The new report by Expert Market Research titled, ‘Global Tyre Market Size, Share, Trends, Growth Report and Forecast 2023-2028’, gives an in-depth analysis of the global tyre market, assessing the market based on its segments like designs, end-uses, vehicle types, distribution channels, seasons, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Tyre Market Size, Share, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6.3 %
The increasing urban desire of owing personal vehicles is anticipated to be a growth propelling factor for the tyre market. The favourable government policies in the emerging economies, coupled with the steady growth of the GDP, is likely to propel the automobile market growth, consequently leading to a higher demand for tyres.
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Geographically, Europe accounts for a significant share of the market. According to the European tyre and Rubber Manufacturers Association, the region witnessed a strong demand for all-season and winter-tyres in the year 2021. The market has witnessed robust growth owing to the strong foothold of major automotive manufacturers in the region.
Tyre Industry Definition and Major Segments
Tyre is defined as a ring-shaped protective covering made of rubber or plastic composite which fits around the wheel of a vehicle. Tyres performs various functions, which include cushioning, dampening, assuring directional stability, and providing long term service. Moreover, tyres provide roadholding quality to the vehicle by transmitting strong longitudinal and lateral forces.
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On the basis of design, the market can be bifurcated into:
The market can be broadly categorised on the basis of end-use into:
Based on vehicle type, the market has been divided into:
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
By distribution channel, the market has been bifurcated into:
Based on season, the market has been segmented into:
- All Season Tyre
- Winter Tyre
- Summer Tyre
The regional markets for tyre include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Tyre Market Trends
The rapid technological advancements in the automotive industry, which include the steady development of electric vehicles, are likely to be the key trends in the market. Over the forecast period, the transport and tyre regulations, which include the mandates on fuel economy for vehicle manufacturers and labelling standards for consumers, are likely to motivate both OEMs and tyre manufacturers to adopt different innovations and technologies.
Furthermore, the market is anticipated to be aided by the growing R&D activities by the tyre manufacturers aimed towards producing high quality tyres to boost up the fuel efficiency, reliability, and durability of the vehicle.
Key Market Players
The major players in the market are Michelin Group, Goodyear Tire & Rubber Company, Bridgestone Corporation, Pirelli & C. S.P.A, Sumitomo Rubber Industries, Ltd., Continental Corporation, and Hankook Tire & Technology Co., Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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