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Tyre Market

Global Tyre Market Size, Share, Growth, Trends, Analysis: By Design: Radial, Bias; By Type: Tube Tyre, Tubeless Tyre; By Season: Winter Tyre, Summer Tyre, All Season Tyre; By Vehicle Type: Two-Wheeler and Three-Wheeler, Passenger Vehicle, Heavy Commercial Vehicle, Others; By Sales Channel; Regional Analysis; Competitive Landscape; 2024-2032

Global Tyre Market Size

In 2023, the global demand for tyres reached nearly USD 333.86 billion. During the forecast period of between 2024 and 2032, the tyre market is expected to grow at a CAGR of 6.3% to reach around USD 578.57 billion by 2032.

 

Tyre Market Outlook

  • In FY 2021-22, India’s tyre exports surged by 50%, reaching a value of INR 21,178 crore.
  • Growing automobile production and export activities related to tractors, buses, heavy trucks, and cars are driving tyre demand.
  • As per industry reports, the total tyre production in India reached approximately 217.4 million units in FY 2022-23.

 

Tyre Market

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Tyre Market Growth

Tyre is a thick ring of rubber that is usually inflated and placed over the outer edge or the rim of the vehicle wheel. It provides traction and allows the vehicle to travel over the road more easily. While most tyres are made of natural rubber, tyres have also started to incorporate materials like synthetic rubber, steel wires, fabric, and carbon black.

 

The tyre market is being driven by the expansion in the global production and sales of vehicles. Rising incomes in emerging economies will lead to an increase in the number of vehicles in use, thus, spurring the growth of the market.  The growing middle class population in countries undergoing industrialisation has led to an increasing vehicle ownership and thereby, leading to the rising demand for light-weight vehicles tyres.

 

Key Trends and Developments

Shift towards radial and tubeless tyres, rising demand for replacement tyres, and increasing focus on sustainable materials for tyre manufacturing are boosting the tyre market growth

 

April 2024

The Michelin’s new range called XTRA DEFEND E4 L4 tyres, designed for loaders and dump trucks, offers a unique tread pattern and provide excellent durability in demanding off-road conditions. This innovative tyre technology ensures reduced operating costs for construction and mining equipment operators.

 

April 2024

Pirelli and Lamborghini collaborated to develop bespoke P Zero and Scorpion Winter 2 tyres for the new Urus SE, Lamborghini's first plug-in hybrid SUV variant. These tyres improve torque handling, weight support, reduced road noise, and extended battery life in EVs.

 

March 2024

Bridgestone announced the development of a new lunar rover tyre, featuring a fundamentally reevaluated skeletal structure and "Air Free" tyre technology with thin metal spokes to withstand extreme lunar conditions.

 

January 2024

Bridgestone announced that its BATTLAX HYPERSPORT S23 tyres will be offered as original equipment on the new European road sports MT-09 released by Yamaha Motor. The BATTLAX HYPERSPORT S23 tyres feature a new pattern design to improve grip and other performance attributes crucial for sports riding.

 

Increasing demand from developing regions

Countries such as China, India, Brazil, and Mexico are seeing surging demand for passenger and commercial vehicles, fuelled by rising disposable incomes and growing populations. Companies like Michelin, Goodyear, and Bridgestone have all invested heavily in setting up new factories in countries like India and Indonesia to cater to the increasing demand for tyres.

 

Shift towards radial and tubeless tyres

There is a clear shift in the tyre market outlook towards radial and tubeless designs. Radial tyres are becoming increasingly popular due to their superior performance, durability, and fuel efficiency compared to bias ply tyres. Tubeless tyres are also gaining traction as they are more convenient, puncture-resistant, and provide a smoother ride.

 

Increasing focus on sustainability and innovation

Tyre manufacturers are placing greater emphasis on developing sustainable and eco-friendly products. Michelin has developed a tyre made from 46% sustainable materials, including recycled carbon black and sunflower oil.

 

Rising demand for replacement tyres

Demand for replacement tyres is growing due to the increasing number of vehicles on the road, the need for regular tyre replacements, and the growing preference for high-quality aftermarket tyres. This trend is particularly evident in countries with large vehicle fleets.

