Tire (Tyre) Market on Track to Hit USD 232 billion in 2023, Growing at 4.11% CAGR by 2029

Market Insights

As per recent research by MarkNtel Advisors, The Global Tire (Tyre) Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29.

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Global Tire (Tyre) Market Driver:

Mounting Prevalence of Electric Vehicles – One of the most prominent factors projected to drive the Tyre Market during 2024-29 is the rapidly surging electric vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the Tire Market growth.

Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.

Tire (Tyre) Market Segmentation:

By Vehicle Type

• Two-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
• Three-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
• Passenger Car- Market Size & Forecast 2019-2029, (Thousand Units)
• Commercial Vehicle -Market Size & Forecast 2019-2029, (Thousand Units)
  • Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2029, (Thousand Units)
  • Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2029, (Thousand Units)
• Off-the-Road Vehicle (OTR)-Market Size & Forecast 2019-2029, (Thousand Units)

By Demand Type

• OEM – Market Size & Forecast 2019-2029, (Thousand Units)
• Replacement – Market Size & Forecast 2019-2029, (Thousand Units)

By Tire Type

• Radial- Market Size & Forecast 2019-2029, (Thousand Units)
• Bias – Market Size & Forecast 2019-2029, (Thousand Units)

By Season

• Summer Tires- Market Size & Forecast 2019-2029, (Thousand Units)
• Winter Tires – Market Size & Forecast 2019-2029, (Thousand Units)
• All Season Tires- Market Size & Forecast 2019-2029, (Thousand Units)

By Sales Channel

• Direct Sales- Market Size & Forecast 2019-2029, (Thousand Units)
• Dealer Distributor – Market Size & Forecast 2019-2029, (Thousand Units)
• Online Platform- Market Size & Forecast 2019-2029, (Thousand Units)

By Rim Size

• Up to 12” – Market Size & Forecast 2019-2029, (Thousand Units)
• 1” to 15” – Market Size & Forecast 2019-2029, (Thousand Units)
• 1” to 18” – Market Size & Forecast 2019-2029, (Thousand Units)
• 18” to 22.5” – Market Size & Forecast 2019-2029, (Thousand Units)
• 6” to 26” – Market Size & Forecast 2019-2029, (Thousand Units)
• 1” to 35” – Market Size & Forecast 2019-2029, (Thousand Units)
• 1” to 47” – Market Size & Forecast 2019-2029, (Thousand Units)
• Above 47” – Market Size & Forecast 2019-2029, (Thousand Units)

By Price Category

• Budget- Market Size & Forecast 2019-2029, (Thousand Units)
• Economy- Market Size & Forecast 2019-2029, (Thousand Units)
• Premium- Market Size & Forecast 2019-2029, (Thousand Units)

Geographical Analysis into the Tire (Tyre) Market:

The Tire (Tyre) market is categorized based regional:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

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Competitive Landscape and Tire (Tyre) Market Share Analysis:

• Bridgestone Corporation
• Continental AG
• Hankook & Company Co., Ltd.
• Michelin
• Nokian Tyres Plc
• Pirelli & C. S.P.A.
• Sumitomo Rubber Industries, Ltd.
• The Yokohama Rubber Co., Ltd.
• Toyo Tire Corporation
• MRF Limited
• CEAT Limited
• JK Tire & Industries Ltd.
• Apollo Tires Ltd
• Zhongce Rubber Group Co., Ltd.
• Sailun Group Co., Ltd

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Questions Addressed in this Study

1. What factors are driving the Tire (Tyre) Market growth?
2. How is the Tire (Tyre) Market expected to grow over the next five years?
3. What are the key insights into the current trends in the Tire (Tyre) Market?
4. What is the current size of the Tire (Tyre) Market, and how is it projected to change in the future?
5. What is the future outlook for the Tire (Tyre) Market in terms of technological advancements and market expansion?

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