Global Tire Market to be valued at USD 339.85 Billion by 2027 growing at 6.75{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724}: Bonafide Research

Growth in the Automotive Industry, Urbanization, Replacement Demand, E-commerce and Online Shopping, Technological Advances | Emerging markets, Digitization, Customization

Clifton, New Jersey, April 06, 2023 (GLOBE NEWSWIRE) — The demand for tires is increasing globally due to several factors, including population growth, urbanization, and the expansion of the automotive industry. Tires are in high demand as more people own cars and other vehicles to meet their transportation needs. In addition; the growth of e-commerce and online shopping has also contributed to an increase in demand for tires for delivery trucks and other commercial vehicles. Furthermore, the trend toward more fuel-efficient and eco-friendly vehicles has also had an impact on the tire industry. As vehicle manufacturers strive to improve fuel economy and reduce emissions, they are increasingly using tires that are designed to be more efficient and environmentally friendly. This has led to an increased demand for specialty tires that can help reduce fuel consumption and emissions. Technological advances in tire manufacturing have resulted in more efficient and long-lasting tires. As a result, consumers are increasingly willing to pay a premium for high-quality tires that provide superior performance and last longer.

Key Takeaways:

• Asia-Pacific leads the tire industry with over 1 Billion units in 2021, with China having 40{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724} of the market share in the region.

• The Middle East & Africa region is expected to grow with the highest CAGR of 9.98{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724} over the forecast period to be valued at USD 26.64 Billion.

• There are far more passenger cars on the road than commercial vehicles, which means there is a greater demand for passenger car tires that account for 65.28{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724}.

• 2-wheeler, 3-wheeler & OTR tires are to be in huge demand in future years due to urbanization, personal mode of transport, and increased use in agriculture of OTR vehicles.

• Radial tires are expected to be valued at USD 239 Billion by 2027. As a standard for passenger cars for several decades, trucks, buses, and heavy machinery, radial tires are known for their ability to provide a smoother ride due to their flexible sidewalls and steel belts.

• The growth of e-commerce and online shopping has led to an increase in demand for delivery trucks and other commercial vehicles. This, in turn, is expected to drive up the demand for tires for these vehicles by 14.09{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724}.

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The rising demand for tires provides an opportunity for businesses to expand their operations and gain market share. There are opportunities for companies to innovate and develop new products that offer improved performance, safety, and fuel efficiency. For example, tire companies can focus on developing more eco-friendly tires that reduce the environmental impact of transportation.  The increasing adoption of advanced technology in the automobile sector is augmenting the smart automotive Tires for vehicles. Safety features like Tire-pressure monitoring system, temperature control, and input on the state of the road and the Tires. Predictive analyses like these can save unplanned repair costs, increase safety, and leverage by extending Tire service life. IoT sensors offer real-time feedback on various Tire parameters. Bridgestone, Michelin, Goodyear, and Continental, among others, are testing software platforms and Internet of Things (IoT)-connected sensors to monitor and evaluate Tire quality. Tire manufacturers are concentrating their efforts on the development of smart Tires that rely on IoT connectivity to provide improved safety, enhanced fuel efficiency, lower maintenance costs and efforts, and longer Tire life. All of these elements are projected to open plenty of new opportunities for the market’s expansion.

The growing popularity of electric and hybrid vehicles has led tire manufacturers in designing and producing tires that are more energy-efficient and offer a better range. These tires have lower rolling resistance, which means they require less energy to move and can improve the overall efficiency of the vehicle. Tire manufacturers are investing in sustainable materials, such as natural rubber and recycled materials, to reduce their environmental impact. Advancements in technology have enabled tire manufacturers to develop connected tires that can transmit data on tire pressure, temperature, and wear to the driver and vehicle systems. As autonomous vehicles become more prevalent, the tire industry is working to develop tires that are optimized for these vehicles. These tires will need to be more durable, long-lasting, and capable of handling the specific demands of autonomous driving. Consumers are increasingly demanding customized tires to meet their specific needs and preferences. Tire manufacturers are responding by offering more options for customizing tires, such as different treads and sidewalls.

