Tires Market Synopsis

Tires Market Size is Valued at USD 111.39 Billion in 2023, and is Projected to Reach USD 145.34 Billion by 2032, Growing at a CAGR of 3% From 2024-2032.

The tires market refers to the marketing of tires used on different types of vehicles such as passenger cars, LV/HTV, two-wheelers, and OT. It also classifies the segment by tire type radial, bias, solid; by vehicle type; by rim size; by distribution channel OEMs and aftermarket; by Seasons, Summer, Winter, All-season; by End users; by technology run-flat and non-run-flat; by region North America, Europe, Asia-Pacific Latin America Middle East & Africa; by application on-road, off-road, agricultural, industrial; by material natural rubber and synthetic rubber; Some of the key drivers that have been noticed to influence the market as include the car manufacture and sales, advance technologies in tire production, and growth in the diffusion for long bearing and high performing tires.

• The tires market is stimulated by several variables mainly being; the advancing world car production and the growing need for car replacement tires. Thus, as the motor industry grew over the recent and advanced especially in the developing nations the demand for tires also increased vastly. This is true for OEM tires, or brand-new tires that are used when manufacturers assemble new vehicles and replacement tires which are used as the existing ones wear out. Other drivers include improvements in technologies used in the production of tires, for instance, the production of strong, efficient, and low-noise tires also fuel market growth. Besides, the market for electric and self-driving cars is driving development in tire engineering and materials, thus also contributing positively to market growth.

• The other is the increasing concern and adherence to requirements of safety and environment measures in relation to the activity. The consumers as well as the manufacturers of vehicles are starting to pay attention on the quality products which improve the safety of cars together with the fuel economy. This is extending the call for high-end tires that are made from quality materials and give improved performance, longer life, and cost efficient when it comes to environmental issues. Also, changing consumers ‘buying behavior due to the advancement of technology such as e-commerce and online retail platforms has increased tire demand and thus leading to increased sales volumes. The tire manufacturers’ cooperation with automotive industries and technological companies along with the partnerships is also paving the way to the constant innovation as well as the continual growth of the market.

Tires Market Trend Analysis

The Impact of Electric Vehicles on the Tire Industry

• The tires market has been in a continued growth with rising imputes in automobile technology and rising car manufacturing around the world. One of such trends is the increasing customer’s awareness of tire performance and their concern with fuel consumption. The contemporary world draws environmental concern and as new rules as to the companies’ negative impact on the environment is put in place, new and improved tyres that have reduced rolling resistance are being developed to increase fuel efficiency. Also, with the emergence of electric vehicles (EVs), new tires have been specifically developed to meet requirements of the weight distribution of EVs and full torque instant received by the tires. Smart tires are other components popularly integrated into vehicles as these have embedded sensors that enable measurement of pressure, temperature as well as the overall state of the tread.

• Also, the market is developing along with sustainable materials and methods of production. Large production tire makers have embarked of a campaign to spend on research in a bid to develop new tires that will be environmentally friendly through being made mostly from renewable raw materials or being recyclable. The circular economy strategy is being practiced here since the tires reach their date of disposal, and instead of disposing of them, they are used in the production of new products. Thus, Asia-Pacific region becomes more and more important as China and India, increasing urbanization, industrialization and car production. At the same time, North America and Europe remain concentrated on evolving technologies and adhering to the rules. All in all, the current trends of the tire market can be described as highly sustainable, innovative, and adaptable to the shifts in the automotive industry.

From EVs to E-commerce, Trends Creating Opportunities in the Tires Market

• The opportunities of the tires market include the following reasons that should be taken seriously: First potential, the constantly developing global market of cars is the primary stimulant as rising automobile production and consumption lead to the increased need for tires. Market growth is mainly driven by the growing volumes of fewer passenger cars and sequentially expanding commercial vehicles and two-wheelers especially in the growth regions like China and India. Also, innovations in tire production like the possessors that offer eco-friendly and fuel-efficient tires are of great interest to the consumers due to superior performance. The opportunity to obtain significant revenues in the tires segment can be viewed in the transition to the use of electric vehicles as electric vehicles have their own load distribution and torque characteristics, therefore, they need their tires.

