According to the report by Expert Market Research (EMR), the global tyre market is projected to grow at a CAGR of 6.3 % between 2024 and 2032. Aided by the escalating demand for vehicles worldwide, the increasing production and sales of electric vehicles (EVs), and the expanding transportation and logistics sector, the market is expected to grow significantly by 2032.
Tyres are a critical component of all types of vehicles, providing essential traction, handling, and safety. They are made from natural rubber, synthetic rubber, and other chemical compounds, designed to withstand various road conditions and enhance vehicle performance. The rising global vehicle fleet, spurred by the growing population and urbanization, has been instrumental in driving the tyre market growth. As consumers increasingly rely on personal vehicles for commuting and travel, the demand for replacement tyres also surges, contributing to market expansion.
Another substantial driver that further adds value to the tyre market size is the continuous innovation in tyre technology. Manufacturers are investing heavily in research and development (R&D) to design advanced tyres that offer superior performance, fuel efficiency, and durability. The development of smart tyres equipped with sensors that provide real-time data on tyre pressure, temperature, and tread wear is a notable trend in the market. These smart tyres enhance vehicle safety and performance, making them increasingly popular among consumers.
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The growing emphasis on sustainability and environmental conservation has also influenced the tyre market. Eco-friendly tyres made from sustainable materials and featuring low rolling resistance are gaining traction. These tyres reduce fuel consumption and carbon emissions, aligning with the global efforts to combat climate change. Additionally, the recycling of used tyres into various products such as rubberized asphalt, playground surfaces, and sports tracks is contributing to the circular economy, further boosting the market.
The increasing production and sales of electric vehicles (EVs) are another significant factor propelling the tyre market. EVs require specialized tyres that can handle the higher torque and weight of electric powertrains. The growing adoption of EVs worldwide, driven by stringent emission regulations and the push towards sustainable transportation, is expected to create substantial opportunities for tyre manufacturers.
As per the tyre market analysis, the expanding transportation and logistics sector is also giving a significant thrust to the market. The rise in e-commerce and the need for efficient delivery services have led to an increased demand for commercial vehicles, thereby driving the demand for tyres. Furthermore, strategic marketing campaigns, collaborations, and consumer engagement initiatives by leading brands have further piqued consumer interest.
Going forward, while the market is poised for robust growth, it’s imperative for players to acknowledge and address environmental concerns proactively. By marrying innovation with sustainability, brands can cater to conscious consumers, ensuring longevity and relevance in the market. Collaborations with automotive manufacturers to develop tyres tailored for specific vehicle models, offering enhanced performance and safety, can also be a lucrative avenue to increase tyre market demand.
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Market Segmentation
The market can be divided based on type, vehicle type, distribution channel, and region.
Market Breakup by Type
- Radial Tyres
- Bias Tyres
Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
- Three-Wheelers
- Off-the-Road Vehicles
Market Breakup by Distribution Channel
- OEM (Original Equipment Manufacturer)
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tyre market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bridgestone Corporation
- Michelin Group
- Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd.
- Yokohama Rubber Company, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Cheng Shin Rubber Ind. Co., Ltd. (Maxxis)
- Cooper Tire & Rubber Company
- Apollo Tyres Ltd.
- Kumho Tire Co., Inc.
- Nokian Tyres plc
- Toyo Tire Corporation
- CEAT Limited
- Others.
Detailed Market Analysis
Radial Tyres
Radial tyres dominate the global tyre market owing to their superior performance characteristics, including better fuel efficiency, longer tread life, and improved handling. These tyres are preferred for both passenger and commercial vehicles due to their ability to provide a smoother ride and better traction. The increasing production of radial tyres, driven by technological advancements and consumer demand for high-performance tyres, is expected to continue supporting the market growth.
Bias Tyres
Bias tyres, while less prevalent than radial tyres, still hold a significant market share, particularly in regions with rugged terrain and for vehicles used in agriculture and construction. These tyres offer advantages such as higher resistance to cuts and better performance on rough surfaces. The steady demand for bias tyres in specific applications ensures their continued relevance in the market.
