Tires Market Size is Valued at USD 111.39 Billion in 2023, and is Projected to Reach USD 145.34 Billion by 2032.

The tires market refers to the marketing of tires used on different types of vehicles such as passenger cars, LV/HTV, two-wheelers, and OT. It also classifies the segment by tire type radial, bias, solid; by vehicle type; by rim size; by distribution channel OEMs and aftermarket; by Seasons, Summer, Winter, All-season; by End users; by technology run-flat and non-run-flat; by region North America, Europe, Asia-Pacific Latin America Middle East & Africa; by application on-road, off-road, agricultural, industrial; by material natural rubber and synthetic rubber; Some of the key drivers that have been noticed to influence the market as include the car manufacture and sales, advance technologies in tire production, and growth in the diffusion for long bearing and high performing tires.

The tires market is stimulated by several variables mainly being; the advancing world car production and the growing need for car replacement tires. Thus, as the motor industry grew over the recent and advanced especially in the developing nations the demand for tires also increased vastly. This is true for OEM tires, or brand-new tires that are used when manufacturers assemble new vehicles and replacement tires which are used as the existing ones wear out. Other drivers include improvements in technologies used in the production of tires, for instance, the production of strong, efficient, and low-noise tires also fuel market growth. Besides, the market for electric and self-driving cars is driving development in tire engineering and materials, thus also contributing positively to market growth.

Download Sample Research Report: https://introspectivemarketresearch.com/request/17707

What are the segments of the Tires Market?

The Tires Market is segmented into by Type (Radial Tires, Bias Tires, Solid Tires), By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), Two-Wheelers, Off-The-Road (OTR) Vehicles, Buses & Coaches), By Season (Summer Tires, Winter Tires, All-Season Tires). By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

Who are the key players in the Tires Market?

Bridgestone Corporation (Japan), Michelin (France), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Pirelli & C. S.p.A. (Italy), Sumitomo Rubber Industries, Ltd. (Japan), Yokohama Rubber Co., Ltd. (Japan), Hankook Tire & Technology Co., Ltd. (South Korea), Cooper Tire & Rubber Company (United States), Toyo Tire Corporation (Japan), Kumho Tire Co., Inc. (South Korea), Apollo Tyres Ltd. (India), MRF Limited (India), Nokian Tyres plc (Finland), Cheng Shin Rubber Ind. Co., Ltd. (Taiwan), Linglong Tire (China), Giti Tire (Singapore), Triangle Group (China), Nexen Tire Corporation (South Korea), Sailun Group Co., Ltd. (China). and Other Major Players.

Tires Market Segment Analysis:

Tires Market Segmented on the basis of type, Vehicle Type, and Season.

By Type, Solid Tires segment is expected to dominate the market during the forecast period

• The tires market is one of distinguished types of tires which includes radial tires, bias tires and solid tires which are used differently. Radial tires have ply cords at 90 degrees to direction of travel and these are more fuel efficient, have better rough road contact, better tread wear and so are used in passenger cars and light trucks. Although the ply cords are laid at angles less than 90 degrees from each other, bias tires come with a strong sidewall besides supporting a greater load in carriages making it ideal for use in Lorries, trucks, and off-road vehicles.

• The bar or solid tires refer to types manufactured wholly of rubber with no air fillings and are widely employed in the industrial and the commercial vehicles such as forklifts and other construction vehicles since they do not require frequent replacement and are extremely hardwearing. These specifications are met by different types of tires to meet the performance and durability needs for the different car categories and industries in the world.

By Vehicle Type, Off-The-Road (OTR) Vehicles segment held the largest share in 2024

• That being said, the market for tires could be split by the type of a vehicle, and the needs and characteristics of each segment would vary. The largest OLT segment are passenger cars that require tires with focus on comfort, fuel efficiency, and safety that stimulated the radial tire development. LCV (Light Commercial Vehicles) again need abrasion-resistant tires because of stop-and-go type journeys and to provide accommodation of a load yet retain comfort levels of a car. Tires in HCVs like trucks require more strength and load carriage ability due to long distances and overburdened equipment.

• Motorcycles and scooters which are two-wheelers require tires that offer good traction and stability which is very essential when it comes to the safety of the rider. Special application vehicles like earth moving vehicles used in construction industries or large wheeled vehicles used in mining industries or the large farm tractors used to in farming demand very robust tires with superior grip which can withstand very unfavorable terrains. As a means of transport for long distances, buses and coaches require tires that can be used for long distances mainly demonstrating lasting, high mileage and comfort. The application of tires in the automotive industry embodies certain specifications for every vehicle type and thus affects market segmentation and potential growth for the global tires market.

Tires Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• The North American tire market is a complex and significant segment of the automotive industry of the North American region. Tire products for sale in the described market can be divided into several categories, such as Passenger car tires, Light truck tires, Heavy-duty truck tires as well as Specialty tires. Among them, an active automobile market, high car penetration rate, the worn-out tires’ requirement for replacement, and other factors played a crucial role in the market. Also, innovations and developments introduced in the tire sector including run-flat tires and environment friendly tires have also attributed to market development. Market leaders Michelin, Bridgestone, Goodyear, and Continental make large investments in research and development to create new products and remain competitive.

• In addition, the market is affected by such regulatory factors as safety requirement and the customer taste concerning fuel efficiency standards. There is a higher standard set in the regulations of the operation and safety in tires have called for better quality tires that are efficient in fuel, have low rolling resistance and are durable. The use of tires across the North American region is also influenced by the emergence of electric vehicles since the tires on these automobiles have distinct features. Another big segment is the aftermarket segment, because of the frequent change of tires and the emerging e-commerce business for tires. In general, it can be stated that the North American tire market has all the prerequisites for progressive development due to the technological progress, updated legislation requirements, and changed customers’ expectations.

Inquiry Before Buying Get Discount: https://introspectivemarketresearch.com/checkout/?user=1&_sid=17707

About us:

At Introspective Market Research Private Limited, we are a forward-thinking research consulting firm committed to driving our clients' growth and market dominance. Leveraging cutting-edge technology, big data, and advanced analytics, we provide deep insights and strategic solutions that enable our clients to stay ahead in a competitive landscape. Our expertise spans across comprehensive Market Research Reports, Holistic Market Insights, Macro-Economic Analysis, and tailored Go-to-Market (GTM) Strategies. Through our Consulting Services and AI-Driven Solutions, we empower businesses to navigate challenges and achieve their objectives. Additionally, we offer Product Design and Prototyping support and Flexible Staffing Solutions to meet evolving industry demands. Our IMR Knowledge Cluster ensures continuous learning and innovation, guiding our clients toward sustainable success.

Contact us:

Vishwanath K (PR & Marketing Manager)

Introspective Market Research Private Limited

Phone: +91-81800-96367 / +91-7410103736

Email: [email protected]

Web: www.introspectivemarketresearch.com