Global Tyre Market

The global tyre market was valued at USD 112.16 billion in 2019 and is anticipated to expand at substantial CAGR during the forecast period, between 2021 and 2028. Tyres are the circular part of vehicles made of rubber that cover the rims of the wheels. They protect the wheel rim and offer tractive force between roads and the vehicles. A flexible cushion is provided that reduces the impact of vibrations of the vehicle. Tyres create suspension that provide a balancing weight of the vehicle and has reduced the exertion of a bearing pressure to the vehicle. Different types of tyres are available for a variety of vehicles such as a small vehicle especially two-wheelers scooter is primarily attached with small tyre sizes as compared to big sizes, which are mostly compatible with large or heavy vehicles.

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Market Trends, Drivers, Restraints, and Opportunities

• Rise in vehicle and automobile production has exponentially increased the demand for tyres. This is expected to drive the market expansion in the coming years.
• Launching of innovative tyres that ensure maximum consumer satisfaction and add key attributes to the automobiles present key factors driving the market.
• Advancement in new technology and increased R&D spending by the automobile industry is a key factor, which is expected to fuel the market growth during the projected period.
• Increasing cost of fuel and volatile prices of raw materials disrupting the supply chains, which has reduced the demand for automobiles over the recent years. These are major challenges that can hamper the market expansion.
• Favorable government support towards the eco-friendly automobile industry and fuel efficiency technology are two main factors projected to provide lucrative opportunities for the market.

Scope of the Report

The report on the global tyre market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Global Tyre Market Segment Insights

All season segment is projected to witness robust growth

Based on season types, the global tyre market is segmented into summer, winter, and all season. The all season segment is projected to witness robust growth in the coming years as those tyres are readily fit to be used throughout the year irrespective of different seasons. These tyres provide ease to drive and absorb any shocks, which aid the driver to experience smooth drive of vehicles. These tyres usually perform best in warm climates and are also designed to extract water and provide traction when the temperature falls below 7 degrees.

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Rising population and demand for cars drive the passenger car segment

On the basis of vehicle types, the market is classified as passenger cars, commercial vehicles, and electric vehicles. The passenger car segment is expected to account for a key market share during the forecast period due to the rise in disposable income of a large number of consumers and their requirement of car for easy transport. Additionally, tyres manufactured for passenger cars ensured safety and comfort to the driver, which positively impacted the segment. However, the electric vehicles segment is anticipated to exhibit high growth during the projected period due to technological advancements and new innovations in the manufacturing of electric vehicles (EVs). Increasingly popular of EVs is influenced by the development of eco-friendly components including battery operated cars along with high efficiency and high-performance tyres.

Less than 15 inches segment to hold substantial market share

Based on rim sizes, the global tyre market is categorized as less than 15 inches, 15 to 20 inches, and more than 20 inches. The less than 15 inches segment is projected to hold significant market share during the forecast period due to higher demand for smaller wheel tyre combinations and rapid growth of two-wheelers vehicles including bikes and scooters. The provision of better mileage, acceleration, and a quitter, more comfortable ride are some of the key aspects of consumer preference towards the less tyre segment.

Asia Pacific to dominate the global market

In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia pacific is anticipated to dominate the market during the projected period due to rapid growth in the automobile industry in the region. Moreover, the regional market growth is further accelerated due to rise in number of the population in the region and the presence of a large number of the working population. This leads to increase in the demand for more vehicles, thereby, boosting the tyres market in the region.

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Segments

• Summer
• Winter
• All Season

• Passenger Cars
• Commercial Vehicles
• Electric Vehicles

• Less than 15 Inches
• 15 to 20 Inches
• More than 20 Inches

• Europe
• North America
• Asia Pacific
• South America
• Middle East & Africa

• Michelin Group
• Goodyear Tire & Rubber Company
• Bridgestone Corporation
• Pirelli & C. S.P.A
• Sumitomo Rubber Industries, Ltd.
• Continental Corporation
• Hankook Tire & Technology Co. Ltd.

Competitive Landscape

Key players competing in the global tyre market 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. These players have actively engaged in several market development activities including enterprise collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.