Global Tire (Tyre) Market Overview, 2022-27

Global Tire (Tyre) Market Size, Share, Trend & Market Analysis By Type, By Distribution Channel, By End User, Competition Forecast & Opportunities.

Featured Companies

  • 1. Bridgestone
  • 2. Apollo Tyres
  • 3. Ceat Tyres
  • 4. Continental
  • 5. Giti Tire
  • 6. Goodyear Tyres
  • 7. Hankook Tire
  • 8. JK Tyre
  • 9. Kenda Rubber
  • More...

Tire refers to a rubber covering, placed around the rim of metallic wheel to provide flexible cushion with road for traction and smooth acceleration. The modern pneumatic tires are generally made up of synthetic rubber, natural rubber, fabric, wire, carbon black and other chemical compounds. Best quality of tire helps in increasing vehicle’s performance, reduces wear and tear, minimizing rolling resistance, improves mileage and traction, and enhances grip for safety. Owing to this, tire has wide applications in two-wheelers, passenger vehicles, light and commercial trucks, buses, and military vehicles. Tires are a kind of product that characteristically have a very limited scope of innovation and are heavily dependent on its allied automotive industry performance. As per the report titled, “Global Tire Market Overview, 2027”, published by Bonafide Research the market is evaluated to be selling more than 2000 Million units as of 2021, and is expected to grow at a CAGR of more than 6% in terms of value from 2022 to 2027. The segments that were made during the comprehensive evaluation of the markets were based on vehicle types, end-use demand, and the demand for tyres based on their construction design. The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers, and other vehicles including bicycles. The categorization based on end-use demand includes demand for replacement tyres and OEM demand for tyres. Based on design types, the tyre market is segmented as radial tyres and bias-ply tyres. To have a broader understanding of the landscape of the tyre market all over the globe, further segmentation has been made based on countries, and the sales channels through which the products are made available to the distributors and customers. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world.

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Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globally

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In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. Apart from this, key players are launching eco-friendly, lightweight, and airless three-dimensional (3D) printed variants. They are also focusing on recovering and recycling used tires to minimize their environmental impact and save a considerable amount of energy required to manufacture new ones. Besides this, there is a rise in the number of logistics and transportation activities to deliver packages on time. This, in turn, is propelling the market growth. Furthermore, increasing numbers of farming activities in the agricultural industry are anticipated to create lucrative growth opportunities for the market. Many countries are implementing strict tire performance regulations, including fuel savings and wet grip-related braking distance reduction, in response to growing safety concerns. As a result, there is much potential for tire manufacturing businesses to develop tires that can comply with standards. As a result of increased technological breakthroughs, suppliers are developing extremely effective tires that improve automobiles' overall fuel efficiency. Self-inflating technology and Low Rolling Resistance (LRR) technology are used by tire manufacturers to enhance safety and increase fuel efficiency. These developments are fueling the market growth. The global tire market is constrained by fluctuating raw material prices, greater input costs driven by lack of natural rubber availability, and oil prices. Additionally, almost all raw materials are crude derivatives, making them dependent on the price of crude oil. Furthermore, the cost of manufacturing tires is mostly accounted for by the raw materials utilized in their production, with synthetic and natural rubber serving as the main raw materials. Prices for crude oil have increased sharply recently all across the world. As a result, it is anticipated that in the upcoming years, the cost of synthetic rubber and other crude derivatives used in the manufacture of tires will rise. The global market is majorly driven by the USA, China, Japan, Germany, and India accounting for a combined share of more than 50% of the overall global tyre market. As some of the major tyre markets in the world are developing economies, such as China, India, and Brazil, there is still some scope for the global tyre companies to tap into the growth opportunities presented by these rapidly emerging economies. However, it is imperative to know that these national markets are led by some of the major local players especially in India and China which makes these markets highly difficult to penetrate for the global tyre leaders. As of 2021, it was derived that about 40.17 Million units of MHCV tyres were sold, making it one of the fastest-growing tyre segments in the world. 3 wheeler and other tyres and MHCV tyres are forecasted to be the fastest-growing tyre products in the global tyre market with a difference of 1 percentage between their forecasted growth rates during the period of 2022 to 2027.

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Manmayi Raval

Manmayi Raval

Research Consultant

COVID-19 Impact The market was heavily influenced by the pandemic and the spread of the virus. Firstly the market experienced decline in demand with the shutting down of automobile production plants across the globe. Alon with this the travel restriction around the world caused in decreased wear and tear of tires which decreased the demand for replacement tires in the market. The market was heavily affected by the economic distress created by the pandemic. The fluctuation of prices for crude oil, an important raw material for tire manufacturing hampered the market significantly. Key Players: Apollo Tires, Bridgestone, CEAT Tires, Continental, Giti, Goodyears Tires, Hankook, JK tires, Kenda Kumho, Maxxis International, Michelin, MRF, Nexen Tire Corp, Nokian Tires, Pirelli, Sailun Group Co., Ltd, Sumitomo Rubber Industries, Titan International , Toyo Tire Corporation, Triangle Tire Co, Zhongce Rubber Group Co, Yokohama, Doublestar Tire, Linglong, Nankang Considered in the report • Geography: Global • Base Year: 2021 • Historical year: 2016 • Forecasted Year: 2027

