Global Tires Market was valued at US $ 1.3 billion in 2023 and is expected to reach US $ 3.4 billion by 2032 growing at a CAGR of 14.4% during the forecast period 2024 – 2032.

The global tire market is mainly driven by the expansion of vehicle production and sales on a global scale. There is a boost in demand for tires on a global scale, because of an increased amount of sold vehicles, mainly in third-world countries. Tire demand will go higher if the number of vehicles increase, it is likely to happen because of the increasing incomes in many developing countries. Tires must have the quality of withstanding pressure and stress which they go through during driving, beyond having qualities to resist weather changes. There is increased international demand because of which the tire industry is increasing its total sales by delivering more tires worldwide. The domestic demand for automobiles.

Moreover, the automotive industry will see huge growth. Hence, making it one of the important sectors in nation's development journey. The tire industry is expected to grow over time if it continues with the following factors.

The word "tire" comes from the idea of a wheel that has a tire. A tire is a circular and strong rubber that surrounds the rim of the wheel. A tire is a circular and strong material that helps the vehicle to move and also makes sure that it gets a good grip with the road. Tires manufacturing require a blend of natural components (rubber) and synthetic materials. They can easily absorb vibrations due to their flexibility and long-lasting properties. Tyres play an important role to increase the efficiency of different sorts of vehicles present in automotive and airplane industry.

They provide a fluent and smooth environment between stress and vehicle's moving parts.

The main role of tyres is to enhance the vehicle's performance. Tires do reduce the shocks and vibrations which helps the wheels to have a smoother journey on the road.. This increases the overall performance of the vehicle because it will improve road feel. These structures not only provide a very strong surface that supports extra weight by providing traction but also transfers vehicle loads to the said surface. Modern tires are made with a mixture of materials like rubber, cloth, wire, carbon black and some chemical substances. These parts contain a body made out of metal and composite elements, and a tire. Compressed air is trapped during the while tread supplies traction.

The Tires Market Trend Analysis

An increase in demand for tires that deliver high performance.

A higher demand increase among the automotive sector for high-quality tires tends to occur and is expected. The inclining trend of population attending rally races is one reason for increased expansion. The company has smartly used this event to improve their visibility. In the growing economies, rich individuals have a larger need like SUVs and crossovers to meet their needs of transportation. Selling of vehicles has spiked up rapidly as both India and China are urbanizing at an unstopping pace. For vehicle manufacturers, replacing or aftermarket tire market is the easiest way of earning large amount of income. People are preferring high-quality tires over old ones because these get worn out and become weary.

The reason behind the large demand for high-performance tires in Europe is due to many original equipment manufacturers (OEMs) like BMW, Ferrari. The original equipment manufacturers (OEMs) display their latest innovative products at motorsport events which cater to the demands of safe, environmentally friendly and economical vehicles from the consumers.

Several companies are investing their resources to produce a new high-quality tire products. In March 2021, Bridgestone EMIA and Eni's chemical company collaborated for mutual development. The contract is about the manufacturing of certain types of rubber and experimental grades made from it, with which high-end tires will be made.

Segmentation Analysis of the Tires Market

By Product

There are two types of tiers that the company has to provide; radial and diagonal. The tires with a diagonal pattern will continue to be favourites among the market in the upcoming forecast period. Vehicles have radial ply tires, which offer superior advantages like improved ground grip and are widely used because of these benefits. On the other hand, diagonal tires are mostly out of the market with only a few exceptions such as low-speed heavy trucks.

By Application

The market is divided into 3 main categories which include, Light Truck/Passenger Car Tires, Commercial Truck Tires and Commercial Off-Highway Tires. Among of the vehicles, passenger cars and trucks are estimated to have a larger share in the market throughout the forecasted time. The vehicle needs to move, bear its own weight, absorb the road impact, and change direction. Increasing the demand for tires on a global scale is attributed to rising passenger automobile sales, majorly in developing countries.

Regional Analysis of the Tires Market

The Global Tires Market is segmented into the following regions geographically: Countries from the North America, Europe, Asia Pacific and other part of the world. The tire industry is significantly growing in the Asia Pacific region, due to cheaper but skilled labor. Studies supports findings that the financial weather and depth of market within tire businesses have an impact on share provided among different sectors. The region of North America and Europe are still affected by adopting radial tires, according to the global trend; although they are the most developed regions in the world.

Top Key Players Covered Tires Market

• Pirelli & C. S.p.A.
• Groupe Michelin France
• Goodyear Tyre & Rubber Co
•  Apollo Tyres Ltd.
• Avon Tyres
• CEAT
• Bridgestone Corporation
• Cheng Shin Rubber Ind. Co. Ltd.
• Continental AG
• Cooper Tire & Rubber Company
• MRF, Michelin
• Toyo Tire & Rubber Co., Ltd.

Key Industry Developments in the Tires Market

• In 2021 JK Tire and JBM Auto joined into a partnership made for the supply of radial tires for CityLife CNG buses.
• Nokian Tyres PLC reportedly added more capacity to its vehicle tire manufacturing unit in 2021.
• Alliance Tire Group announced to invest 165 million dollars of capital resources to establish a new manufacturing unit in Vishakhapatnam, India. The upcoming factory plans to increase its annual rubber production by 20,000 tonnes.

Global Tires Market Segmentation

Tires by Product: Market Size & Forecast 2024-2032

• Diagonal Tires
• Radial Tires

Tires by Application: Market Size & Forecast 2024-2032

• Passenger Car/ Light Truck
• Commercial Tires (Trucks)
• Commercial Tires (Off-Highway)

Tires by Geography: Market Size & Forecast 2024-2032

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
• South America (Brazil, Argentina, Columbia, Rest of South America)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

• Pirelli & C. S.p.A.
• Groupe Michelin France
• Goodyear Tyre & Rubber Co
•  Apollo Tyres Ltd.
• Avon Tyres
• CEAT
• Bridgestone Corporation
• Cheng Shin Rubber Ind. Co. Ltd.
• Continental AG
• Cooper Tire & Rubber Company
• MRF, Michelin
• Toyo Tire & Rubber Co., Ltd.