Rubber Tire Market: Global Industry Analysis and Forecast (2024-2030)

Global Rubber Tire Market size was valued at USD 155.08 Bn. in 2023 and the total Rubber Tire revenue is expected to grow by 3.8 % from 2024 to 2030, reaching nearly USD 201.35 Bn.

Rubber Tire Market Overview:

A rubber tire is a component that is ring-shaped and surrounded by the axle of the wheel’s rim, to transfer the load from the rim to the ground. As more people started driving cars, and vehicles, there is a great desire for higher growth of automobiles, which led further to rising in vehicle manufacturing across the market. The automotive rubber tire market has anticipated to be driven by increasing vehicle production and high demands for passenger cars across the world over the forecast period. These aspects are expected to boost the rubber tire market. Consumers can choose different quality tires which have includes high-performance and speed-rated tires and they can also choose from different brands of rubber tires. Asia Pacific is the chief region for natural rubber production. In 2018, the region produced about 12.64 million tons of natural rubber. Moreover, Thailand is considered the world’s largest producer with 33.4% of the global natural rubber market share. The rubber tire market is getting a major boost from developing infrastructure and rising vehicle export. The government also taking diverse measures to gear up for automotive production, which create a positive impact on Thailand's tire market in the forecast year.Rubber Tire Market SnapshotTo know about the Research Methodology :- Request Free Sample Report

Rubber Tire Market Dynamics:

Market Drivers Rising Focus on performance and consumer requirements Rubber Tire Manufacturers have developed technology that connects a tire to its vehicle, informing drivers of routine maintenance needs via tire pressure monitoring systems. The rubber tire makers are taking this a step further, taking the technology beyond the tire, and even beyond the vehicle. As the automotive industry drives toward an autonomous future, tires-being the sole connection between the vehicle and the road-need to do more, especially if there's potentially no driver to check the tire or the hazards on the road. High-performance and speed-rated tires have been increasing in popularity in the historical period. These premium-priced tires, which produce wider profit margins for tire companies, now account for 36 % of all original equipment passenger car tires and about 34 % of all replacement passenger car tires. Although these premium tires are of radial design, they tend to wear out much faster than conventional radials and thus increase the frequency at which tires are replaced. This change in consumers’ preferences contributes to the demand for replacement tires. Vehicle manufacturers and consumers of replacement tires have several options as to the type of tire they put on a vehicle. They can choose from different qualities of tires, including high-performance and speed-rated tires, and they can also choose from different brands. The rubber tire market is fairly concentrated and dominated by multinational companies. This market is concentrated on the influence of brand loyalty, capital requirement required to build and modernize manufacturing facilities, and maintaining high advance research and development facilities. High demand for industrial, Agricultural vehicles increases demand for rubber tire products. Various commercial vehicles such as cars, bicycles, motorcycles, electric vehicles, and other luxurious vehicles create opportunities to boost the rubber tire market. Increase in Awareness and Economic Expansion in the Rubber Tire Market Increase in awareness among customers about vehicle maintenance, adoption of tire monitoring systems, and expansion of retailers and dealers network in rural areas to drive the projected rubber tire market during the forecast period. Economic growth and expansion over the globe tend to the development of roads, and infrastructures. The increase in the number of cross borders and haul freight transport is boosting the demand for the rubber tires market. The extensive spread of the pandemic across the globe promotes consumers to own their new vehicles. Which drives the sale of vehicles and subsequently boosts the demand for rubber tires across the market. Rubber Tire Market Restraints: High cost of the raw material hampering the market In the manufacturing process of rubber tires, environmental concerns are fugitive air emissions, wastewater, and solid and hazardous waste. The emission is generated from chemicals, in sealed polyethylene bags. Raw material cost is usually 32 % of the entire cost of rubber tires which directly affects the cost of rubber tires. Shortage of raw materials such as synthetic rubber, and natural rubber affects the rise in the overall cost of rubber tires. Rubber Tire Market Opportunities: Expansion of Industrialization and urbanization helps to grow the rubber tire market A rapid increase in industrialization and urbanization across the globe is likely to boost the rubber market, due to an increase in industrialization and construction activities demand for heavy vehicles increases. Urbanization increases the commercial vehicle and subsequently boosts the rubber tire market across the world. A strong brand name with a reputation for high-quality products may possibly rise in prices without a negative impact on demand, the innovation in the product not only improves its quality, and life expectancy and increase security also. An increase in the number of automotive industries and increasing population also tends to increase productivity in vehicular tires for various products in industrial and domestic use. Becoming a more active participant in the EU market to which, know how to utilize as well as import and export opportunities for boosting the rate of overall GDP growth.

