In-Depth Tire (Tyre) Market Analysis: Growth Trends, Size, and Demand from 2024 to 2029

MarkNtel Advisors analyses the growth rate of the Tire (Tyre) market in the forecast period from 2024 to 2029. In addition to comprehensive market insights such as market value, growth rate, market segmentation, key market players, and market dynamic. This detailed analysis aims to provide valuable information for stakeholders in the Tire (Tyre) market, helping them make informed decisions.

Market Outlook – 2024-2029:

The Global Tire (Tyre) 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.

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Key Company Profiles

This report explores recent significant developments in the Tire (Tyre) Market, focusing on the leading companies and their innovative profiles. The major players in the Tire (Tyre) Market, featured in this report, include:

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

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Market Segmentation & Coverage

This research report by MarkNtel Advisors categorizes the Tire (Tyre) Market to forecast revenues and analyse trends across each of the following sub-markets:

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)

Passenger Cars are projected to capture a substantial share of the Tire Market during 2024-29. Modern Passenger car tires are made up of different materials like natural rubber (NR), synthetic rubber (SR), and thermoplastic elastomer (TPE).

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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What are the primary factors driving the growth of the Global Tire (Tyre) Market?

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.

Key Questions Addressed:

Market Size and Growth Projections: What is the current size of the market, and how is it expected to grow?
Investment Opportunities: Which products, segments, and regions present the most attractive investment opportunities?
Technology Trends and Regulatory Influences: What are the prevailing technology trends and regulatory factors influencing the market?
Competitive Ranking: How do top vendors rank regarding market share and competitive positioning?
Revenue Sources and Strategic Opportunities: What revenue sources and strategic opportunities guide vendors’ market entry or exit decisions?

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