Tire (Tyre) Market Witness Highest Growth at a CAGR of 4.11% by 2029

A Quick Overview of Tire (Tyre) Market

The key object of this report on the Tire (Tyre) Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the Tire (Tyre) Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

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Tire (Tyre) Market Scenario:

The Global Tire Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29. With the emergence of more efficient vehicles and a smoother infrastructure, the market is experiencing rapid growth changes. The rise in vehicle production in developing countries increased competition among tire manufacturers are the prime aspects projected to drive the market in the forecast years.

Several tire manufacturers are actively working on countermeasures to minimize the impact by collaborating with global automotive OEMs (Original Equipment Manufacturers). Besides, they are also vigorously extending their services to online platforms with responsive customer service. In addition, their evolution in digital transformation to engage with potential buyers has further been a game-changer, resulting in a recovery of the tyre market.

Tire (Tyre) Market - Industry Dynamics, Size, And Opportunity Forecast To 2029:

Market Driver - Mounting Prevalence of Electric Vehicles

One of the most prominent factors projected to drive the Tyre Market during 2024-29 is the rapidly surging electric vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the Tire Market growth.

Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight provide better torque. Hence, with the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.

Tire (Tyre) Market Segmentation Analysis:

Tire (Tyre) Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

By Vehicle Type

Two-wheeler- Market Size Forecast 2019-2029, (Thousand Units)
Three-wheeler- Market Size Forecast 2019-2029, (Thousand Units)
Passenger Car- Market Size Forecast 2019-2029, (Thousand Units)
Commercial Vehicle -Market Size Forecast 2019-2029, (Thousand Units)
- Light Commercial Vehicle (LCV) -Market Size Forecast 2019-2029, (Thousand Units)
- Medium Heavy Commercial Vehicle (MHCV) -Market Size Forecast 2019-2029, (Thousand Units)
Off-the-Road Vehicle (OTR)-Market Size Forecast 2019-2029, (Thousand Units)

By Demand Type

OEM - Market Size Forecast 2019-2029, (Thousand Units)
Replacement - Market Size Forecast 2019-2029, (Thousand Units)

By Tire Type

Radial- Market Size Forecast 2019-2029, (Thousand Units)
Bias - Market Size Forecast 2019-2029, (Thousand Units)

By Season

Summer Tires- Market Size Forecast 2019-2029, (Thousand Units)
Winter Tires - Market Size Forecast 2019-2029, (Thousand Units)
All Season Tires- Market Size Forecast 2019-2029, (Thousand Units)

By Sales Channel

Direct Sales- Market Size Forecast 2019-2029, (Thousand Units)
Dealer Distributor - Market Size Forecast 2019-2029, (Thousand Units)
Online Platform- Market Size Forecast 2019-2029, (Thousand Units)

By Rim Size

Up to 12” - Market Size Forecast 2019-2029, (Thousand Units)
1” to 15” - Market Size Forecast 2019-2029, (Thousand Units)
1” to 18” - Market Size Forecast 2019-2029, (Thousand Units)
18” to 22.5” - Market Size Forecast 2019-2029, (Thousand Units)
6” to 26” - Market Size Forecast 2019-2029, (Thousand Units)
1” to 35” - Market Size Forecast 2019-2029, (Thousand Units)
1” to 47” - Market Size Forecast 2019-2029, (Thousand Units)
Above 47” - Market Size Forecast 2019-2029, (Thousand Units)

By Price Category

Budget- Market Size Forecast 2019-2029, (Thousand Units)
Economy- Market Size Forecast 2019-2029, (Thousand Units)
Premium- Market Size Forecast 2019-2029, (Thousand Units)

By Region

North America
South America
Europe
The Middle East Africa
Asia-Pacific.

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Who are the Key Market Players in the Tire (Tyre) Market?

In the fast-changing Tire (Tyre) Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the Tire (Tyre) market ruling the industry are:

List of Key Companies Profiled:

Bridgestone Corporation
Continental AG
Hankook Company Co., Ltd.
Michelin
Nokian Tyres Plc
Pirelli C. S.P.A.
Sumitomo Rubber Industries, Ltd.
The Yokohama Rubber Co., Ltd.
Toyo Tire Corporation
MRF Limited
CEAT Limited
JK Tire Industries Ltd.
Apollo Tires Ltd
Zhongce Rubber Group Co., Ltd.
Sailun Group Co., Ltd
Others.

Global Tire (Tyre) Recent Development:

2023: Yokohama Off-Highway Tires (YOHT) launched Agri Star II R – I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug.

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