Rubber Tire Market Segment Analysis:

Based on vehicle type, passenger vehicle held largest market share in 2023. Rubber is used for passenger vehicle tires because it's durable, elastic, and resistant to wear and tear. Rubber tires also have a lower coefficient of friction with the road than steel tires, which means less force is required to overcome friction. Passenger vehicles and Commercial vehicles play vital anticipated roles for substantial share owing to the rising purchase power of society, which increases the high demands for vehicle.Rubber Tire Market Share by Vehicle Type Urbanization and industrialization significantly increase advanced agricultural vehicles and their productivity and continued advancements have flourished the segment growth of the market. Commercial vehicles, motorcycles, and buses also play a major role in driving the rubber tire market. Additionally electric vehicles along with advanced and integrated technology such as passenger vehicles especially luxury and semi-luxury vehicles are expected to boost the demand for rubber tire over the forecasting period.

Rubber Tire Market Regional Insights:

In 2023, the North American Rubber Tire Market held the major share in the global market. The factors which help to attribute to the dominant country that is increasing urbanization and industrialization, increasing population, and increasing sources of incomes of populations The United States dominates the area of the North American rubber tire market, it holds about half of the total rubber tire market share. The annual share of the United States is around 10.05 million units. Which strengthens the market in this region. The combined market share of Canada and Mexico is about 15% and the rest of the North American market. The rubber tire market in Europe stood at USD 8.2 billion in 2023. This region holds the dominant market. It owing to increasing stringency in government regulation to reduce carbon emissions, and they promote environment–friendly vehicles and other vehicular components. China is the central hub for the rubber tire market industries and one of the firmest rising economies in the world. The request for materials like coal, gold, copper, and iron ore is growing. As a result, mining trucks are growing up as well. The surge in mining production is pushing the demand for new building machinery fields by replacement of old machinery, which boosts the mining Market demand Rubber Tire Market Competitive Landscape: The rubber tire market is fragmented, there is a high level of competition. The key players are operating the huge market. The prominent players are constantly adopting various, different strategies to grow in the market. There is a high demand for the rubber tires. So it very scalable market having huge competition. The rubber tire market is competitive, with many global and regional manufacturers vying for market share. Various key players invest in product innovation and brand promotion to maintain a competitive edge. Some of the leading key players dominating the rubber tire market are Bridgestone Corporation, Goodyear Tire & Rubber Company (US), Continental AG, Michelin, and other prominent players. To further enhance their market share, these companies employ various strategies such as mergers and acquisitions, partnerships, license agreements, and launching new products.

Rubber Tire Market Scope: Inquiry Before Buying

Global Rubber Tire Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 155.08 Bn.
Forecast Period 2024 to 2030 CAGR: 3.8% Market Size in 2030: US $ 201.35 Bn.
Segments Covered: by Rim Size <11’’ 12’’-17’’ 18’’-21’’ >22’’-25’’ 29’’-49’’ 51’’-63’’
by Tire Type Radial Bias Solid
by Vehicle Type Passenger Vehicle Light Commercial Vehicle Truck & Bus Construction & Mining Vehicles Agricultural Tractors Industrial Vehicle Motorcycle & Scooters

Rubber Tire Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina Rest of South America)

Rubber Tire Key Players

1.Apollo Tyres Ltd 2. Bridgestone Corporation 3. CEAT Limited 4. Continental AG 5. Hankook & Company Co., Ltd. 6. JK Tyre & INDUSTRIES LTD. 7. Michelin 8. MRF Limited 9. Nokian Tyres PLC 10. Pirelli & C. S.p.A 11. Sailun Group Co., Ltd. 12. Salsons Impex Pvt. Ltd 13. Shandong Linglong Group Co. Ltd. 14. Sumitomo Rubber Industries, Ltd. 15. The Goodyear Tire & Rubber Company 16. The Yokohama Rubber Co., Ltd. 17. Triangle Tire Co., Ltd., 18. Toyo Tire Corporation 19. Wanli Tire Co., Ltd. 20. Zhongce Rubber Group Co., Ltd.