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Manmayi Raval

Regions covered • North America • Europe • Asia Pacific • Latin America • Middle East Aspects covered in the report • Market Size by Value (2016-2027F) • Market Size by Volume (2016-2027F) • Market Share by Company • Market Share by Vehicle Type • Market Share by End Use • Market Share by Design • Market Share by Sales Channel • Market Share by Region • Market Share by Country The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Automotive and Transport industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Companies Mentioned

  • Bridgestone
  • Apollo Tyres
  • Ceat Tyres
  • Continental
  • Giti Tire
  • Goodyear Tyres
  • Hankook Tire
  • JK Tyre
  • Kenda Rubber
  • Kumho Tires
  • Maxxis International
  • Michelin
  • MRF
  • Nexen Tire Corp
  • Nokian Tyres
  • Pirelli
  • Sailun Group Co., Ltd
  • Sumitomo Rubber Industries
  • Titan International
  • Toyo Tire Corporation
  • Triangle Tyre Co
  • Zhongce Rubber Group Co
  • Yokohama
  • Doublestar Tire
  • Linglong
  • Nankang

Table of Contents

  • Table of Content
  • 1. Executive Summary
  • 2. Report Methodology
  • 3. Market Structure
  • 3.1. Market Considerate
  • 3.2. Market Definition
  • 4. Economic / Demographic Snapshot
  • 5. Global Tire Market Outlook
  • 5.1. Market Size by Value
  • 5.2. Market Size by Volume
  • 5.3. Market Share
  • 5.3.1. By Vehicle Type
  • 5.3.2. By End Use
  • 5.3.3. By Design
  • 5.3.4. By Sales Channels
  • 5.3.5. By Region
  • 5.3.6. By Country
  • 5.3.7. By Company
  • 6. North America Tire Market Outlook
  • 6.1. Market Size by Value
  • 6.2. Market Size by Volume
  • 6.3. Market Share
  • 6.3.1. By Vehicle Type
  • 6.3.2. By End Use
  • 6.3.3. By Design
  • 6.3.4. By Sales Channels
  • 6.3.5. By Country
  • 7. Europe Tire Market Outlook
  • 7.1. Market Size by Value
  • 7.2. Market Size by Volume
  • 7.3. Market Share
  • 7.3.1. By Vehicle Type
  • 7.3.2. By End Use
  • 7.3.3. By Design
  • 7.3.4. By Sales Channels
  • 7.3.5. By Country
  • 8. Asia-Pacific Tire Market Outlook
  • 8.1. Market Size by Value
  • 8.2. Market Size by Volume
  • 8.3. Market Share
  • 8.3.1. By Vehicle Type
  • 8.3.2. By End Use
  • 8.3.3. By Design
  • 8.3.4. By Sales Channels
  • 8.3.5. By Country
  • 9. South America Tire Market Outlook
  • 9.1. Market Size by Value
  • 9.2. Market Size by Volume
  • 9.3. Market Share
  • 9.3.1. By Vehicle Type
  • 9.3.2. By End Use
  • 9.3.3. By Design
  • 9.3.4. By Sales Channels
  • 9.3.5. By Country
  • 10. Middle East & Africa Tire Market Outlook
  • 10.1. Market Size by Value
  • 10.2. Market Size by Volume
  • 10.3. Market Share
  • 10.3.1. By Vehicle Type
  • 10.3.2. By End Use
  • 10.3.3. By Design
  • 10.3.4. By Sales Channels
  • 10.3.5. By Country
  • 11. Market Dynamics
  • 11.1. Key Drivers
  • 11.2. Key Challenges
  • 12. Market Trends and Developments
  • 12.1. XXXXXXXXXXX
  • 12.2. XXXXXXXXXXX
  • 12.3. XXXXXXXXXXX
  • 12.4. XXXXXXXXXXX
  • 13. Company Profiles
  • 13.1. Apollo Tires
  • 13.2. Bridgestone
  • 13.3. CEAT Tires
  • 13.4. Continental
  • 13.5. Cooper Tires
  • 13.6. Giti
  • 13.7. Goodyear Tires
  • 13.8. Hankook
  • 13.9. JK Tires
  • 13.10. Kenda
  • 13.11. Kumho
  • 13.12. Maxxis International
  • 13.13. Michelin
  • 13.14. MRF
  • 13.15. Nexen Tire Corp
  • 13.16. Nokian Tires
  • 13.17. Pirelli
  • 13.18. Sailun Group Co., Ltd
  • 13.19. Sumitomo Rubber Industries
  • 13.20. Titan International
  • 13.21. Toyo Tire Corporation
  • 13.22. Triangle Tire Co
  • 13.23. Zhongce Rubber Group Co
  • 13.24. Yokohama Co
  • 14. Company Overview
  • 14.1. Doublestar Tire
  • 14.2. Linglong
  • 14.3. Nankang
  • 15. Strategic Recommendations
  • 16. Disclaimer