 

Tyre Market Trends

There has been a rise in the production of tyres due to the declining prices of rubber. The demand for replacement tyres is also estimated to see healthy growth in the coming years due to higher profit margins. Technological advancements in tyre manufacturing, such as the development of airless, 3D printed, and puncture-proof tyres, are also supporting tyre market expansion.

 

Additionally, there is a growing focus on innovation, with companies investing in sensor-equipped "intelligent" tyres and tyres made from alternative materials like soybean oil. Goodyear's "ReCharge" concept tyre, which can regenerate its own tread using a self-healing compound, is an example of this innovative approach. These innovations are aimed at enhancing tyre performance, safety, and sustainability.

 

Tyre Market By Segment

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Tyre Industry Segmentation

The EMR’s report titled “Tyre Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Design

  • Radial
  • Bias

 

Market Breakup by Type

  • Tube Tyre
  • Tubeless Tyre

 

Market Breakup by Season

  • Winter Tyre
  • Summer Tyre
  • All Season Tyre

 

Market Breakup by Vehicle Type

  • Two-Wheeler and Three-Wheeler
  • Passenger Vehicle
  • Heavy Commercial Vehicle
  • Light and Medium Commercial Vehicle
  • Others

 

Market Breakup by Sales Channel

  • OEM
  • Aftermarket

 

Market Breakup by Region

  • North America
  • Europe 
  • Asia Pacific 
  • Latin America 
  • Middle East and Africa

 

Tyre Market Share

OEMs and aftermarket segment equally contributes to market growth by providing high-quality tyres and tyre replacements

The OEM (Original Equipment Manufacturer) segment plays a crucial role in supplying tyres to automakers for new vehicles, which caters to increasing vehicle production and demand for high-quality tyres. Major tyre manufacturers such as Michelin, Bridgestone, Continental, Goodyear, and Sumitomo are key players in this segment. The tubeless radial tyre segment is anticipated to drive growth in the OEM sector due to its performance benefits and increasing adoption by automakers.

 

On the other hand, the aftermarket tyre segment caters to the replacement and maintenance needs of vehicles already on the road. As per tyre market analysis, demand drivers for aftermarket tyres include the rise in vehicle-miles of travel, growth in commercial farming activities, the increasing sales of electric, and the expansion of aftermarket dealerships. Key players in the segment include Apollo Tyres, CEAT Ltd., and Goodyear Tyre & Rubber Co.

 

All-season tyres hold a significant share in the market as they can be used in varied weather conditions

The tyre market report is segmented into winter tyres, summer tyres, and all-season tyres, each catering to specific weather conditions and driving needs. Winter tyres are designed for cold and snowy climates, offering enhanced traction and safety. Key players like Continental AG and Michelin dominate this segment, with strong demand in regions like Europe and North America.

 

Summer tyres, on the other hand, excel in warm weather conditions, providing optimal performance in dry and wet roads. Companies such as Pirelli and Yokohama cater to regions with hot climates like Asia-Pacific. All-season tyres, offering versatility for year-round use, are popular globally, with companies like Goodyear and Michelin leading the segment. These tyres provide convenience and decent performance in varied weather conditions, eliminating the need for seasonal changes.

 

Leading Manufacturers in the Tyre Market

Market players are using advanced technologies such as, rimless, airless, run-flat, and green tyres to enhance the market size over the forecast years

 

Bridgestone Corporation was founded in 1931 and is headquartered in Tokyo, Japan. The company offers a wide range of tyres for various vehicles, including passenger cars, trucks, motorcycles, and agricultural machinery. The company also provides products and services related to rubber, such as industrial rubber products, sporting goods, and automotive parts.

 

Michelin Group, founded in 1889 and headquartered in Clermont-Ferrand, France, is known for its high-quality tyres for cars, trucks, motorcycles, and bicycles. The company also offers travel assistance, fleet management, and digital services for the automotive industry.

 

Continental AG, a subsidiary of Continental AG, is a leading tyre manufacturer in Germany, Europe. Founded in 1871, the company provides a wide range of tyres for passenger cars and commercial vehicles. It also offers automotive technologies, such as electronic components, brake systems, and safety solutions.