Passenger Cars
Passenger cars represent the largest segment in the tyre market due to the high volume of passenger vehicle sales globally. The increasing disposable income, urbanization, and changing lifestyles have led to a surge in passenger car ownership, driving the demand for passenger car tyres. Additionally, the growing preference for high-performance and luxury vehicles has spurred the development of advanced tyres that enhance driving comfort and safety.
Light Commercial Vehicles
Light commercial vehicles (LCVs) are crucial for urban logistics and last-mile delivery services. The rise in e-commerce and the need for efficient delivery solutions have boosted the demand for LCVs, consequently driving the tyre market. Manufacturers are focusing on developing tyres that offer higher load-carrying capacity, durability, and fuel efficiency for LCVs.
Heavy Commercial Vehicles
Heavy commercial vehicles (HCVs) are essential for long-haul transportation and logistics. The increasing trade activities and infrastructure development projects globally have led to a rise in the demand for HCVs, fueling the tyre market. Tyres for HCVs are designed to withstand heavy loads and provide superior durability, ensuring safe and efficient transportation.
Two-Wheelers
The two-wheeler segment, including motorcycles and scooters, is significant in developing regions due to their affordability and convenience for short-distance travel. The increasing popularity of two-wheelers, particularly in Asia Pacific, has driven the demand for two-wheeler tyres. Manufacturers are focusing on developing tyres that offer better grip, longer tread life, and enhanced safety for two-wheelers.
Three-Wheelers
Three-wheelers, commonly used for public transportation and small-scale logistics, represent a niche yet important segment in the tyre market. The demand for three-wheeler tyres is driven by their extensive use in urban and rural areas in developing countries. These tyres are designed to provide durability and stability, ensuring safe and efficient transportation.
Off-the-Road Vehicles
Off-the-road (OTR) vehicles, used in mining, construction, and agriculture, require specialized tyres that can withstand harsh conditions and heavy loads. The growing infrastructure development and agricultural activities have driven the demand for OTR tyres. Manufacturers are investing in R&D to develop robust and durable tyres that enhance the performance and safety of OTR vehicles.
Regional Analysis
North America
North America represents a significant market for tyres, driven by the high vehicle ownership and the presence of major automotive manufacturers. The increasing adoption of EVs and the focus on sustainability are expected to boost the demand for advanced and eco-friendly tyres in the region. Additionally, the robust transportation and logistics sector contributes to the demand for commercial vehicle tyres.
Europe
Europe is a key market for tyres, characterized by stringent emission regulations and a strong focus on sustainability. The rising demand for EVs and the presence of leading tyre manufacturers in the region support the market growth. Additionally, the increasing popularity of winter tyres, due to the region’s climatic conditions, further drives the market.
Asia Pacific
Asia Pacific holds the largest share in the global tyre market, driven by the rapid urbanization, increasing disposable income, and the growing automotive industry. The region’s large population and the rising demand for vehicles, particularly in countries like China and India, have fueled the tyre market. The presence of major tyre manufacturers and the increasing production of vehicles further support the market growth.
Latin America
Latin America represents a growing market for tyres, driven by the increasing vehicle ownership and the expanding transportation sector. The region’s economic development and the rising demand for commercial vehicles have contributed to the tyre market growth. Additionally, the focus on sustainable transportation and the increasing adoption of EVs are expected to create opportunities for tyre manufacturers in the region.
Middle East and Africa
The Middle East and Africa region is witnessing a growing demand for tyres, driven by the increasing infrastructure development and the expanding automotive industry. The region’s harsh climatic conditions necessitate the use of durable and high-performance tyres. The rising demand for commercial vehicles and the increasing focus on sustainable transportation are expected to drive the tyre market in the region.
The global tyre market is poised for robust growth, driven by the increasing vehicle ownership, the rising demand for EVs, and the expanding transportation and logistics sector. Continuous innovation in tyre technology and the growing emphasis on sustainability are expected to create substantial opportunities for tyre manufacturers. By addressing environmental concerns and collaborating with automotive manufacturers, tyre brands can cater to the evolving consumer preferences and ensure longevity and relevance in the market.