List of Tables
Table 1: Top 10 Counties Economic Snapshot 2021
Table 2: Economic Snapshot of Other Prominent Countries 2021
Table 3: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 4: Global Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 5: Global Tire Market Share By End Use (2016, 2021 & 2027F)
Table 6: Global Tire Market Share By Design (2016, 2021 & 2027F)
Table 7: Global Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 8: Global Tire Market Share by Region (2016, 2021 & 2027F)
Table 9: Global Tire Market Share by Country (2016, 2021 & 2027F)
Table 10: Global Tire Market Share by Company (2021)
Table 11: North America Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 12: North America Tire Market Share By End Use (2016, 2021 & 2027F)
Table 13: North America Tire Market Share By Design (2016, 2021 & 2027F)
Table 14: North America Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 15: North America Tire MarketShare by Country (2016, 2021 & 2027F)
Table 16: Europe Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 17: Europe Tire Market Share By End Use (2016, 2021 & 2027F)
Table 18: Europe Tire Market Share By Design (2016, 2021 & 2027F)
Table 19: Europe Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 20: Europe Tire Market Share by Country (2016, 2021 & 2027F)
Table 21: Asia-Pacific Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 22: Asia-Pacific Tire Market Share By End Use (2016, 2021 & 2027F)
Table 23: Asia-Pacific Tire Market Share By Design (2016, 2021 & 2027F)
Table 24: Asia-Pacific Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 25: Asia-Pacific Tire Market Share by Country (2016, 2021 & 2027F)
Table 26: South America Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 27: South America Tire Market Share By End Use (2016, 2021 & 2027F)
Table 28: South America Tire Market Share By Design (2016, 2021 & 2027F)
Table 29: South America Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 30: South America Tire MarketShare by Country (2016, 2021 & 2027F)
Table 31: Middle East & Africa Tire Market Share By Vehicle Type (Volume) (2016, 2021 & 2027F)
Table 32: Middle East & Africa Tire Market Share By End Use (2016, 2021 & 2027F)
Table 33: Middle East & Africa Tire Market Share By Design (2016, 2021 & 2027F)
Table 34: Middle East & Africa Tire Market Share By Sales Channel (2016, 2021 & 2027F)
Table 35: Middle East & Africa Tire Market Share by Country (2016, 2021 & 2027F)
Table 36: Key Facts of Apollo Tires
Table 37: Key Facts of Bridgestone
Table 38: Key Facts of Ceat Tires
Table 39: Key Facts of Continental
Table 40: Key Facts of Cooper Tires
Table 41: Key Facts of Giti Tire
Table 42: Key Facts of Goodyear Tires
Table 43: Key Facts of Hankook Tire
Table 44: Key Facts of JK Tire
Table 45: Key Facts of Kenda Rubber
Table 46: Key Facts of Kumho Tires
Table 47: Key Facts of Maxxis International
Table 48: Key Facts of Michelin
Table 49: Key Facts of MRF
Table 50: Key Facts of Nexen Tire Corp
Table 51: Key Facts of Nokian Tires
Table 52: Key Facts of Pirelli
Table 53: Key Facts of Sailun Group Co., Ltd
Table 54: Key Facts of Sumitomo Rubber Industries
Table 55: Key Facts of Titan International
Table 56: Key Facts of Toyo Tire Corporation
Table 57: Key Facts of Triangle Tire Co
Table 58: Key Facts of Zhongce Rubber Group Co
Table 59: Key Facts of Yokohama Co

List of Figures
Figure 1: Global Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 2: Global Tire Market Size – By Volume 2016 to 2027F (In Million Units)
Figure 3: North America Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 4: North America Tire Market Size – By Volume 2016 to 2027F (In Million Units)
Figure 5: Europe Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 6: Europe Tire Market Size – By Volume 2016 to 2027F (In Million Units)
Figure 7: Asia-Pacific Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 8: Asia-Pacific Tire Market Size – By Volume 2016 to 2027F (Million Units)
Figure 9: South America Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 10: South America Tire Market Size – By Volume 2016 to 2027F (Million Units)
Figure 11: Middle East & Africa Tire Market Size – By Value 2016 to 2027F (In USD Billion)
Figure 12: Middle East & Africa Tire Market Size – By Volume 2016 to 2027F (Million Units)

Feed Phosphate Market Research FAQs

Global Tire market is projected to expand with over 4% CAGR for 2022-2027.

Above 2218 million units of tires were consumed in Global during the year of 2021.

The biggest market globally is the Asia Pacific region followed closely by North America

The 3 Wheelers and other segment is expected to grow with the Highest CAGR of almost 9% during the forecast period.

In 2021 the replacement category in the end use segment had the higher market share with value of around USD 165 Billion.
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Global Tire (Tyre) Market Overview, 2022-27

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