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Tire Market Size, Share, Growth, Opportunity and Industry Trends 2024-2032

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.

How big is the tire industry?

The global tire market size reached 2,388 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 3,012 Million Units by 2032, exhibiting a growth rate (CAGR) of 2.5% during 2024-2032.

Global Tire Market Trends:

The escalating demand for high-performance and specialty tires, such as those designed for electric and autonomous vehicles is contributing to the market growth. Moreover, the increasing popularity of niche tire categories like run-flat tires and self-inflating tires is aiding in market expansion, driven by evolving consumer preferences and the pursuit of advanced automotive technologies. Apart from this, the surge in mobility solutions and shared transportation services, such as ride-sharing and last-mile delivery services spurring the need for durable and reliable tires is acting as another significant growth-inducing factor.

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Factors Affecting the Growth of the Tire Industry:

  • Ongoing technological advancements:

Technological advancements play a pivotal role in driving the tire market. As automotive technology progresses, manufacturers are constantly seeking ways to enhance tire performance, durability, and safety. The integration of innovative materials, such as advanced rubber compounds and high-strength reinforcements, contributes to improved tread life and better overall tire performance. Additionally, advancements in manufacturing processes, such as the use of automation and precision engineering, have led to increased production efficiency and reduced costs, creating a positive outlook for market expansion.

  • Environmental considerations:

With growing awareness of environmental issues, there is a heightened focus on developing eco-friendly and sustainable tire solutions. Manufacturers are investing in research and development to create tires with reduced rolling resistance, which contributes to lower fuel consumption and emissions. Besides this, the tire industry is exploring alternative materials, such as bio-based and recycled rubber, to minimize environmental impact and promote circular economy practices. Moreover, the growing demand for electric vehicles (EVs) spurring the need for tires with specific characteristics, such as low rolling resistance to maximize range and durability to support the weight of heavy battery packs is bolstering the market growth.

  • Automotive industry’s evolution:

The growth of the tire market is further propelled by the ongoing evolution of the automotive industry. Shifts in consumer preferences, notably the rising demand for sports utility vehicles (SUVs) and crossover vehicles, exert a considerable influence on tire design and specifications. The robust expansion of ride-sharing services and the emergence of autonomous vehicles contribute significantly to the demand for specialized tires tailored to meet the unique driving conditions and requirements of these evolving vehicle types. This intersection of technological advancements and changing consumer preferences is presenting lucrative opportunities for market expansion.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • 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.

Read Full Blog on Top Players in the Global Tire Market

Tire Market Report Segmentation:

By Design:

  • Radial Market
  • Bias Market

Radial tires dominate due to their superior performance, offering enhanced fuel efficiency, improved traction, and a smoother ride compared to bias-ply tires.

By End-Use:

  • OEM Market
  • Replacement Market

The Replacement market holds the lead as consumers prioritize tire replacements due to wear and tear, emphasizing the aftermarket demand over original equipment manufacturers (OEMs).

By Vehicle Type:

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

Passenger cars account for the majority of the market share driven by their sheer numbers on the road, necessitating a higher demand for tires tailored to the specific requirements of these widely used vehicles.

By Distribution Channel:

  • Offline
  • Online

Offline channels represent the biggest market segment as a significant portion of consumers prefer the tangible experience, professional advice, and immediate availability offered by physical retail outlets.

By Season:

  • All Season Tires
  • Winter Tires
  • Summer Tires

Summer tires lead the market share due to their optimized performance in warm weather conditions, providing excellent grip and handling, making them a popular choice for a majority of driving scenarios.

Regional Insights:

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

Asia Pacific's dominance is attributed to its robust automotive industry, increasing vehicle ownership, and rapid urbanization, driving substantial demand for tires in this economically vibrant and populous region.

Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=575&flag=C

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.

About Us                                    

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.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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.

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