Posted on 23 Jan 2019
Global Tire Market to Reach 3.8 Billion units by 2024
Tire is part of a vehicle in the shape of a ring which covers the rim of the wheel. It is manufactured mainly with rubber, carbon black and other chemical compounds. Majority of the tires are pneumatic tires which are filled with compressed air to form an inflated cushion and are used in various types of vehicles such as bicycles, cars, bikes, trucks, buses, heavy equipment and aircraft. They provide a flexible cushion to absorb shock along with protection and enhancement of the vehicle to give better performance.
Currently, many varieties of tires are available in the market which include high performance tires, mud tires, all-season tires, all-terrain tires, light trailer tires, run-flat tires, off the road tires, etc. According to a new report by Expert Market Research, the global tire market reached a volume of 3.1 Billion Units in 2018 and is further expected to reach 3.8 Billion units by 2024.
A significant rise in the production of tires has been witnessed during 2014-2018 as a result of the growing automobile industry. The sales of commercial and passenger vehicles have majorly increased in the developing countries. The rising demand for high performance and low-profile tires, low rolling resistance tires, technology advanced smart tires, and eco-friendly tires with better fuel economy have also stimulated the tire market. Moreover, urbanization, rising population, increasing disposable incomes, changing lifestyles along with a strong demand from emerging markets are some of the other factors that have facilitated the market growth.
Key findings from the report:
- The major end-uses of tire include passenger car or light truck, commercial tires (trucks) and commercial tires (off-highway). In 2018, passenger car or light truck represented the largest end-use segment with the majority of the market share.
- The global tire market is segmented as OEM and replacement market. The replacement market dominated in 2018 with around a seventh of the share.
- Region-wise, China dominated the market with a share of nearly half of the total global production in 2018. It was followed by Europe, US, Japan and India.
- Being fragmented in nature, the global tire market is surrounded by a number of players. Some of these players include Bridgestone Corporation, Groupe Michelin France, Goodyear Tyre & Rubber Co., Continental AG Germany, Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Hankook Tyre Co., Yokohama Rubber Corp., Cheng Shin Rubber and Zhongce Rubber Group Co. Ltd.
To view the report summary and Table of Contents, click on: https://www.expertmarketresearch.com/reports/tire-market-report
Expert Market Research has analysed the global tire market according to end-use, segment, major regions and top players:
Market breakup by End-use
- Passenger Car or Light Truck
- Commercial Tires (Trucks)
- Commercial Tires (Off-Highway)
Market breakup by Segment
- OEM Market
- Replacement Market
Market breakup by Region
- China
- Europe
- US
- Japan
- India
Top players
- Bridgestone Corporation
- Groupe Michelin France
- Goodyear Tyre & Rubber Company
- Continental AG Germany
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries Ltd.
- Hankook Tyre Co.
- Yokohama Rubber Corp.
- Cheng Shin Rubber
- Zhongce Rubber Group Co. Ltd.
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