Global Tire Market Size -
Industry Trends & Outlook Report 2026
Global Tire Market is estimated
to be USD 298.30 Billion by 2027 from USD 222.16 Billion in 2020, at a CAGR of 4.30%
from 2020 to 2027. The global tire market is being determined by the growing
production and request for vehicles due to the rising population and increasing
one-use incomes. The increasing demand for lightweight vehicles is coming from
developing economies like China, India, and East Europe, with South America
continuing its rescue after the industry's losses in 2016. China is a top car
market and is one of the leading markets for passenger vehicles in the country.
The country's robust car industry is helping its tire market, making China the
largest tire market in the world in 2017. It accounted for nearly half the
industry. India, another primary tire market, is also seeing a rising demand
for automobiles and is expected to be the third-largest automobiles market by
2021. The Indian tire industry is predictable to see a 7-9% growth in requests
in the prediction period. It sees a rising demand not just from the domestic
market but also from the growing overseas market. Thus, the surge in exports is
also motivating the Indian tire market.
Global Tire Market: Market
Outlook and Trends
The tire is the round vehicle
constituent made of rubber used to shield the wheel's rim outwardly. The tire's
main function is to defend the wheel rim and offer tractive force amid the road
surface and the vehicle. Since it is manufactured from rubber, it also delivers
a flexible cushion, thereby falling the influence of the vibrations and
absorbing the vehicle's shock. Rubber tire consists of tread, jointless cap
piles, beads, and other materials, including synthetic rubber, carbon black,
and fabric. There is a growth in the demand for tires exponentially due to the
rise in vehicle manufacturers' request to provide to the surge in the
obligation of vehicles across all segments. Thus, the tired request is
ultimately ruled by automobile production. The global tire market is driven by
an increase in automotive production & sales across diverse vehicles
segment and a rise in rivalry among tire manufacturers. Besides, the outline of
progressive technology in the manufacturing process is expected to push the
automotive tire market's development. However, factors such as unstable prices
of raw materials and growths in the market of retreading tires are predictable
to obstruct the market's development. Further, advancement in technology and
fuel efficiency and safety worries joined with the government support is
predictable to create many chances for the development and extension of the
Source : Blueweave Consulting
Global Tire Market
Increase in Automotive
Production & Sales
Recently, the automobile
industry has been undergoing rapid evolution owing to speedy progress, which
has led to a growth in the sale of profitable vehicles such as trucks,
tractors, and trailers. Besides, the rise in one-use income of people and
developments in the standard of living are the factors that surge the sale of
luxurious passenger cars and premium segment bikes. Furthermore, electric
vehicle sales are predicted to rise throughout the forecast period. Also, a decrease
in electric vehicle parts such as a battery, transmission, and alternators
propel the sale of electric vehicles. Thus, a surge in demand for vehicles
across all segments among consumers leads to a rise in automobiles and tires
associated with it. Moreover, the global alliance of the automotive sector that
results in mergers and acquisitions among international and domestic vehicle
manufacturers boosts the development of the automotive industry, inducing the
automotive tire market. Therefore, the development of the automobile sector is
expected to rise the overall demand for tires.
Unstable Prices of Raw Materials
Raw materials to manufacture
tires include petroleum strengthening materials such as nylon and polyester.
Also, rubber (natural and synthetic) is the essential element mandatory to
manufacture tires, which witnesses high-cost differences. The materials used to
produce rubber tires are tread, textile cord ply, jointless cap plies,
steel-cord for belt plies, Bead reinforcement, apex, and core. Also, it
contains steel wire, synthetic rubber, natural rubber, and carbon black along
with the petrochemical strengthening materials such as polyester, fabric,
nylon, steel, and rayon. The valuing of these raw materials plays a vital role
in determining the complete price of the tire. These metals' prices vary
irregularly due to global economic ups and downs in the market, as these are
operated on a community exchange basis. Inflation and surge in demand for these
raw materials fuel their prices in the fresh past. Besides, players who serve
in the automotive tire market require many raw materials to overcome the demand
for the tire from the automotive industry. Ambiguity in the pricing of these
raw materials proves to be a significant limitation for the development of the
rubber tire market globally.