There is a significant opportunity for tire companies to expand into emerging markets. These markets include countries in Asia, Africa, and Latin America. With the growth of e-commerce, tire companies can reach a larger customer base through online sales channels. E-commerce platforms also allow for personalized customer service and targeted marketing.

The tire industry is highly competitive, this can make it difficult for companies to differentiate themselves and capture market share. The cost of raw materials, such as rubber, can be volatile and impact profit margins for tire companies. Companies must manage these costs effectively to remain profitable. Tire companies are vulnerable to supply chain disruptions, which can impact the availability of raw materials and finished products. Companies must have contingency plans in place to manage these disruptions and maintain production levels. There are many regulations governing the tire industry, such as safety and environmental standards.

The manufacturing of tires is a complex process that involves many stages. It requires a significant investment in equipment, materials, and skilled labor. Tyre manufacturers face several challenges, including quality control, environmental regulations, raw material availability, labor costs, and technological advancements. The growing popularity of electric vehicles is one of the current trends in the global tire market. These vehicles may require tires with lower rolling resistance to improve energy efficiency, or with advanced sensors to improve safety. There is a growing demand for sustainable and eco-friendly products, which has led to the development of tires made from renewable materials. The use of digital technology is transforming the use of data analytics to optimize tire performance and maintenance. This includes technologies like smart sensors and artificial intelligence to monitor tire wear and predict maintenance needs. Consumers are increasingly looking for tires that are tailored to their specific needs and preferences. “Electric vehicles are likely to create new opportunities for tire companies as they adapt to the unique demands of this emerging market. As people switch to electric vehicles, there will be an increased demand for tires that are specifically designed for EVs. This could provide tire companies with an opportunity to develop new products and expand their market share” says, Mr. Dhwipal Shah, Research Director with Bonafide Research.

Most manufacturing companies are using automation to increase productivity and profitability due to rapid technological advancements. The Automotive Tire market is expected to witness growth as a result of technological advancements in the global Tire industry, such as the introduction of rimless Tires, green Tires, and the use of lightweight elastomers and metals such as alloys and carbon fiber or composites such as manganese bronze and nickel aluminum bronze to manufacture Tires. In addition, major Tire manufacturers are employing nanotechnology and other innovations or software to create a variety of advanced Tire types. Leading manufacturers of Tires are investing in advanced automotive ire technologies such as data science and AI, to gain revenue benefits. Advanced technology utilized in vehicle Tires is advantageous for both consumers and OEMs. Connected tires are gaining popularity in growing economies such as China & India. Therefore, manufacturers are collaborating with technology providers to deploy smart features in Tires.

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The Asia-Pacific region not only has extensive tire manufacturing facilities, but it is also the world’s largest consumer of them. China has the highest number of automobiles in the world, with approximately 281 million vehicles on the road, according to the International Organization of Motor Vehicle Manufacturers (OICA).  The Asia-Pacific region is rich in natural resources such as rubber, which is used in the production of tires. This has made the region a natural hub for tire manufacturing, with many companies establishing production facilities in the region to take advantage of the local resources. The increasing demand for cars in these markets has driven demand for tires, making the region a key hub for tire production and sales. Japan stood in third place with approximately 79 million vehicles on the road in 2021, according to OICA. Labor costs are generally lower than in other regions, making it more cost-effective for tire companies to establish. Governments may offer tax incentives or provide funding for research and development to the tire industries. The rapidly growing middle class has increased demand for cars and tires.

