Global Tyre Market to Grow at a CAGR of 6.3% between 2024-2032

The global tyre market is being driven by the expanding production and demand for vehicles due to growing population and increasing disposable incomes. The growing demand for light weight vehicles is coming from emerging economies like China, India and East Europe with South America continuing its recovery after the losses faced by the industry in 2016. China is a leading car market and is one of the largest markets in terms of the demand for passenger vehicles in the country. The robust car industry in the country is aiding its tyre market, making China the largest tyre market in the world in 2017. It accounted for nearly half the industry. India, another major tyre market, is also witnessing a rising demand for automobiles, and is expected to be the third largest automobiles market by 2020. The India tyre industry is expected to see 7-9% growth in demand in the forecast period. It is witnessing a rising demand not just from the domestic market but also from the growing overseas market. Thus, the increase in exports is also driving the India tyre market.

The growing electric vehicles market is expected to drive the tyre industry in the coming years. Governments, globally, is incentivising the use of electric vehicles by the implementation of stricter emission laws and providing subsidies to both the manufacturers and consumers. By 2030, electric vehicles are expected to account for 15-30% of the total vehicle sales. Their penetration rate in China is expected to be higher due to the New Energy Vehicle (NEV) mandate announced by the government in 2018. According to the scheme, the country aims to sell a minimum of 4.6 million electric vehicles by 2020. The mandate also plans to phase out and eventually, ban cars with traditional internal combustion engines. Major players in the tyre industry like Hankook and Goodyear are taking note of this trend towards e-vehicles and are launching products to combat the faster wear of tyres in e-vehicles because of their high-torque accelerations.

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Market Analysis by Designs, Types, Seasons, Vehicle Types, Sales Channels, and Regions:

• Radial and bias are the major design segments of the product in the market.

• Tube tyre and tubeless tyre are the major types of tyres in the market.

• On the basis of season, the market is divided into winter tyre, summer tyre, and all-season tyre.

• The vehicle types in the market include two-wheeler and three-wheeler, passenger vehicle, heavy commercial vehicle, and light and medium commercial vehicle, among others.

• OEM and aftermarket are the primary sales channels for the product.

• Region-wise, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Findings of the Report:

• The global tyre industry is being aided the rising use of vehicles in emerging economies.

• The declining prices of rubber is driving the tyre industry growth, with the replacement tyre market projected to witness higher profit margins. 

• In 2018, the OEM segment of the tyre industry dominated the market with an over 50% market share.

• Passenger vehicles and light trucks are driving the rising demand for tyres.

• Asia is a leading tyre market due the growing automobile industry as well as the reduced production and labour costs.

• The global tyre market is being driven by the increasing car production in China which is finding impetus in the strong growth of GDP and the rising demand for cars from the growing middle-class population.

• The tax breaks for car with smaller engines in China is further aiding the car market in the country.

Key Offerings of the Report:

• The EMR report gives the historical (2018-2023) and forecasted (2024-2032) markets for tyre and its segments and applications.

• The report also gives the regional markets and price trends for tyres for the periods (2018-2023) and (2024-2032).

• It analyses the global trade data of tyre for the year 2022, looking into the volume and value of the major exporting and importing countries.

The key players in the global tyre market are Bridgestone Corporation, Michelin Group, Continental Reifen Deutschland GmbH, Sumitomo Rubber Industries, Ltd, Hankook Tire & Technology, Pirelli & C. S.p.A, Yokohama Tire Corporation, Zhongce Rubber Group Co., Ltd., Maxxis International, and MRF Limited, among others. The EMR report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.

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