Global Tires Market: Industry Analysis and Forecast 2020 -2026: by Type, Vehicle Type, Distribution Channel and Region.

Global Tires Market is anticipated to reach US$ 149.43 Bn by 2026 from US$ 116.74 Bn in 2020 at a CAGR of 4.2% during a forecast period.

Global Tires Market Overview

Tires are an important part of the vehicle, which serves as the point of contact between the road and vehicle. The main functions of tires include load-bearing capacity, safety grip with the road and traction, guide the direction and ensure steering stability of the vehicle. The global sale of vehicles in 2019 was around 88.7 Mn, which is expected to reach XX Mn by 2026. Thus, Tires are in high demand due to the rise in demand and sale of vehicles globally. In terms of production and sales, the Asia Pacific region has the largest tire market. China is the largest market in the region due to its low-cost policies and a large number of manufacturing hubs. Global Tires Market To know about the Research Methodology :- Request Free Sample Report

Global Tires Market Dynamics

Increase in Vehicle Production & Sales

The global tire market is primarily driven by rising vehicle production and sales all over the world. Commercial vehicle sales, such as trucks, tractors, and trailers, are also propelling the market forward. The demand of consumers for low-weight cars, as well as luxury and premium vehicles, is driving the market's growth during the forecast period. Vehicle sales worldwide were about 88.7 million in 2019 and are expected to reach XX million by 2026. As a result of the increased demand for and sale of automobiles across the world, tires are in great demand. Global Tires Market 1

Growing Production and Sales of Electric Vehicles:

The growing electric vehicles market is expected to drive the tire market during the forecast period. Customers have been more conscious of environmental problems such as air quality, noise & air pollution, and the loss of non-renewable natural resources. The adoption of strict regulations to reduce excessive emissions has compelled manufacturers to manufacture and build environmentally sustainable alternatives in vehicles. Thus, due to improved range, battery life, reliability, and affordability, electric vehicles have become a much more appealing option for customers. China held the largest market of electric vehicles, which is expected to reach a market value of 3.79 Mn by 2026. Global Tires Market 2

COVID-19 Impact on the Global Tires Market

COVID pandemic has a major impact on the market in terms of sales as more than 44% of sales of units are hampered owing to disruption in transport capabilities of the manufacturers due to stringent norms of lockdown and increasing safety concerns. Manufacturing operations have been halted, and the supply chain has been disrupted, resulting in a drop in tire exports in the pandemic. The costs of raw materials hold 65-70 percent of overall tire cost. When there is an increase in the cost of raw materials such as nylon and polyester, as well as rubber fluctuating pricing of raw materials, takes place, which is a major challenge that the tires market faced due to the covid-19 pandemic.

Global Tires Market Segmentation Analysis

By Type, the Bias tires segment dominated the market, with market size of US$ XX Mn. in 2019 and to reach US$ XX Mn. by 2026, with a CAGR of 6.9%. Global Tires Market 3 In comparison to radial tires, bias tires provide a smoother ride over uneven surfaces. Also, bias tires are less costly than radial tires. Radial tires are becoming more popular in the mining and construction industries, which is driving the growth of the segment during the forecast period. By Vehicle Type, the Passenger Cars Tires segment dominated the market, with market size of US$ XX Bn. in 2019 and to reach US$ XX Bn. by 2026, with a CAGR of 4.3%. The United States dominates the market for the passenger cars segment accounting for 27 % of the global sales in 2020. An increase in demand for advanced features, rise in the standard of living, and rise in per capita income of individuals are some of the factors for the growth of the passenger cars tires segment globally. Also, the growing interest of consumers towards safety, premium, luxury, and comfortable vehicles is expected to drive the growth of the passenger cars segment during the forecast period. By Distribution Channel, the OEM segment dominated the market, with a market share of over 70%, and is expected to continue its dominance through 2025. The expansion of the OEM market is aided by the rising production of vehicles and stable output in the automobile sector. Increased consumer awareness of road safety, along with an increase in the frequency of traffic incidents, has compelled tire manufacturers to focus on tire efficiency and performance. Also, the aftermarket segment holds 12% of the market share in 2019. The growing average vehicle life and demand for the replacement of tires is expected to drive the growth of the segment during the forecast period.

