Market Overview: The global tire market exhibited moderate growth during 2015-2020.
Tires form an essential component of the automobile industry. They provide traction between the vehicle and the road while providing a flexible cushion that absorbs shock. They are manufactured using various materials, including natural and synthetic rubber, carbon black, polyester, rayon, steel, silica and vulcanization accelerator. Nowadays, there is a wide variety of tires available in the global market, which caters to the requirement of different kind of vehicles.
One of the leading factors driving the demand for tires across the globe is the accelerating sales of passenger vehicles, particularly in the emerging economies. Tires perform numerous functions, such as supporting the weight of a vehicle, transmitting accelerating and braking force to the ground, changing or maintaining direction, and absorbing shock from the road surface, which help in improving the overall performance of the vehicle. Along with this, the growing infrastructure activities in both the developed and developing countries are expected to fuel the demand for construction vehicles, which in turn will boost the sales of tires. Besides this, the leading companies are engaging in the development of advanced products, such as ecological, flat-run and nitrogen-based tires, that are environment-friendly. For instance, Bridgestone Corporation, the world’s largest tire and rubber company, has introduced the next-generation fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly. They also continue to support the weight of the vehicle using the reinforced sidewalls even when the tire is punctured, unlike conventional tires. Looking forward, the analyst expects the global tire market to grow at a CAGR of around 4% during 2021-2026.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global tire market, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, end-use, vehicle type, distribution channel and season.
Breakup by Design: Radial Bias
The market has been categorized based on the design into radial and bias tires. Radial tires currently dominate the market across the globe.
Breakup by End-Use: OEM Market Replacement Market
Based on the end-use, the market has been bifurcated into OEM and replacement tires. At present, replacemnet segment account for the majority of the market share.
Breakup by Vehicle Type: Passenger Cars Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size Light Commercial Vehicles Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size Medium and Heavy Commercial Vehicles Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size Two Wheelers Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size Three Wheelers Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size Off-The-Road (OTR) Market Breakup by Rim Size Market Breakup by Tire Size Price Ranges by Rim Size
On the basis of the vehicle type, passenger cars hold the largest market share. Other major vehicle types include light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers and off-the-road (OTR) vehicles.
Breakup by Distribution Channel
Based on the distribution channel, the market has been classified into online and offline. Presently, tires are majorly distributed through offline channels.
Breakup by Season
All Season Tires Winter Tires Summer Tires
The market has been divided on the basis of the season into all-season, winter and summer tires. Amongst these, all-season tires exhibit a clear dominance in the market.
Breakup by Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Argentina Columbia Chile Peru Others Middle East and Africa Turkey Saudi Arabia Iran United Arab Emirates Others
Region-wise, Asia Pacific holds the leading position in the market. It is further segmented into China, Japan, India, South Korea, Australia and Indonesia. Other major regions are Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others), North America (the United States and Canada), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and Others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and Others).
Competitive Landscape: The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market. Some of the leading companies include Michelin, Bridgestone, Continental, Goodyear, Sumitomo, Pirelli, Yokohama, Hankook, Toyo, Kumho, etc.
Key Offerings of the Report: the analyst’s report offers an in-depth analysis of the global tire market for 2015-2020 and 2021-2026. Historical (2015-2020) and forecast (2021-2026) market data for different segmentations are also provided in the report, including the type, design, end-use, vehicle type, distribution channel, season, and major regions of the tire industry. It offers historical (2015-2020) and projected (2021-2026) price trends for the product in each region, along with detailed information on COVID-19 impact. It analyses the market structure and scenario, along with assessments as per the SWOT and Porter’s Five Forces models, and covers the significant demand and price indicators.
Frequently Asked Questions: 1. What was the global automotive tire market size in 2019? 2. What will be the tire market outlook during the next five years (2020-2025)? 3. What are the key global tire market drivers? 4. What are the major tire industry trends? 5. Which is the major vehicle segment in the global tire market? 6. Who are the leading tire manufacturers/industry players? 7. Which is the largest regional tire market? 8. What is the dominant tire distribution channel? 9. What is the tire industry growth rate? 10. What is the tire market breakup by season? 11. What are the major tire size segments in the US market in 2020?
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