Impact of COVID-19 in industry
The automotive &
transportation industry is among the barest verticals to the continuing
COVID-19 eruption and is currently amidst unparalleled uncertainty. COVID-19 is
predictable to significantly impact the supply chain and product requests in
the automotive sector. The industry's worry has moved on from being placed on
supply chain disturbance from China to the overall slump in the request for
automotive products. The demand for commercial vehicles is predictable to
plummet with the shutdown of all non-essential services. Furthermore, changes
in consumer buying conduct due to doubt nearby the pandemic may have severe
consequences for the industries near upcoming growth. Meanwhile, liquidity
shortfall and cash crunch have already impacted fleet operators' sales, which
is further expected to widen over the next few months. We are unceasingly
monitoring the COVID-19 pandemic and measuring its impact on the automotive &
transportation industry's development.
Global Tire Market: Segmentation
Radial tire began as a dominant
section in 2015 and accounted for over 75% of the same year's complete revenue.
The radial tire controls the market due to several benefits such as lower fuel
ingesting, less ground compaction and harm, greater output, decrease in
replacement, and reduced machine upkeep costs.
The passenger Cars (PC) segment
dominated the industry with over 40% revenue share in 2015. Requests for
passenger cars are mainly particular to economic circumstances dictated by
variation in exchange rates, GDP development, inflation levels, and government
policy changes. Besides, volatile fuel prices and the transportation
infrastructure also tend to influence demand for passenger cars. The universal
need for PC is predictable to increase traction over the future, driven by the
refining economic outlook in the U.S. and emerging markets such as China and
Global Tire Market: Regional
Asia-Pacific is the leading player
and holding more than half of the market share. China is the central hub for
business through industries and one of the firmest rising economies in the
world. The request for materials like coal, iron ore, gold, and copper are
growing. As a result, the demand for mining truck tires has gone up as well.
Besides, investments in the mining sector are predictable to help as a good
opportunity for heavy-duty tire manufacturers. The country started feeling
recovery in mining production, with the help of advanced technologies, in 2016.
The surge in the mining production is likely to push demand for new building
machinery in fields by replacing old machinery, which is additionally powering
the mining tires' demand.
Source : Blueweave Consulting
The leading players in the Tire
Market include Bridgestone Corporation (Japan), Goodyear Tire &
Rubber Company (United States), Continental AG (Germany), Michelin (France),
and Sumitomo Rubber Industries (Japan) and other prominent players.
Tokyo (September 25, 2020) -
Bridgestone Corporation announced that it plans to discontinue supply of kart
tires* effective December 31, 2022.
Hanover, October 21, 2020.
JoinPlas, the joint venture between technology company Continental and system
supplier aft automotive, impressed the 18th Materialica Design + Technology
Award judges with a synthetic modular coupling system for thermal management in
Scope of the Report
Historical data – 2016-2018
Base Year – 2019
Forecast – 2020 – 2027
Revenue in USD Billion
U.S, Canada, Germany, UK, France, Italy,
Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa,
Saudi Arabia .
By Type, By Application, By Demand Category,
leading players considered for market analysis are Bridgestone Corporation
(Japan), Goodyear Tire & Rubber Company (United States), Continental AG
(Germany), Michelin (France) and Sumitomo Rubber Industries (Japan) and many
ü Passenger Cars
ü Light Commercial
ü Heavy Commercial
ü Two Wheelers
By Demand Category
Middle East &
objective of the Study:
analyze and forecast the Global Tire Market size of the market in terms of
examine the careful market segmentation and forecast the market size, in terms
of value, based on the region by segmenting.
Global Tire Market segmented into five regions, namely, North America, Europe,
Asia Pacific, Middle East, South America, and their leading countries.
outline, categorized, and forecast the Global Tire Market based on By Type, By Application,
By Demand Category and By Regional.
examine competitive developments like By
Type, By Application, By Demand Category and by Regional within
the Global Tire Market.
highlight the impact analysis of the factors affecting the market dynamics such
as growth drivers.
strategically profile the key players and comprehensively analyze their market
shares along with detailing the competitive landscape for market leaders.
Questions Answer by the Report
How will the market drivers, restraints,
and opportunities affect the market dynamics?
What will be the market size in terms of
value and volume and market statistics with a detailed classification?
Which segment dominates the market or
region, and one will be the fastest - growing, and why?
A comprehensive survey of the competitive
landscape and the market participant players
Analysis of strategy adopted by the key
player and their impact on other players.
Scope for the Client
Client satisfaction is our first and last
priority, and that is why BlueWeave Consulting offers customization according
to Company’s specific needs. The following customization options are available
for the report:
• With five additional company detail
• Additional country analysis
• Detailed segment analysis