Frequently Asked Questions:

1. Which region has the largest share in Global Rubber Tire Market? Ans: Asia Pacific region held the highest share in 2023. 2. What is the growth rate of the Global Market? Ans: The Global Rubber Tire Market is expected to grow at a CAGR of 3.8% during the forecast period 2024-2030. 3. Who are the key players in the Global Rubber Tire market? Ans: The important key players in the Global Rubber Tire Market are - Bridgestone, Michelin., Goodyear, Continental, Sumitomo, Appolo Tires, MRF, JK Tires, CEAT, NEXEN tire co, Giti Tire, Nokian Tires plc, Yokohama tire corporation, Hankook tire, and Pirelli. 4. What was the global Rubber tire market size in 2023? Ans: In 2023, the global tire market attended a volume of nearly USD 155.08 billion. 5. What has been the impact of COVID-19 on the Asia Pacific tire market? Ans: The sudden outbreak of the COVID-19 pandemic led to the implementation of stringent lockdown regulations across several Asia Pacific nations, resulting in the temporary closure of numerous manufacturing units for vehicles, thereby negatively impacting the Asia Pacific market for tires.
1. Rubber Tire Market: Executive Summary 1.1. Executive Summary 1.1.1. Market Size (2023) & Forecast (2024-2030) 1.1.2. Market Size (USD) (Value and Volume) and Market Share (%) 1.1.3. By Segments, Regions, and Country 2. Rubber Tire Market: Competitive Landscape 2.1. MMR Competition Matrix 2.2. Key Players Benchmarking 2.2.1. Company Name 2.2.2. Headquarter 2.2.3. Product Portfolio 2.2.4. End-users 2.2.5. Revenue - 2023 2.2.6. Market Share (%) - 2023 2.3. Market Structure 2.3.1. Market Leaders 2.3.2. Market Followers 2.3.3. Emerging Players 2.4. Mergers and Acquisitions Details 3. Rubber Tire Market: Dynamics 3.1. Market Trends 3.2. Market Dynamics 3.2.1. Drivers 3.2.2. Restraints 3.2.3. Opportunities 3.2.4. Challenges 3.3. PORTER’s Five Forces Analysis 3.4. PESTLE Analysis 3.5. Value Chain Analysis 3.6. Technological Roadmap 3.7. Regulatory Landscape by Region 3.8. Key Opinion Leader Analysis for the Global Rubber Tire Industry 3.9. Government Schemes and Initiatives for Global Rubber Tire Industry 4. Recession and Inflation Impact on Rubber Tire Industry 4.1. North America 4.2. Europe 4.3. APAC 4.4. MEA 4.5. South America 5. Consumer Analysis and Buying Behaviour 5.1. Buying Criteria for On-highway Vehicles & Off-Highway Vehicles 5.2. Buying Behaviour of Heavy Commercial Vehicle Owners for New Tires vs. Recycled Tires 6. Global Trade Analysis of Automotive Rubber Tire Market (HS Code: 4011) 6.1. Import Scenario of Rubber Tires 6.2. Export Scenario of Rubber Tires 7. Investment Landscape & Funding Scenario by Region 7.1. North America 7.2. Europe 7.3. APAC 7.4. MEA 7.5. South America 8. Patent Analysis 8.1. Patents Granted Worldwide 8.2. Legal Status of Patents 8.3. Top Companies/Applicants of Patents 8.4. List of Major Patents Worldwide 9. Recycled Rubber Tire Landscape 9.1. Consumption of Recycled Rubber Tire by Vehicle Type 9.2. Typical Materials & Composition of Tires 9.3. Recovery Routes of End of Life Rubber Tires 10. Comparison of Polyurethane Tire vs. Rubber Tire 10.1. Rolling Resistance 10.2. Ride Comfort 10.3. Load Capacity 10.4. Cut Resistance 10.5. Floor Conditions 11. Comparison of Natural Rubber Tire vs. Synthetic Tire 11.1. Performance 11.2. Traction 11.3. Rolling Resistance 11.4. Elasticity 11.5. Wear Resistance 11.6. Temperature Tolerance 11.7. Production Variability 11.8. Lifecycle 12. Cost Structure Analysis 12.1. Natural Rubber Tire Price Trend vs. Synthetic/Polyurethane Rubber Tire Price (2018-2023) 12.2. Breakdown of Production Cost for Rubber Tire and Recycling Cost 13. Supply Chain Analysis 13.1. Raw Material Sourcing (Natural and Synthetic Rubber) 13.2. Key Suppliers and Manufacturing Processes 13.3. Logistics and Distribution Networks 14. Rubber Tire Market: Global Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 14.1. Global Rubber Tire Market Size and Forecast, By Rim Size (2023-2030) 14.1.1. <11’’ 14.1.2. 12’’-17’’ 14.1.3. 18’’-21’’ 14.1.4. >22’’-25’’ 14.1.5. 29’’-49’’ 14.1.6. 