•  Also, the aftermarket tire segment is growing at a very healthy pace because of the growing vehicle parc and customer’s urge towards customizing their vehicles. An increase in awareness of the consumer on the recommended time for tire replacement and checking of the tire for efficiency and safety is also driving consumption in this segment. Other site features are also helping extend market reach, and the ability to conveniently purchase tires online is also increasing. Given the fact that new legal acting enforcers severe regulations concerning tire performance and safety characteristics it might be expected that the need for high-quality tires will increase providing the key premium tire producers with possibilities to strengthen their positions in the process of tires market evolution.

Tires Market Segment Analysis:

Tires Market Segmented on the basis of type, Vehicle Type, and Season.

By Type, Solid Tires segment is expected to dominate the market during the forecast period

• The tires market is one of distinguished types of tires which includes radial tires, bias tires and solid tires which are used differently. Radial tires have ply cords at 90 degrees to direction of travel and these are more fuel efficient, have better rough road contact, better tread wear and so are used in passenger cars and light trucks. Although the ply cords are laid at angles less than 90 degrees from each other, bias tires come with a strong sidewall besides supporting a greater load in carriages making it ideal for use in Lorries, trucks, and off-road vehicles.

• The bar or solid tires refer to types manufactured wholly of rubber with no air fillings and are widely employed in the industrial and the commercial vehicles such as forklifts and other construction vehicles since they do not require frequent replacement and are extremely hardwearing. These specifications are met by different types of tires to meet the performance and durability needs for the different car categories and industries in the world.

By Vehicle Type, Off-The-Road (OTR) Vehicles segment held the largest share in 2024

• That being said, the market for tires could be split by the type of a vehicle, and the needs and characteristics of each segment would vary. The largest OLT segment are passenger cars that require tires with focus on comfort, fuel efficiency, and safety that stimulated the radial tire development. LCV (Light Commercial Vehicles) again need abrasion-resistant tires because of stop-and-go type journeys and to provide accommodation of a load yet retain comfort levels of a car. Tires in HCVs like trucks require more strength and load carriage ability due to long distances and overburdened equipment.

• Motorcycles and scooters which are two-wheelers require tires that offer good traction and stability which is very essential when it comes to the safety of the rider. Special application vehicles like earth moving vehicles used in construction industries or large wheeled vehicles used in mining industries or the large farm tractors used to in farming demand very robust tires with superior grip which can withstand very unfavorable terrains. As a means of transport for long distances, buses and coaches require tires that can be used for long distances mainly demonstrating lasting, high mileage and comfort. The application of tires in the automotive industry embodies certain specifications for every vehicle type and thus affects market segmentation and potential growth for the global tires market.

Tires Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• The North American tire market is a complex and significant segment of the automotive industry of the North American region. Tire products for sale in the described market can be divided into several categories, such as Passenger car tires, Light truck tires, Heavy-duty truck tires as well as Specialty tires. Among them, an active automobile market, high car penetration rate, the worn-out tires’ requirement for replacement, and other factors played a crucial role in the market. Also, innovations and developments introduced in the tire sector including run-flat tires and environment friendly tires have also attributed to market development. Market leaders Michelin, Bridgestone, Goodyear, and Continental make large investments in research and development to create new products and remain competitive.

• In addition, the market is affected by such regulatory factors as safety requirement and the customer taste concerning fuel efficiency standards. There is a higher standard set in the regulations of the operation and safety in tires have called for better quality tires that are efficient in fuel, have low rolling resistance and are durable. The use of tires across the North American region is also influenced by the emergence of electric vehicles since the tires on these automobiles have distinct features. Another big segment is the aftermarket segment, because of the frequent change of tires and the emerging e-commerce business for tires. In general, it can be stated that the North American tire market has all the prerequisites for progressive development due to the technological progress, updated legislation requirements, and changed customers’ expectations.

