Tyre Market

Global Tyre Market by Season Types (Summer, Winter, and All Season), Vehicle Types (Passenger Cars, Commercial Vehicles, and Electric Vehicles), Rim Sizes (Less than 15 Inches, 15 to 20 Inches, and More than 20 Inches), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Forecasts, 2021-2028

  • Report ID: AL-4313
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 176
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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.

Tyre Market key takeaways

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.

Attributes

Details

Report Title

Tyre Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Season Types (Summer, Winter, and All Season), Vehicle Types (Passenger Cars, Commercial Vehicles, and Electric Vehicles), Rim Sizes (Less than 15 Inches, 15 to 20 Inches, and More than 20 Inches)

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

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.

 

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.

Tyre Market by season types

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.

Tyre Market by regions

Segments

By Season Types
  • Summer
  • Winter
  • All Season
By Vehicle Types
  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles
By Rim Sizes
  • Less than 15 Inches
  • 15 to 20 Inches
  • More than 20 Inches
By Regions
  • Europe
  • North America
  • Asia Pacific
  • South America
  • Middle East & Africa
By Key Players
  • 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.

Tyre Market by key players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Tyre Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Tyre Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Tyre Market - Supply Chain
  4.5. Global Tyre Market Forecast
     4.5.1. Tyre Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Tyre Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Tyre Market Absolute $ Opportunity
5. Global Tyre Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Tyre Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Tyre Demand Share Forecast, 2019-2026
6. North America Tyre Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Tyre Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Tyre Demand Share Forecast, 2019-2026
7. Latin America Tyre Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Tyre Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Tyre Demand Share Forecast, 2019-2026
8. Europe Tyre Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Tyre Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Tyre Demand Share Forecast, 2019-2026
9. Asia Pacific Tyre Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Tyre Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Tyre Demand Share Forecast, 2019-2026
10. Middle East & Africa Tyre Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Tyre Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Tyre Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Tyre Market: Market Share Analysis
  11.2. Tyre Distributors and Customers
  11.3. Tyre Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Michelin Group
     11.4.2. Goodyear Tire & Rubber Company
     11.4.3. Bridgestone Corporation
     11.4.4. Pirelli & C. S.P.A
     11.4.5. Sumitomo Rubber Industries, Ltd.
     11.4.6. Continental Corporation
     11.4.7. Hankook Tire & Technology Co. Ltd.
By Season Types
  • Summer
  • Winter
  • All Season
By Vehicle Types
  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles
By Rim Sizes
  • Less than 15 Inches
  • 15 to 20 Inches
  • More than 20 Inches
By Regions
  • Europe
  • North America
  • Asia Pacific
  • South America
  • Middle East & Africa
By Key Players
  • Michelin Group
  • Goodyear Tire & Rubber Company
  • Bridgestone Corporation
  • Pirelli & C. S.P.A
  • Sumitomo Rubber Industries, Ltd.
  • Continental Corporation
  • Hankook Tire & Technology Co. Ltd.

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.

Tyre Market by key players

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