Tires Market to Hit USD 176.15 billion by 2030 | CAGR 4.2 Percent

According to world Tires Market is anticipated to from USD 132.07 billion in 2023 to USD 176.15 billion by 2030, at a Compound Annual growth rate (CAGR) of 4.2% within the forecast interval. The growth is driven mainly due to rapid growth in automotive production and sales all over the world and innovations in tire manufacturing technology.

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Market Drivers & Opportunity for Growth

Increasing demand for vehicles, such as passenger cars and commercial vehicles, acts as a major catalyst for the tires market. Global car sales in 2019 were around 88.7 million units, and are expected to increase significantly by 2030. The growth is supported by rising purchasing power, urbanization, and increased transportation infrastructure.

Moreover, the rapidly growing electric vehicle (EVs) sector does offer lucrative benefits to tire manufacturers. Rising awareness of sustainable travel and stringent emissions regulations have sped up adoption of EVs by consumers. As a result, this increased demand for specialized tires tailored to the specific performance characteristics of electric vehicles, including low rolling resistance and improved durability.

Segmentation Analysis

On the basis of vehicle type, distribution channel, and tire type the tires market is segmented.

Tire types: The market includes passenger car tires, light commercial vehicle tires, heavy commercial vehicle tires and two-wheeler tires. By type, the passenger cars segment leads is witnessing a rise either due to higher per capita income or by increased consumer spending on personal vehicles. The United States, for example, made up 27% of the worldwide passenger car tire sales in 2020.

Based on Distribution Channel: In terms of distribution channel, the market can be segmented into Original Equipment Manufacturers (OEM) and aftermarket. Consistent manufacturing of vehicles and stable outputs in the automotive sector is driving this segment, and the consumer OEM segment accounts for a large share of the market, over 70%. The aftermarket segment, which represented 12% of the market in 2023, is likely to expand as vehicles are retaining on the road longer and tires need replacing.

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By Tire Type: The market segments into radial, and bias tires. Radial tires are becoming the most popular because of their better performance, fuel economy, and durability. In contrast, bias tires are commonly used in particular applications due to its smoother drive across uneven terrains, as well as for its cost-effectiveness.

Country-Level Analysis

United States: The U.S. is still a key market, especially for passenger cars, with 27% of global sales as of 2020. Demand for tires is bolstered by the country's strong automotive industry and consumer preference for personal vehicles.

Germany: Germany is Europe's automotive heart; it has a strong growth in demand for both OEM and replacement tires. With the nation focusing on high-performance and luxury vehicles, which require advanced tire technologies, the market is anticipated to garner significant growth.

China: The largest tire market in the Asia-Pacific region, China is supported by its significant automotive manufacturing base and low-cost manufacturing capabilities. The total number of specialty tires is sure to increase along with the country's production of electric vehicles as well.

India: The country is witnessing a sharp rise in ownership of two-wheelers and passenger cars, as urbanization and a growing middle class fuel demand. That results in higher tire demand (the market is growing considerably in the upcoming years).

Brazil: A key player in South America's automotive market, Brazil's market growth is driven by increasing vehicle sales and infrastructure development, resulting in strong demand for both OEM and replacement tires.

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Competitive Analysis

Competition in the tires market is intense, with key players competing for market share through innovation, mergers, and acquisitions.

Bridgestone For more than 35 years, Bridgestone has remained a world leader in technological advancements and sustainability. The new line of eco-friendly tires was announced to reduce rolling resistance and improve fuel efficiency.

Hit you with something a little less off the wall and a little more commonly known but still equally mind blowing - Michelin: Michelin is known for its research and development, and with that comes new balls-to-the-wall tires that come with sensors measuring real-time conditions on every tire to ensure safety and performance.

Goodyear Tire & Rubber Company: Innovation is a hallmark of Goodyear, which produces airless tires designed to help abolish flats and blowouts, so they can be more reliable and safe.

Continental AG: Continental has also diversified its business through intelligent tires that monitor pressure and temperature, in line with connected vehicle technology.

Pirelli & C. S.p.A.: One of the top tire companies in the industry, it is focused on high-quality and high-performance tires that have forged wealth-generating alliances with the manufacturers of many of the best-known luxury vehicle brands in the world, which use the best tires.

Recent industry activity: Mergers and acquisitions to build market share and grow global footprints. As an example, top tire manufacturers have previously entered into strategic partnerships in an effort to complement their technological capabilities and product portfolios to the shifting needs of the automotive sector.

Conclusion

Key trend is the growth of the global tires market owing to increasing vehicle production, technology changes and increasing adoption of electronic vehicles. Trends for auto manufacturers catering to the automotive industry include product diversification, sustainability initiatives, and strategic partnerships to keep pace with changing consumer demands.

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