Active Key Players in the Tires Market

• Bridgestone Corporation (Japan) 
• Michelin (France) 
• Goodyear Tire & Rubber Company (United States) 
• Continental AG (Germany) 
• Pirelli & C. S.p.A. (Italy) 
• Sumitomo Rubber Industries, Ltd. (Japan) 
• Yokohama Rubber Co., Ltd. (Japan) 
• Hankook Tire & Technology Co., Ltd. (South Korea) 
• Cooper Tire & Rubber Company (United States) 
• Toyo Tire Corporation (Japan) 
• Kumho Tire Co., Inc. (South Korea) 
• Apollo Tyres Ltd. (India) 
• MRF Limited (India) 
• Nokian Tyres plc (Finland) 
• Cheng Shin Rubber Ind. Co., Ltd. (Taiwan) 
• Linglong Tire (China) 
• Giti Tire (Singapore) 
• Triangle Group (China) 
• Nexen Tire Corporation (South Korea) 
• Sailun Group Co., Ltd. (China)
• Others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Tires Market by Type
 4.1 Tires Market Snapshot and Growth Engine
 4.2 Tires Market Overview
 4.3 Radial Tires
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Radial Tires: Geographic Segmentation Analysis
 4.4 Bias Tires
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Bias Tires: Geographic Segmentation Analysis
 4.5 Solid Tires
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Solid Tires: Geographic Segmentation Analysis

Chapter 5: Tires Market by Vehicle Type
 5.1 Tires Market Snapshot and Growth Engine
 5.2 Tires Market Overview
 5.3 Passenger Cars
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Passenger Cars: Geographic Segmentation Analysis
 5.4 Light Commercial Vehicles (LCV)
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Light Commercial Vehicles (LCV): Geographic Segmentation Analysis
 5.5 Heavy Commercial Vehicles (HCV)
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Heavy Commercial Vehicles (HCV): Geographic Segmentation Analysis
 5.6 Two-Wheelers
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Two-Wheelers: Geographic Segmentation Analysis
 5.7 Off-The-Road (OTR) Vehicles
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Off-The-Road (OTR) Vehicles: Geographic Segmentation Analysis
 5.8 Buses & Coaches
  5.8.1 Introduction and Market Overview
  5.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.8.3 Key Market Trends, Growth Factors and Opportunities
  5.8.4 Buses & Coaches: Geographic Segmentation Analysis

Chapter 6: Tires Market by Season
 6.1 Tires Market Snapshot and Growth Engine
 6.2 Tires Market Overview
 6.3 Summer Tires
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Summer Tires: Geographic Segmentation Analysis
 6.4 Winter Tires
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Winter Tires: Geographic Segmentation Analysis
 6.5 All-Season Tires
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 All-Season Tires: Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Tires Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 BRIDGESTONE CORPORATION (JAPAN)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 MICHELIN (FRANCE)
 7.4 GOODYEAR TIRE & RUBBER COMPANY (UNITED STATES)
 7.5 CONTINENTAL AG (GERMANY)
 7.6 PIRELLI & C S P A (ITALY)
 7.7 SUMITOMO RUBBER INDUSTRIES LTD (JAPAN)
 7.8 YOKOHAMA RUBBER CO LTD (JAPAN)
 7.9 HANKOOK TIRE & TECHNOLOGY CO LTD (SOUTH KOREA)
 7.10 COOPER TIRE & RUBBER COMPANY (UNITED STATES)
 7.11 TOYO TIRE CORPORATION (JAPAN)
 7.12 KUMHO TIRE CO INC (SOUTH KOREA)
 7.13 APOLLO TYRES LTD (INDIA)
 7.14 MRF LIMITED (INDIA)
 7.15 NOKIAN TYRES PLC (FINLAND)
 7.16 CHENG SHIN RUBBER IND CO LTD (TAIWAN)
 7.17 LINGLONG TIRE (CHINA)
 7.18 GITI TIRE (SINGAPORE)
 7.19 TRIANGLE GROUP (CHINA)
 7.20 NEXEN TIRE CORPORATION (SOUTH KOREA)
 7.21 SAILUN GROUP CO LTD (CHINA)
 7.22 OTHERS