North America is home to one of the largest automotive markets in the world, with a large number of vehicles on the road. The United States is second, with approximately 280 million vehicles on the road, according to OICA 2021 statistics. Many of the leading tire manufacturers in the world are based in the region, like Goodyear Tire & Rubber Company, Cooper Tire & Rubber Company, Bridgestone, Michelin, Continental Tire, Pirelli, Toyo, and Yokohama. The region is known for its innovation in tire technology, making North America an important hub for tire research and development. The companies have access to abundant natural resources like rubber, synthetic rubber, and steel, making it an attractive location for tire manufacturing. The tire industry has a favorable business environment, with strong intellectual property protections and a well-developed legal system.

According to the European Tyre & Rubber Manufacturers’ Association (ETRMA), more than 60{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724} of the tires sold in Europe in 2019 were imported from outside of the region. The largest source of imported tires is Asia, particularly China, which has become a major player in the global tire industry. Europe also imports tires from other regions such as North America and South America. Importing tires allows European companies to meet the demand for a wider range of tire products and to take advantage of competitive pricing in global markets. Europe is a significant player in the automotive industry, with several major automakers based in the region, including Volkswagen, BMW, Daimler, and Renault. Labor and manufacturing costs in Europe are higher than in other regions. The European tire industry is heavily regulated, which can create challenges for companies looking to operate in the region.

The tire industry is experiencing growth in the Middle East and Africa region, driven by factors such as expanding automotive markets, increasing demand for higher-quality tires, and rising investments in infrastructure projects. However, the tire industry in the region is also facing challenges, such as competition from low-cost imports and the need for greater investment in manufacturing capabilities and technology. Countries such as Saudi Arabia, the United Arab Emirates, and Iran have seen increased tire demand. For example, Saudi Arabia is investing heavily in infrastructure projects such as roads, airports, and seaports, which is driving demand for tires for construction and heavy-duty applications. In Africa, countries such as Nigeria, South Africa, and Egypt are experiencing growth in the tire industry, driven by factors such as population growth, increasing urbanization, and investments in the automotive sector. However, the tire industry in Africa also faces challenges such as limited manufacturing capabilities and dependence on imports.

The tire industry in South America is relatively small compared to other regions due to challenges, economic instability, high inflation rates, and currency devaluations. However, there are some positive trends in the South American tire industry, such as increasing demand for higher-quality tires, investments in technology and innovation, and growth in the automotive market. Some of the largest tire manufacturers in the world, such as Bridgestone and Michelin, have a presence in the region and are investing in expanding their manufacturing capabilities and product offerings. Brazil is the largest market for tires in South America, accounting for nearly 50{12dec99aef6f119e349308ab81c83b123ba77cd3d9c980ff09eaac1f958a2724} of total tire sales in the region. However, there are opportunities for growth and development in the region, particularly with increasing investments in technology, innovation, and infrastructure.

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Considered in the Report

• Geography: Global

• Historical Year: 2016

• Base year: 2021

• Estimated year: 2022

• Forecast year: 2027

Table of Content

1.     Executive Summary
2.     Report Methodology
3.     Market Structure
3.1.  Market Considerate
3.2.  Market Definition
4.     Economic / Demographic Snapshot
5.     Global Tire Market Outlook
5.1.  Market Size by Value
5.2.  Market Size by Volume
5.3.  Market Share
5.3.1.     By Vehicle Type
5.3.2.     By End Use
5.3.3.     By Design
5.3.4.     By Sales Channels
5.3.5.     By Region
5.3.6.     By Country
5.3.7.     By Company
6.     North America Tire Market Outlook
6.1.  Market Size by Value
6.2.  Market Size by Volume
6.3.  Market Share
6.3.1.     By Vehicle Type
6.3.2.     By End Use
6.3.3.     By Design
6.3.4.     By Sales Channels
6.3.5.     By Country
6.4.  US Tire Market Outlook
6.4.1.     Market Size by Value
6.4.2.     Market Share
6.4.2.1.         By Vehicle Type
6.4.2.2.         By End Use
6.4.2.3.         By Design

TOC continued….

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