 

Sumitomo Rubber Industries, Ltd was founded in 1909 and is headquartered in Kobe, Japan. The company offers a diverse range of tyres for automobiles, motorcycles, and industrial vehicles. In addition to tyres, it produces sports equipment, golf products, and various rubber-based products.

 

Other key players in the global tyre market include Goodyear Tire & Rubber Company, Giti Tire Pte Ltd., Toyo Tire Corp., Hankook Tire & Technology Co. Ltd., Pirelli & C. S.p.A, Yokohama Rubber Co., Ltd., Maxxis International, and MRF Limited, among others.

 

Tyre Market By Region

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Tyre Market Analysis by Region

Asia Pacific leads the market due to its robust automotive industry

The Asia Pacific is supported by the growing automotive industry in countries like China, India, and Japan and the increasing adoption of electric vehicles, which is influencing the tyre market development.  Additionally, the market is also driven the reduced cost of tyre production due to lower labour costs. Asia Pacific is witnessing a surge in demand for all-season tyres, driven by the diverse climatic conditions across different countries in the region.

 

North America also holds a sizable tyre market share due to a mature automotive sector and a strong demand for replacement tyres. The region is characterised by a focus on quality and performance, leading to a substantial market for premium and high-performance tyres. Major tyre manufacturers like Bridgestone Corporation, Continental AG, and Goodyear Tyre & Rubber Co. have a strong presence in North America.

 

Key Highlights of the Report

Report Features Details
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Design
  • Type
  • Season
  • Vehicle Type
  • Sales Channel
  • Region
Breakup by Design
  • Radial
  • Bias
Breakup by Type
  • Tube Tyre
  • Tubeless Tyre
Breakup by Season
  • Winter Tyre
  • Summer Tyre
  • All Season Tyre
Breakup by Vehicle Type
  • Two-Wheeler and Three-Wheeler
  • Passenger Vehicle
  • Heavy Commercial Vehicle
  • Light and Medium Commercial Vehicle
Breakup by Sales Channel
  • OEM
  • Aftermarket
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Bridgestone Corporation
  • Michelin Group
  • Continental AG
  • Pirelli & C. S.p.A
  • Goodyear Tire & Rubber Company
  • Yokohama Rubber Co., Ltd.
  • Hankook Tire & Technology Co., Ltd.
  • Sumitomo Rubber Industries, Ltd.
  • Giti Tire Pte Ltd.
  • Toyo Tire Corp.
  • Maxxis International
  • MRF Ltd.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
  
