Press release
Tire Global Market Report 2025: Accelerating CAGR of 5.1% Amid Growing Automotive Industry
Tire Market Size
What Is The Projected Market Size Of The Global Tire Global Market Report 2025 And Its Growth Rate?
• The tire market size has seen significant growth and is expected to increase from $200.97 billion in 2024 to $211.22 billion in 2025 at a Compound Annual Growth Rate (CAGR) of 5.1%
• The market's expected growth is driven by factors such as automotive industry growth, consumer preferences for performance, safety regulations, economic conditions, and expansion of the replacement tire market
• The tire market is expected to witness steady growth in the coming years, reaching $250.39 billion in 2029 at a CAGR of 4.3%
• The forecasted growth can be attributed to increased adoption of electric and autonomous vehicles, circular economy initiatives, innovations in tire materials, and climate change considerations
What Is Driving The Growth In The Tire Global Market Report 2025?
The growing production of diverse types of vehicles is a major factor propelling the tire market growth. The tire, being a pivotal component of vehicles' suspension, supports vehicle load, transmits traction and braking forces to the road surface, absorbs road shocks, and maintains the direction of travel. As per a report by the European Automobile Manufacturers' Association (ACEA), global motor vehicle production reached 85.4 million in 2022, a 5.7% increase from 2021. Consequently, the more the vehicles produced, the more the demand for tires, thereby stimulating the growth of the tire market.
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Who Are the Key Players Driving Tire Global Market Report 2025 Growth?
• Sumitomo Corporation
• Continental AG
• Bridgestone Corporation
• Michelin Group
• The Goodyear Tire and Rubber Company
• Maxxis International
• Yokohama Tire Corporation
• Pirelli Tyre SpA
• Zhongce Rubber Group Co Ltd.
• Cheng Shin Rubber Ind. Co Ltd.
• Sailun Group Co Ltd.
• Apollo Tyres Ltd.
• Trelleborg AB
• MRF Limited
• Kumho Tyre Pty. Ltd.
What Are The Key Trends In The Tire Global Market Report 2025?
• Adoption of smart tire technologies
• Technological advancements
• Rising demand for sustainable and eco-friendly tires
• Advancements in tire technology
• Expansion of online tire retailing
What Are The Segments Of The Global Tire Global Market Report 2025?
• By Type: Bias Tire, Radial Tire, Belted Bias
• By Distribution Channel: Online, Offline
• By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
• By End-Use: Replacement Tires, OEM Tires
Which Region Leads The Tire Global Market Report 2025?
Asia-Pacific dominated the tire market in 2024. The report covers numerous regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Tire Global Market Report 2025 Global Market Report?
- Market Size Analysis: Analyze the Tire Global Market Report 2025 size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Tire Global Market Report 2025 for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Tire Global Market Report 2025 growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Tire Global Market Report 2025.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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