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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.
| Global Tyre Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 333.86 |
| Market Size 2032 | USD Billion | 578.57 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.3% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 6.9% |
| CAGR 2024-2032 - Market by Country | India | 7.7% |
| CAGR 2024-2032 - Market by Country | China | 7.5% |
| CAGR 2024-2032 - Market by Vehicle Type | Two Wheelers | 7.2% |
| CAGR 2024-2032 - Market by Sales Channel | Aftermarket | 9.0% |
| Market Share by Country 2023 | Europe | 23.4% |
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.
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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.
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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
| CAGR 2024-2032 - Market by | Vehicle Type |
| Two Wheelers | 7.2% |
| Passenger Cars | 6.8% |
| Three Wheelers | 6.5% |
| Light Commercial Vehicles | XX% |
| Medium and Heavy Commercial Vehicles | XX% |
| Off-The-Road (OTR) | XX% |
Market Breakup by Vehicle Type
- Two-Wheeler and Three-Wheeler
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light and Medium Commercial Vehicle
- Others
| CAGR 2024-2032 - Market by | Sales Channel |
| Aftermarket | 9.0% |
| OEM | XX% |
Market Breakup by Sales Channel
- OEM
- Aftermarket
| CAGR 2024-2032 - Market by | Region |
| Asia Pacific | 6.9% |
| North America | 6.5% |
| Europe | XX% |
| Latin America | XX% |
| Middle East | XX% |
| CAGR 2024-2032 - Market by | Country |
| India | 7.7% |
| China | 7.5% |
| Mexico | 7.0% |
| Brazil | 6.8% |
| UK | 6.6% |
| USA | XX% |
| Canada | 6.4% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Japan | XX% |
| Australia | XX% |
| Saudi Arabia | 6.1% |
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.
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Tyre Market Analysis by Region
| 2023 Market Share by | Region |
| Europe | 23.4% |
| North America | XX% |
| Asia Pacific | XX% |
| Latin America | XX% |
| Middle East | XX% |
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:
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| Breakup by Design |
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| Breakup by Type |
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| Breakup by Season |
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| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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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