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Tyre Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Tyre Historical Market (2018-2023) 
    8.3    Global Tyre Market Forecast (2024-2032)
    8.4    Global Tyre Market by Design
        8.4.1    Radial
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Bias
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
    8.5    Global Tyre Market by Type
        8.5.1    Tube Tyre
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Tubeless Tyre
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
    8.6    Global Tyre Market by Season
        8.6.1    Winter Tyre
            8.6.1.1    Historical Trend (2018-2023)
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Summer Tyre
            8.6.2.1    Historical Trend (2018-2023)
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    All Season Tyre
            8.6.3.1    Historical Trend (2018-2023)
            8.6.3.2    Forecast Trend (2024-2032)
    8.7    Global Tyre Market by Vehicle Type
        8.7.1    Two-Wheeler and Three-Wheeler
            8.7.1.1    Historical Trend (2018-2023)
            8.7.1.2    Forecast Trend (2024-2032)
        8.7.2    Passenger Vehicle
            8.7.2.1    Historical Trend (2018-2023)
            8.7.2.2    Forecast Trend (2024-2032)
        8.7.3    Heavy Commercial Vehicle
            8.7.3.1    Historical Trend (2018-2023)
            8.7.3.2    Forecast Trend (2024-2032)
        8.7.4    Light and Medium Commercial Vehicle
            8.7.4.1    Historical Trend (2018-2023)
            8.7.4.2    Forecast Trend (2024-2032) 
    8.8    Global Tyre Market by Sales Channel
        8.8.1    OEM
            8.8.1.1    Historical Trend (2018-2023)
            8.8.1.2    Forecast Trend (2024-2032)
        8.8.2    Aftermarket
            8.8.2.1    Historical Trend (2018-2023)
            8.8.2.2    Forecast Trend (2024-2032)
    8.9    Global Tyre Market by Region
        8.9.1    North America
            8.9.1.1    Historical Trend (2018-2023)
            8.9.1.2    Forecast Trend (2024-2032) 
            8.9.1.3    Breakup by Design 
            8.9.1.4    Breakup by Type 
            8.9.1.5    Breakup by Season 
            8.9.1.6    Breakup by Vehicle Type 
            8.9.1.7    Breakup by Sales Channel 
        8.9.2    Europe
            8.9.2.1    Historical Trend (2018-2023)
            8.9.2.2    Forecast Trend (2024-2032) 
            8.9.2.3    Breakup by Design 
            8.9.2.4    Breakup by Type 
            8.9.2.5    Breakup by Season 
            8.9.2.6    Breakup by Vehicle Type 
            8.9.2.7    Breakup by Sales Channel 
        8.9.3    Asia Pacific
            8.9.3.1    Historical Trend (2018-2023)
            8.9.3.2    Forecast Trend (2024-2032) 
            8.9.3.3    Breakup by Design 
            8.9.3.4    Breakup by Type 
            8.9.3.5    Breakup by Season 
            8.9.3.6    Breakup by Vehicle Type 
            8.9.3.7    Breakup by Sales Channel 
        8.9.4    Latin America
            8.9.4.1    Historical Trend (2018-2023)
            8.9.4.2    Forecast Trend (2024-2032) 
            8.9.4.3    Breakup by Design 
            8.9.4.4    Breakup by Type 
            8.9.4.5    Breakup by Season 
            8.9.4.6    Breakup by Vehicle Type 
            8.9.4.7    Breakup by Sales Channel 
        8.9.5    Middle East and Africa
            8.9.5.1    Historical Trend (2018-2023)
            8.9.5.2    Forecast Trend (2024-2032) 
            8.9.5.3    Breakup by Design 
            8.9.5.4    Breakup by Type 
            8.9.5.5    Breakup by Season 
            8.9.5.6    Breakup by Vehicle Type 
            8.9.5.7    Breakup by Sales Channel 
9    North America Tyre Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023)
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023)
        9.2.2    Forecast Trend (2024-2032)
10    Europe Tyre Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Tyre Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Tyre Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Tyre Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023)
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023)
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price  
15    Value Chain Analysis
16    Trade Data Analysis (HS Code – 4011)

