IMARC Group, a leading market research company, has recently releases report titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global tire market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the tire/tyre market?
| Report Attributes | Details |
| Market Size in 2022 | 2,321.3 Million Units |
| Market Forecast in 2028 | 2,741.2 Million Units |
| Growth rate (2023 to 2028) | CAGR of 2.88% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What are Tires?
A tire is a ring-shaped rubber cushion that surrounds a wheel’s rim to transfer an automobile’s load from the axle through the wheel to the ground and provide traction on the surface. The tire tread and sidewall are independent, which allows high flexibility while maintaining vehicle stability. It is made using natural rubber, steel, nylon, silica, synthetic rubber, polyester, petroleum, and carbon black. The tire is categorized into summer, all-season, and winter tires. Moreover, tires help increase the performance of an automobile, reduce wear and tear, and improve mileage and passenger safety. It is available in several variants and sizes depending on the type of automobile.
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What are the growth prospects and trends in the tire/tyre industry?
The rising consumer per capita income has increased the demand for luxury automobiles, electric vehicles (EVs), and passenger cars, which is one of the key factors positively contributing to the market growth. Additionally, key market players are investing heavily in advanced technologies to develop lightweight, eco-friendly, and airless three-dimensional (3D) printed tires, which is creating a positive outlook for the market. Furthermore, the surging cases of road accidents have increased the demand for premium quality tires, which is providing a considerable thrust to the market growth. Besides this, the increasing focus on passenger safety and the rising number of logistics and transportation activities are accelerating the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Design:
- Radial
- Bias
Breakup by End-Use:
- OEM Market
- Replacement Market
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Three Wheelers
- Off-The-Road (OTR)
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Season:
- All Season Tires
- Winter Tires
- Summer Tires
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire and Rubber Company
- Sumitomo Corporation
- Pirelli Tyre S.p.A
- Yokohama Tire Corporation
- Hankook Tire and Technology Co., Ltd.
- Toyo Engineering Corporation
- Kumho Tyre (Australia) Pty Ltd
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