Segments - Global Rubber Tire Market by Tire Types (Bias, Radial, and Solid), Technologies (Connected Tires and Winter Tires), Vehicle Types (Agriculture Tractors, Construction & Mining Vehicles, Industrial Vehicles, Light Commercial Vehicles, Motorcycles & Scooters, Passenger Vehicles, and Truck & Bus), Sales Channels (Aftermarket and Original Equipment Manufacturers (OEMs)), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2023-2031
The global rubber tire market size was USD 149.4 Billion in 2022 and is likely to reach USD 208.99 Billion by 2031, expanding at a CAGR of 3.8% during 2023 – 2031. Most ground vehicles are equipped with rubber tires. In addition to dampening the oscillations caused by irregularities in the roadway, tires protect the wheel from wear and tear while simultaneously serving as a high-friction bond between the vehicle and the road to improve acceleration and handling. For truck, agricultural, industrial, specialty, cycle, and caster tyres, various types of tires are available that guarantee maximum inflation pressure retention.
Increasing road traffic due to rising number of last mile deliveries and growing e-commerce activities, which is estimated to drive the tire demand across the globe.
Rising consumer awareness about vehicle maintenance, the adoption of tire monitoring systems by fleet managers, and the expansion of retail and dealer networks in rural areas are some of the driving trends of the market.
The global economy is expanding, road infrastructure is being developed, and the number of cross-border and long-haul trucks is increasing, which is boosting rubber tire demand around the world.
Consumers are likely to own new vehicles due to the spread of the pandemic across the globe, which is anticipated to fuel vehicle sales, propelling the demand for rubber tires.
Raw material cost volatility can create challenges for the market.
Rapid urbanization across the globe is expected to boost the rubber tire market significantly due to rise in construction activities where heavy commercial and construction vehicles are in high demand.
The report on global rubber tire market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes |
Details |
Report Title |
Global Rubber Tire Market - Industry Analysis, Size, Share, Growth, Trends And Forecast |
Base Year |
2022 |
Historic Data |
2016 & 2021 |
Forecast Period |
2023–2031 |
Segmentation |
Tire Types (Bias, Radial, and Solid), Technologies (Connected Tires and Winter Tires), Vehicle Types (Agriculture Tractors, Construction & Mining Vehicles, Industrial Vehicles, Light Commercial Vehicles, Motorcycles & Scooters, Passenger Vehicles, and Truck & Bus), Sales Channels (Aftermarket and Original Equipment Manufacturers (OEMs)) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered in the Report |
Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., China National Tire & Rubber Co., Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Qingdao Fullrun Tyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Trelleborg AB, and Yokohama Tire Corporation. |
In terms of types, the global rubber tire market can be divided into bias, radial, and solid. The radial segment is projected to hold a significant market share due to rising use of passenger vehicles The bias tires held a significant share of the market due to the preference for fitting bias tires in construction & mining vehicles and agriculture tractors owing to their low price and thicker sidewalls.
On the basis of technologies, the global rubber tire market can be bifurcated into connected tires and winter tires. The connected tires segment is projected to grow at a robust pace during the forecast period due to the rising inclination for digital monitoring and predictive maintenance of tires.
Based on vehicle types, the global rubber tire market can be divided into agriculture tractors, construction & mining vehicles, industrial vehicles, light commercial vehicles, motorcycles & scooters, passenger vehicles, and truck & bus. The passenger vehicles segment is anticipated to account for a substantial share owing to the rising purchase power parity of society, which in turn, is fueling consumer demand for vehicles.
Significant sales of passenger vehicles and continued advancements have flourished the segment growth in the past few years. Additionally, introduction to electric vehicles along with integration of advanced drive assistance technologies in the passenger vehicles especially for semi-luxury and luxury vehicles are expected to magnificently boost its demand over the coming years.
On the basis of sales channels, the global rubber tire market can be bifurcated into aftermarket and original equipment manufacturers (OEMs). The aftermarket segment is expected to grow at a significant pace in near future by increasing average miles driven by vehicles and growing number of vehicles. The growth in automobile ownership and the shifting demand toward use of low rolling resistance tires can boost the future growth of the market segment.
In terms of regions, the global rubber tire market can be classified as Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is expected to dominate the market with a lucrative growth rate due to the high usage of agriculture tractors in China and India. Asia Pacific is the largest producer as well as consumer with Thailand being the prominent producing natural rubber and China being a major consumer. Rapid growth in the automotive and construction industries is a key driver of the market in this region.
Key players in the global rubber tire market are Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., China National Tire & Rubber Co., Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Qingdao Fullrun Tyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Trelleborg AB, and Yokohama Tire Corporation. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.