Tire Market by Type, Design, Material, Distribution Channel, End-User

List of Tables

The Tire Market was valued at USD 210.03 billion in 2023, expected to reach USD 220.03 billion in 2024, and is projected to grow at a CAGR of 4.91%, to USD 293.96 billion by 2030.

The tire market encompasses a wide range of products designed for various vehicles including passenger cars, commercial vehicles, two-wheelers, and aircraft, focusing on diverse needs such as durability, speed, safety, and fuel efficiency. It is primarily driven by the growing global automotive industry, increasing demand for electric vehicles (EVs), advancements in manufacturing technologies, and the push towards sustainable and eco-friendly tires. The necessity of tires in vehicle performance and safety cannot be overstated, serving as the sole contact point between vehicles and roads, crucial for grip, handling, ride comfort, and fuel efficiency. End-users span individual consumers to large-scale fleet operators and commercial airlines, providing a broad scope for application. Influencing growth factors include the rise in automotive sales, heightened consumer awareness regarding safety features, and stringent regulations demanding quality standards. Opportunities arise in the EV sector, where demand for EV-specific tires with lower rolling resistance and enhanced durability is growing. Additionally, advancements in smart tire technology, such as sensors integrated for real-time monitoring, present potential growth avenues. However, the market faces challenges like fluctuating raw material prices, regulatory hurdles regarding environmental impact, and intense competition leading to pricing pressures. Despite these challenges, innovation remains vibrant with scopes in sustainable material development like recycled rubber and bio-based raw materials, run-flat and airless tire developments, and intelligent tire systems incorporating IoT for maintenance prediction. The market is dynamic, characterized by rapid technological changes, consumer preference shifts, and regulatory evolutions. Companies can benefit from investing in R&D focused on sustainable and intelligence-integrated tire products while forming strategic alliances to enhance distribution networks and bolster market presence. Embracing digital transformation through online sales platforms could also prove advantageous in capturing the growing e-commerce trend in the automotive aftermarket sector.

KEY MARKET STATISTICS
Base Year [2023]	USD 210.03 billion
Estimated Year [2024]	USD 220.03 billion
Forecast Year [2030]	USD 293.96 billion
CAGR (%)	4.91%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Tire Market

The Tire Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Rapid expansion of the automotive industry with increasing passenger vehicle production
- Growth of the logistics and transportation sector and the need for durable tires for heavy trucks
- Government initiatives to promote the recycling of waste and used tires
Market Restraints
- Complexities in ensuring integration and compatibility of tires with vehicles
Market Opportunities
- Innovations to improve the performance, durability, and safety of modern tires
- Emerging preference for green and sustainable tires
Market Challenges
- Issues related to functionality and wear and tear of tires

Porter's Five Forces: A Strategic Tool for Navigating the Tire Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Tire Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Tire Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Tire Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Tire Market

A detailed market share analysis in the Tire Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Tire Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Tire Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Tire Market

A strategic analysis of the Tire Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Tire Market, highlighting leading vendors and their innovative profiles. These include Apollo Tyres Limited, Bridgestone Corporation, CEAT Ltd., Cheng Shin Rubber Ind. Co. Ltd., Continental AG, Giti Tire Pte Ltd., Hankook & Company Co., Ltd., Haulmax Tyres, Hefei Wanli Tire Co., Ltd., Inoac Corporation, JK Tyre & Industries Ltd., Kumho Tire Co., Inc., Madras Rubber Factory Limited, Magna Tyres Group, Michelin Corporation, Nexen Tire Corporation, Nokian Tyres PLC, Pirelli & C.S.p.A., Ralson (India) Limited, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd. by Atlas Group, Sinochem Group, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Triangle Tyre Co., Ltd., Xingyuan Tires Group, Yokohama Rubber Co. Ltd., and Zhongce Rubber Group Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Tire Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Type, market is studied across Bias Tires and Radial Tires.
Based on Design, market is studied across Tubed Tires and Tubeless Tires.
Based on Material, market is studied across Natural Rubber and Synthetic Rubber.
Based on Distribution Channel, market is studied across Aftermarket and Original Equipment Manufacturer.
Based on End-User, market is studied across Aerospace, Agricultural, Consumer, and Industrial & Construction.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-CA7E34031DAF

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rapid expansion of the automotive industry with increasing passenger vehicle production
  - 5.1.1.2. Growth of the logistics and transportation sector and the need for durable tires for heavy trucks
  - 5.1.1.3. Government initiatives to promote the recycling of waste and used tires
- 5.1.2. Restraints
  - 5.1.2.1. Complexities in ensuring integration and compatibility of tires with vehicles
- 5.1.3. Opportunities
  - 5.1.3.1. Innovations to improve the performance, durability, and safety of modern tires
  - 5.1.3.2. Emerging preference for green and sustainable tires
- 5.1.4. Challenges
  - 5.1.4.1. Issues related to functionality and wear and tear of tires
5.2. Market Segmentation Analysis
- 5.2.1. Type: Preference for radial tires owing to their superior performance, durability, and fuel efficiency
- 5.2.2. End-User: Need for robust, durable, and sturdy tires in the industrial and construction sector
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Tire Market, by Type

6.1. Introduction
6.2. Bias Tires
6.3. Radial Tires

7. Tire Market, by Design

7.1. Introduction
7.2. Tubed Tires
7.3. Tubeless Tires

8. Tire Market, by Material

8.1. Introduction
8.2. Natural Rubber
8.3. Synthetic Rubber

9. Tire Market, by Distribution Channel

9.1. Introduction
9.2. Aftermarket
9.3. Original Equipment Manufacturer

10. Tire Market, by End-User

10.1. Introduction
10.2. Aerospace
10.3. Agricultural
10.4. Consumer
10.5. Industrial & Construction

11. Americas Tire Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Tire Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Tire Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Guizhou Tyre to Invest USD 227.8 Million in Vietnam Facility to Boost Global Tire Production
- 14.3.2. Chinese Tire Cord Manufacturer Shenma Co. Ltd Invests EUR 32 Million in New Thailand Facility, Enhancing Global Footprint
14.4. Strategy Analysis & Recommendation

Companies Mentioned

1. Apollo Tyres Limited
2. Bridgestone Corporation
3. CEAT Ltd.
4. Cheng Shin Rubber Ind. Co. Ltd.
5. Continental AG
6. Giti Tire Pte Ltd.
7. Hankook & Company Co., Ltd.
8. Haulmax Tyres
9. Hefei Wanli Tire Co., Ltd.
10. Inoac Corporation
11. JK Tyre & Industries Ltd.
12. Kumho Tire Co., Inc.
13. Madras Rubber Factory Limited
14. Magna Tyres Group
15. Michelin Corporation
16. Nexen Tire Corporation
17. Nokian Tyres PLC
18. Pirelli & C.S.p.A.
19. Ralson (India) Limited
20. Sailun Group Co., Ltd.
21. Salsons Impex Pvt. Ltd. by Atlas Group
22. Sinochem Group
23. Sumitomo Rubber Industries, Ltd.
24. The Goodyear Tire & Rubber Company
25. Toyo Tire Corporation
26. Triangle Tyre Co., Ltd.
27. Xingyuan Tires Group
28. Yokohama Rubber Co. Ltd.
29. Zhongce Rubber Group Co., Ltd.