Chapter 8: Global Tires Market By Region
 8.1 Overview
 8.2. North America Tires Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
   8.2.4.1 Radial Tires
   8.2.4.2 Bias Tires
   8.2.4.3 Solid Tires
  8.2.5 Historic and Forecasted Market Size By Vehicle Type
   8.2.5.1 Passenger Cars
   8.2.5.2 Light Commercial Vehicles (LCV)
   8.2.5.3 Heavy Commercial Vehicles (HCV)
   8.2.5.4 Two-Wheelers
   8.2.5.5 Off-The-Road (OTR) Vehicles
   8.2.5.6 Buses & Coaches
  8.2.6 Historic and Forecasted Market Size By Season
   8.2.6.1 Summer Tires
   8.2.6.2 Winter Tires
   8.2.6.3 All-Season Tires
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Tires Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
   8.3.4.1 Radial Tires
   8.3.4.2 Bias Tires
   8.3.4.3 Solid Tires
  8.3.5 Historic and Forecasted Market Size By Vehicle Type
   8.3.5.1 Passenger Cars
   8.3.5.2 Light Commercial Vehicles (LCV)
   8.3.5.3 Heavy Commercial Vehicles (HCV)
   8.3.5.4 Two-Wheelers
   8.3.5.5 Off-The-Road (OTR) Vehicles
   8.3.5.6 Buses & Coaches
  8.3.6 Historic and Forecasted Market Size By Season
   8.3.6.1 Summer Tires
   8.3.6.2 Winter Tires
   8.3.6.3 All-Season Tires
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Tires Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
   8.4.4.1 Radial Tires
   8.4.4.2 Bias Tires
   8.4.4.3 Solid Tires
  8.4.5 Historic and Forecasted Market Size By Vehicle Type
   8.4.5.1 Passenger Cars
   8.4.5.2 Light Commercial Vehicles (LCV)
   8.4.5.3 Heavy Commercial Vehicles (HCV)
   8.4.5.4 Two-Wheelers
   8.4.5.5 Off-The-Road (OTR) Vehicles
   8.4.5.6 Buses & Coaches
  8.4.6 Historic and Forecasted Market Size By Season
   8.4.6.1 Summer Tires
   8.4.6.2 Winter Tires
   8.4.6.3 All-Season Tires
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Tires Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
   8.5.4.1 Radial Tires
   8.5.4.2 Bias Tires
   8.5.4.3 Solid Tires
  8.5.5 Historic and Forecasted Market Size By Vehicle Type
   8.5.5.1 Passenger Cars
   8.5.5.2 Light Commercial Vehicles (LCV)
   8.5.5.3 Heavy Commercial Vehicles (HCV)
   8.5.5.4 Two-Wheelers
   8.5.5.5 Off-The-Road (OTR) Vehicles
   8.5.5.6 Buses & Coaches
  8.5.6 Historic and Forecasted Market Size By Season
   8.5.6.1 Summer Tires
   8.5.6.2 Winter Tires
   8.5.6.3 All-Season Tires
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Tires Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
   8.6.4.1 Radial Tires
   8.6.4.2 Bias Tires
   8.6.4.3 Solid Tires
  8.6.5 Historic and Forecasted Market Size By Vehicle Type
   8.6.5.1 Passenger Cars
   8.6.5.2 Light Commercial Vehicles (LCV)
   8.6.5.3 Heavy Commercial Vehicles (HCV)
   8.6.5.4 Two-Wheelers
   8.6.5.5 Off-The-Road (OTR) Vehicles
   8.6.5.6 Buses & Coaches
  8.6.6 Historic and Forecasted Market Size By Season
   8.6.6.1 Summer Tires
   8.6.6.2 Winter Tires
   8.6.6.3 All-Season Tires
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Tires Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
   8.7.4.1 Radial Tires
   8.7.4.2 Bias Tires
   8.7.4.3 Solid Tires
  8.7.5 Historic and Forecasted Market Size By Vehicle Type
   8.7.5.1 Passenger Cars
   8.7.5.2 Light Commercial Vehicles (LCV)
   8.7.5.3 Heavy Commercial Vehicles (HCV)
   8.7.5.4 Two-Wheelers
   8.7.5.5 Off-The-Road (OTR) Vehicles
   8.7.5.6 Buses & Coaches
  8.7.6 Historic and Forecasted Market Size By Season
   8.7.6.1 Summer Tires
   8.7.6.2 Winter Tires
   8.7.6.3 All-Season Tires
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research