51’’-63’’ 14.2. Global Rubber Tire Market Size and Forecast, By Tire Type (2023-2030) 14.2.1. Radial 14.2.2. Bias 14.2.3. Solid 14.3. Global Rubber Tire Market Size and Forecast, By Vehicle Type (2023-2030) 14.3.1. Passenger Vehicle 14.3.2. Light Commercial Vehicle 14.3.3. Truck & Bus 14.3.4. Construction & Mining Vehicles 14.3.5. Agricultural Tractors 14.3.6. Industrial Vehicle 14.3.7. Motorcycle & Scooters 14.4. Global Rubber Tire Market Size and Forecast, By Sales Channel (2023-2030) 14.4.1. OEM 14.4.2. Aftermarket 14.5. Global Rubber Tire Market Size and Forecast, By Region (2023-2030) 14.5.1. North America 14.5.2. Europe 14.5.3. Asia Pacific 14.5.4. Middle East and Africa 14.5.5. South America 15. North America Rubber Tire Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 15.1. North America Market Size and Forecast, By Rim Size 15.2. North America Market Size and Forecast, By Tire Type 15.3. North America Market Size and Forecast, By Vehicle Type 15.4. North America Market Size and Forecast, By Sales Channel 15.5. North America Market Size and Forecast, By Country (2023-2030) 15.5.1. United States 15.5.2. Canada 15.5.3. Mexico 16. Europe Rubber Tire Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 16.1. Europe Market Size and Forecast, By Rim Size 16.2. Europe Market Size and Forecast, By Tire Type 16.3. Europe Market Size and Forecast, By Vehicle Type 16.4. Europe Market Size and Forecast, By Sales Channel 16.5. Europe Market Size and Forecast, By Country (2023-2030) 16.5.1. United Kingdom 16.5.2. France 16.5.3. Germany 16.5.4. Italy 16.5.5. Spain 16.5.6. Sweden 16.5.7. Russia 16.5.8. Rest of Europe 17. Asia Pacific Rubber Tire Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 17.1. Asia Pacific Market Size and Forecast, By Rim Size 17.2. Asia Pacific Market Size and Forecast, By Tire Type 17.3. Asia Pacific Market Size and Forecast, By Vehicle Type 17.4. Asia Pacific Market Size and Forecast, By Sales Channel 17.5. Asia Pacific Market Size and Forecast, By Country 17.5.1. China 17.5.2. South Korea 17.5.3. Japan 17.5.4. India 17.5.5. Australia 17.5.6. Indonesia 17.5.7. Philippines 17.5.8. Malaysia 17.5.9. Vietnam 17.5.10. Thailand 17.5.11. Rest of Asia Pacific 18. Middle East and Africa Rubber Tire Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 18.1. Middle East and Africa Market Size and Forecast, By Rim Size 18.2. Middle East and Africa Market Size and Forecast, By Tire Type 18.3. Middle East and Africa Market Size and Forecast, By Vehicle Type 18.4. Middle East and Africa Market Size and Forecast, By Sales Channel 18.5. Middle East and Africa Market Size and Forecast, By Country 18.5.1. South Africa 18.5.2. GCC 18.5.3. Egypt 18.5.4. Nigeria 18.5.5. Rest of ME&A 19. South America Rubber Tire Market Size and Forecast by Segmentation (by Value in USD and Volume in Units) (2023-2030) 19.1. South America Market Size and Forecast, By Rim Size 19.2. South America Market Size and Forecast, By Tire Type 19.3. South America Market Size and Forecast, By Vehicle Type 19.4. South America Market Size and Forecast, By Sales Channel 19.5. South America Market Size and Forecast, By Country 19.5.1. Brazil 19.5.2. Argentina 19.5.3. Peru 19.5.4. Colombia 19.5.5. Rest of South America 20. Company Profile: Key Players 20.1. Apollo Tyres Ltd 20.1.1. Company Overview 20.1.2. Business Portfolio 20.1.3. Financial Overview 20.1.4. SWOT Analysis 20.1.5. Strategic Analysis 20.1.6. Recent Developments 20.2. Bridgestone Corporation 20.3. CEAT Limited 20.4. Continental AG 20.5. Hankook & Company Co., Ltd. 20.6. JK Tyre & INDUSTRIES LTD. 20.7. Michelin 20.8. MRF Limited 20.9. Nokian Tyres PLC 20.10. Pirelli & C. S.p.A 20.11. Sailun Group Co., Ltd. 20.12. Kumho Tires 20.13. Shandong Linglong Group Co. Ltd. 20.14. Sumitomo Rubber Industries, Ltd. 20.15. The Goodyear Tire & Rubber Company 20.16. The Yokohama Rubber Co., Ltd. 20.17. Triangle Tire Co., Ltd. 20.18. Toyo Tire Corporation 20.19. Wanli Tire Co., Ltd. 20.20. Zhongce Rubber Group Co., Ltd. 20.21. Others Key Players 21. Key Findings 22. Analyst Recommendations 23. Rubber Tire Market – Research Methodology
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