Global Tyre Market Share 2024-2032: A Forecast for Industry Growth

In 2023, the global demand for tyres reached nearly USD 314.07 billion, and it is projected to grow significantly in the forecast period of 2024-2032, with a compound annual growth rate (CAGR) of 6.3%. By 2032, the global tire market is expected to reach a staggering USD 453.13 billion. This remarkable growth in the tire industry is influenced by various factors, including technological advancements, changing consumer preferences, and evolving environmental regulations.

Get a Free Sample Report with Table of Content: https://www.expertmarketresearch.com/reports/tire-market/requestsample

Global Tire Market Size and Share:

The global tire market is a critical component of the automotive industry. It encompasses a wide range of vehicles, from passenger cars and commercial trucks to off-road vehicles and bicycles. The size of the global tire market is determined by the demand for these various vehicle types, along with replacement and aftermarket tire sales.

As mentioned earlier, in 2023, the global tire market was valued at nearly USD 314.07 billion. This substantial market size is attributed to the ever-increasing vehicle population worldwide. As urbanization continues to rise, more people are migrating to cities, leading to higher demand for personal vehicles. Additionally, the expanding e-commerce industry has spurred the need for efficient transportation, further driving the demand for commercial vehicles and subsequently, tires.

Industry Trends:

Green and Sustainable Tires: The tire industry has been gradually shifting towards eco-friendly and sustainable practices. Manufacturers are investing in research and development to produce tires that are not only more fuel-efficient but also have a lower environmental impact. This trend aligns with the growing global concern for sustainability and reduced carbon emissions.

Smart and Connected Tires: With the advent of Internet of Things (IoT) technology, tires are becoming smarter and more connected. Smart tires are equipped with sensors that provide real-time data on tire pressure, temperature, and wear. This not only enhances safety but also contributes to better vehicle performance and fuel efficiency.

Electric Vehicles (EVs): The rise in electric vehicle adoption is reshaping the tire market. Electric vehicles have different tire requirements due to their weight distribution and lower noise levels. Tire manufacturers are developing specialized tires to cater to the unique needs of EVs, opening up new opportunities in the market.

Read Full Report with Table of Content: https://www.expertmarketresearch.com/reports/tire-market

Tyre Market Outlook and Forecast:

The tire market is poised for substantial growth in the forecast period from 2024 to 2032. The projected CAGR of 6.3% reflects the increasing demand for tires across different sectors. The following factors contribute to this optimistic outlook:

Emerging Markets: Developing countries, particularly in Asia-Pacific and Africa, are experiencing rapid industrialization and urbanization. As a result, the automotive industry is flourishing, leading to increased tire demand.

Replacement Market: The replacement tire market is expected to witness significant growth as existing vehicles require tire replacements over time. Improved road infrastructure and increased consumer awareness about tire maintenance also contribute to this segment's growth.

Technological Advancements: Ongoing research and development in tire technology will drive market growth. Innovations such as self-healing tires, airless tires, and 3D-printed tires are on the horizon, offering exciting opportunities for the industry.

Key Players in the Global Tire Market:

Several key players dominate the global tire market. These companies are known for their innovative products, extensive distribution networks, and strong brand presence. Some of the notable players include:

Bridgestone Corporation
Michelin
The Goodyear Tire & Rubber Company
Continental AG
Pirelli & C. S.p.A.
Hankook Tire
Sumitomo Rubber Industries, Ltd.
Yokohama Rubber Co., Ltd.
Toyo Tire Corporation
Nokian Tyres plc

These companies compete in the global market by offering a wide range of tires for various vehicle types and price segments, focusing on quality, durability, and sustainability.

Segments of the Tire Market:

The tire market can be segmented based on various criteria:

By Vehicle Type: This includes passenger cars, commercial vehicles, off-road vehicles, and two-wheelers.
By Tire Type: Segments include radial tires, bias tires, and tubeless tires.
By Region: The market can be divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Each segment presents unique growth opportunities and challenges for tire manufacturers, making market segmentation a crucial consideration for industry players.

Challenges in the Tire Industry:

Despite its promising outlook, the tire industry faces several challenges:

Raw Material Costs: Fluctuations in the prices of raw materials, such as rubber and oil, can impact production costs and, in turn, tire prices.

Environmental Regulations: Stringent regulations on emissions and sustainability may necessitate changes in tire manufacturing processes and materials, adding complexity and costs.

Competition: Intense competition among tire manufacturers requires continuous innovation and cost-efficiency to maintain market share.

Technological Disruption: Rapid advancements in tire technology, such as self-driving vehicles and airless tires, can disrupt traditional business models.

Global Supply Chain Disruptions: Events like the COVID-19 pandemic have highlighted vulnerabilities in global supply chains, affecting tire production and distribution.

The global tire market is on a trajectory of significant growth, driven by factors like urbanization, sustainability trends, and advancements in tire technology. As the world transitions towards electric and connected vehicles, tire manufacturers are poised to play a pivotal role in shaping the future of mobility. However, they must also navigate challenges related to raw materials, environmental regulations, and stiff competition.

Also Read:

https://isig.ac.cd/alumni/blogs/4218/Understanding-the-Flourishing-Dynamics-of-the-Global-Wheat-Market-Trends

https://buzz.talknewyorkcity.com/post/unveiling-the-kernel-exploring-the-global-corn-market-s-growth-trajectory-c-65968b177d08ef90ede7ae85

https://writeupcafe.com/ventilating-growth-unveiling-the-dynamics-of-the-global-hvac-market/

https://www.linkedin.com/pulse/overview-united-kingdom-asset-management-market-mayank-singhania-dcdlc/

https://24x7guestpost.info/integrated-facilities-management-market-size-share-growth-analysis-report-and-forecast-2024-2032/

https://insta.tel/read-blog/29654

Media Contact:

Company Name: Claight Corporation
Contact Person:- Adam Lee, Business Consultant
Email: sales@expertmarketresearch.com
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com

About Us:

Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients' requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

This release was published on openPR.