The ‘Global Tyre Market Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global tyre market share, assessing the market based on its segments like design, end-use, vehicle type, distribution channel, season, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Tyre Market Size, Share, Industry Report, Key Player, Major Segments and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 4%
| Report Attribute | Details |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Base Year | 2020 |
| Growth Rate CAGR | 4% |
| Major Players |
|
The global tyre market is expected to register growth during the forecast period on account of the rising demand for replacement tyres along with development in tire technology and increasing sales of automobiles. The growing sales and production of commercial vehicles and passenger vehicles across the globe are likely to propel the consumption of tyres over the coming years.
The surging focus on fuel economy along with the increasing demand for convenience and high maintenance and replacement costs of conventional tyres are likely to bolster the market growth of long-lasting and reliable tyres. With fluctuating fuel prices and transport infrastructure, the demand for passenger cars is likely to enhance which is further expected to increase the demand for the tyre market.
The adoption of cutting-edge manufacturing technology by OEMs to provide product differentiation through durability, affordability, and sustainability is one of the key aspects supporting the growth of the tyre market across the globe.
Tyre manufacturers are shifting to green energy production as companies are aiming to attain carbon neutrality over the coming years. They are also making investments in the direction of zero-carbon technology, green energy, and energy efficiency. This is further expected to spur market growth in the upcoming years due to the increasing concern for fuel safety and efficiency.
Tyre Industry Definition and Major Segments
A tyre or tire is a circular ring typically made of rubber that is an essential component of any vehicle. It is mounted on the wheel’s rim and offers traction to the vehicle when shifting its load on the ground to support smooth movement of the vehicle.
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Based on design, the market is segmented into:
- Radial
- Bias
By end-use, the market is classified into:
- OEM
- Replacement
Based on vehicle type, the market is segmented into:
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
- Off-The-Road
Based on distribution channel, the market is segmented into:
- Online
- Offline
By season, the market is classified into:
- All Season Tyre
- Winter Tyre
- Summer Tyre
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East and Africa
Market Trends
With technological advancement in the tyre industry, the demand for tyres is likely to increase as advancements are expected to offer improved aesthetic designs, cost-effectiveness, high performance, and increased durability to consumers.
The increasing focus of manufacturers on Contact Area Information Sensing (CAIS) in the production of tyres is likely to gain more consumer traction in the coming years. This technology is used to classify road conditions in real-time into seven various types such as semi-dry, dry, slush, wet, fresh snow, ice, and compacted snow, by utilising sensors attached to tyres.
Geographically, the Asia Pacific region is expected to witness significant growth in the tyre market during the forecast period on account of the growing automotive industry. The region is considered the largest market for two-wheelers, and China is known as a leading manufacturer of tyres for the Asia-Pacific region.
The rising demand for commercial vehicles and passenger cars in the Asia Pacific region offers massive potential for the sale of vehicles and tyres. The projected growth in the sale of commercial vehicles and passenger cars in the region is further expected to support the growth of the tyre market during the coming years.
Key Market Players
The major players in the global tyre market report 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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