Global Tires Market Regional Insights

In the global market, the U.S. tire market now holds a 28 percent share and is expected to grow at 5.4% during the forecast period. During the forecast period, Europe is expected to reach 593 billion units. Germany is expected to grow at a CAGR of 3.4 percent. Japan and Canada are expected to grow at 2.6 percent and 3.6 percent, respectively, throughout the forecast period.

Global Tire Investment, by Region

Global Tires Market 4 The Asia-Pacific region is expected to grow at a CAGR of 5.3 percent during the forecast period. In 2019, the Asia Pacific region holds 48 percent of the global market. The tire market in Asia is diverse, with passenger car and light truck tires dominating. In 2020, China, India, and Japan accounted for 72 percent of the Asia tire market, with 1.3 billion tires valued at $97.4 billion. Although COVID-19 has a significant impact on tire sales in 2020, the Asian tire market is expected to grow by 3.6 percent during the forecast period. The objective of the report is to present a comprehensive analysis of the Global Tires Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Tires Market dynamics, structure by analyzing the market segments and project the Global Tires Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Tires Market make the report investor’s guide.

Global Tires Market Scope: Inquire before buying

Global Tires Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 116.74 Bn.
Forecast Period 2021 to 2027 CAGR: 4.2% Market Size in 2027: US $ 149.43 Bn.
Segments Covered: by Type • Radial Tires • Bias Tires • Non-Pneumatic Tires
by Vehicle Type • Passenger Cars • Commercial Cars • Off-Road Cars
by Distribution Channel • OEM • Aftermarket

Global Tires Market by Region:

• North America • Asia pacific • Europe • Middle East and Africa • South America

Global Tires Market Key Players

• Apollo Tyres Ltd • Avon Tyres • Bridgestone Corporation • CEAT • Cheng Shin Rubber Ind. Co. Ltd • Continental AG • Cooper Tire & Rubber Company • Giti Tire Pte. Ltd • Goodyear Tire & Rubber Company • Hankook Tire Co., Ltd • JK Tyre & Industries Ltd • Kumho Tire Co., Inc • Maxxis International • Michelin • MITAS A.S. • MRF • Nexen Tire Corporation • Nokian Tyres Oyj • Pirelli & C. S.p.A • Shandong Linglong Tire Co., Ltd
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Tires Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2019 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Tires Market 3.4. Geographical Snapshot of the Tires Market, By Manufacturer share 4. Global Tires Market Overview, 2019-2026 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Tires Market 5. Supply Side and Demand Side Indicators 6. Global Tires Market Analysis and Forecast, 2019-2026 6.1. Global Tires Market Size & Y-o-Y Growth Analysis. 7. Global Tires Market Analysis and Forecasts, 2019-2026 7.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 7.1.1. Radial Tires 7.1.2. Bias Tires 7.1.3. Non-Pneumatic Tires 7.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 7.2.1. Passenger Cars 7.2.2. Commercial Cars 7.2.3. Off-Road Cars 7.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 7.3.1. OEM 7.3.2. Aftermarket 8. Global Tires Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2019-2026 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Tires Market Analysis and Forecasts, 2019-2026 9.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 9.1.1. Radial Tires 9.1.2. Bias Tires 9.1.3. Non-Pneumatic Tires 9.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 9.2.1. Passenger Cars 9.2.2. Commercial Cars 9.2.3. Off-Road Cars 9.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 9.3.1. OEM 9.3.2. Aftermarket 10. North America Tires Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2019-2026 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Tires Market Analysis and Forecasts, 2019-2026 11.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 11.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 11.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 12. Canada Tires Market Analysis and Forecasts, 2019-2026 12.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 12.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 12.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 13. Mexico Tires Market Analysis and Forecasts, 2019-2026 13.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 13.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 13.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 14. Europe Tires Market Analysis and Forecasts, 2019-2026 14.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 14.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 14.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 15. Europe Tires Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2019-2026 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Tires Market Analysis and Forecasts, 2019-2026 16.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 16.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 16.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 17. France Tires Market Analysis and Forecasts, 2019-2026 17.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 17.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 17.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 18. Germany Tires Market Analysis and Forecasts, 2019-2026 18.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 18.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 18.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 19. Italy Tires Market Analysis and Forecasts, 2019-2026 19.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 19.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 19.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 20. Spain Tires Market Analysis and Forecasts, 2019-2026 20.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 20.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 20.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 21. Sweden Tires Market Analysis and Forecasts, 2019-2026 21.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 21.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 21.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 22. CIS Countries Tires Market Analysis and Forecasts, 2019-2026 22.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 22.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 22.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 23. Rest of Europe Tires Market Analysis and Forecasts, 2019-2026 23.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 23.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 23.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 24. Asia Pacific Tires Market Analysis and Forecasts, 2019-2026 24.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 24.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 24.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 25. Asia Pacific Tires Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2019-2026 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Tires Market Analysis and Forecasts, 2019-2026 26.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 26.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 26.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 27. India Tires Market Analysis and Forecasts, 2019-2026 27.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 27.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 27.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 28. Japan Tires Market Analysis and Forecasts, 2019-2026 28.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 28.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 28.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 29. South Korea Tires Market Analysis and Forecasts, 2019-2026 29.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 29.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 29.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 30. Australia Tires Market Analysis and Forecasts, 2019-2026 30.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 30.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 30.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 31. ASEAN Tires Market Analysis and Forecasts, 2019-2026 31.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 31.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 31.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 32. Rest of Asia Pacific Tires Market Analysis and Forecasts, 2019-2026 32.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 32.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 32.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 33. Middle East Africa Tires Market Analysis and Forecasts, 2019-2026 33.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 33.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 33.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 34. Middle East Africa Tires Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2019-2026 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Tires Market Analysis and Forecasts, 2019-2026 35.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 35.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 35.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 36. GCC Countries Tires Market Analysis and Forecasts, 2019-2026 36.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 36.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 36.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 37. Egypt Tires Market Analysis and Forecasts, 2019-2026 37.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 37.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 37.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 38. Nigeria Tires Market Analysis and Forecasts, 2019-2026 38.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 38.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 38.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 39. Rest of ME&A Tires Market Analysis and Forecasts, 2019-2026 39.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 39.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 39.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 40. South America Tires Market Analysis and Forecasts, 2019-2026 40.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 40.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 40.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 41. South America Tires Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2019-2026 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Tires Market Analysis and Forecasts, 2019-2026 42.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 42.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 42.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 43. Argentina Tires Market Analysis and Forecasts, 2019-2026 43.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 43.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 43.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 44. Rest of South America Tires Market Analysis and Forecasts, 2019-2026 44.1. Market Size (Value) Estimates & Forecast By Type , 2019-2026 44.2. Market Size (Value) Estimates & Forecast By Vehicle Type, 2019-2026 44.3. Market Size (Value) Estimates & Forecast By Distribution Channel , 2019-2026 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Tires Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of Key Players By Price, Presence, Market Share, Applications and R&D Investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Verticals 45.2.3.2. M&A, Forward Integration and Backward Integration 45.2.3.3. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements 45.3. Company Profile : Key Players 45.3.1. CEAT 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.4. Apollo Tyres Ltd 45.5. Avon Tyres 45.6. Bridgestone Corporation 45.7. CEAT 45.8. Cheng Shin Rubber Ind. Co. Ltd 45.9. Continental AG 45.10. Cooper Tire & Rubber Company 45.11. Giti Tire Pte. Ltd 45.12. Goodyear Tire & Rubber Company 45.13. Hankook Tire Co., Ltd 45.14. JK Tyre & Industries Ltd 45.15. Kumho Tire Co., Inc 45.16. Maxxis International 45.17. Michelin 45.18. MITAS A.S. 45.19. MRF 45.20. Nexen Tire Corporation 45.21. Nokian Tyres Oyj 45.22. Pirelli & C. S.p.A 45.23. Shandong Linglong Tire Co., Ltd 46. Primary Key Insights

About This Report

Report ID 112589
Category Automotive and Transportation
Published Date July 2021
Updated Date
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