    16.1    Major Exporting Countries 
        16.1.1    By Value
        16.1.2    By Volume
    16.2    Major Importing Countries 
        16.2.1    By Value
        16.2.2    By Volume
17    Competitive Landscape
    17.1    Market Structure
    17.2    Company Profiles
        17.2.1    Bridgestone Corporation 
            17.2.1.1    Company Overview
            17.2.1.2    Product Portfolio
            17.2.1.3    Demographic Reach and Achievements
            17.2.1.4    Certifications
        17.2.2    Michelin Group 
            17.2.2.1    Company Overview
            17.2.2.2    Product Portfolio
            17.2.2.3    Demographic Reach and Achievements
            17.2.2.4    Certifications
        17.2.3    Continental AG 
            17.2.3.1    Company Overview
            17.2.3.2    Product Portfolio
            17.2.3.3    Demographic Reach and Achievements
            17.2.3.4    Certifications
        17.2.4    Pirelli & C. S.p.A 
            17.2.4.1    Company Overview
            17.2.4.2    Product Portfolio
            17.2.4.3    Demographic Reach and Achievements
            17.2.4.4    Certifications
        17.2.5    Goodyear Tire & Rubber Company 
            17.2.5.1    Company Overview
            17.2.5.2    Product Portfolio
            17.2.5.3    Demographic Reach and Achievements
            17.2.5.4    Certifications
        17.2.6    Yokohama Rubber Co., Ltd. 
            17.2.6.1    Company Overview
            17.2.6.2    Product Portfolio
            17.2.6.3    Demographic Reach and Achievements
            17.2.6.4    Certifications
        17.2.7    Hankook Tire & Technology Co., Ltd. 
            17.2.7.1    Company Overview
            17.2.7.2    Product Portfolio
            17.2.7.3    Demographic Reach and Achievements
            17.2.7.4    Certifications
        17.2.8    Sumitomo Rubber Industries, Ltd. 
            17.2.8.1    Company Overview
            17.2.8.2    Product Portfolio
            17.2.8.3    Demographic Reach and Achievements
            17.2.8.4    Certifications 
        17.2.9    Giti Tire Pte Ltd. 
            17.2.9.1    Company Overview
            17.2.9.2    Product Portfolio
            17.2.9.3    Demographic Reach and Achievements
            17.2.9.4    Certifications
        17.2.10    Toyo Tire Corp. 
            17.2.10.1    Company Overview
            17.2.10.2    Product Portfolio
            17.2.10.3    Demographic Reach and Achievements
            17.2.10.4    Certifications
        17.2.11    Maxxis International 
            17.2.11.1    Company Overview
            17.2.11.2    Product Portfolio
            17.2.11.3    Demographic Reach and Achievements
            17.2.11.4    Certifications
        17.2.12    MRF Ltd. 
            17.2.12.1    Company Overview
            17.2.12.2    Product Portfolio
            17.2.12.3    Demographic Reach and Achievements
            17.2.12.4    Certifications
        17.2.13    Others
18    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Tyre Market: Key Industry Highlights, 2018 and 2032
2.    Global Tyre Historical Market: Breakup by Design (USD Billion), 2018-2023
3.    Global Tyre Market Forecast: Breakup by Design (USD Billion), 2024-2032
4.    Global Tyre Historical Market: Breakup by Type (USD Billion), 2018-2023
5.    Global Tyre Market Forecast: Breakup by Type (USD Billion), 2024-2032
6.    Global Tyre Historical Market: Breakup by Season (USD Billion), 2018-2023
7.    Global Tyre Market Forecast: Breakup by Season (USD Billion), 2024-2032
8.    Global Tyre Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
9.    Global Tyre Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
10.    Global Tyre Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
11.    Global Tyre Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
12.    Global Tyre Historical Market: Breakup by Region (USD Billion), 2018-2023
13.    Global Tyre Market Forecast: Breakup by Region (USD Billion), 2024-2032
14.    North America Tyre Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    North America Tyre Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Europe Tyre Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Europe Tyre Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Asia Pacific Tyre Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Asia Pacific Tyre Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Latin America Tyre Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Latin America Tyre Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Middle East and Africa Tyre Historical Market: Breakup by Country (USD Billion), 2018-2023
23.    Middle East and Africa Tyre Market Forecast: Breakup by Country (USD Billion), 2024-2032
24.    Major Exporting Countries by Value
25.    Major Importing Countries by Value
26.    Major Exporting Countries by Volume
27.    Major Importing Countries by Volume
28.    Global Tyre Market Structure

Key Questions Answered in the Report

In 2023, the tyre market reached an approximate value of USD 333.86 billion.

The market is expected to grow at a CAGR of 6.3% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to USD 578.57 billion by 2032.

The major drivers of the market include the thriving automobile industry, increasing population, globalisation and industrialisation, rising demand from the developing regions, and technological advancements.

Key trends aiding market expansion include the rapidly rising automotive production globally.

Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Based on design, the market is divided into radial and bias.

Based on season, the market is divided into winter tyre, summer tyre, and all-season tyre.

Two-wheeler and three-wheeler, passenger vehicle, heavy commercial vehicle, and light and medium commercial vehicle, and other vehicles are considered in the report.

The market uses both OEM and aftermarket sales channels for the product.

Key players in the market are Bridgestone Corporation, Michelin Group, Continental AG, Sumitomo Rubber Industries, Ltd, Goodyear Tire & Rubber Company, Giti Tire Pte Ltd., Toyo Tire Corp., Hankook Tire & Technology Co. Ltd., Pirelli & C. S.p.A, Yokohama Rubber Co., Ltd., Maxxis International, and MRF Limited, among others.

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