billion by 2030 from USD 132.07 billion in 2023, driven by increasing vehicle production and sales worldwide. Tires play a crucial role in vehicle performance by providing load-bearing capacity, traction, and steering stability. The Asia-Pacific region, particularly China, leads the market due to its large manufacturing base and cost-effective production, making it a dominant force in the tire industry.

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Drivers in the Tires Market:

The primary driver of the global tire market is the rising production and sales of vehicles, including both commercial and passenger vehicles. As consumers increasingly demand lightweight, luxury, and premium vehicles, the tire market experiences corresponding growth. Additionally, the expanding market for electric vehicles, driven by heightened environmental awareness and regulatory pressures, further propels the demand for specialized tires.

Tires Market Trends:

Key trends in the tire market include the growing popularity of radial tires, particularly in the mining and construction sectors, due to their durability and performance. The demand for advanced tire technologies that enhance safety, efficiency, and performance is on the rise as consumers seek high-quality products. The OEM segment continues to dominate the market, while the aftermarket segment is growing due to increasing vehicle lifespan and the need for tire replacements.

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Tires Market Opportunities:

Opportunities in the tire market are largely driven by the growing adoption of electric vehicles, which require specialized tires for optimal performance. The increasing focus on sustainable and eco-friendly products presents a chance for manufacturers to innovate and cater to environmentally conscious consumers. Additionally, expanding markets in developing regions, especially in Asia-Pacific, offer significant growth potential for tire manufacturers.

What is Tires Market Regional Insight?

The Asia-Pacific region dominates the global tire market, accounting for 48% of the market share in 2023, with significant contributions from China, India, and Japan. The region's growth is supported by its strong manufacturing base and rising demand for passenger and light truck tires. Meanwhile, the U.S. holds a 28% market share, with Europe and Japan also expected to experience moderate growth during the forecast period.

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Segmentation Analysis of the Tires Market

by Type

Radial Tires
Bias Tires
Non-Pneumatic Tires

by Vehicle Type

Passenger Cars
Commercial Cars
Off-Road Cars

by Distribution Channel

OEM
Aftermarket

Who is the largest manufacturers of Tires Market worldwide?

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)

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Key Offerings:

Past Market Size and Competitive Landscape
Tires Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Tires Market Segmentation - A detailed analysis by Product
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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