Dublin, May 06, 2025 (GLOBE NEWSWIRE) -- The "Tire Market Outlook to 2029" has been added to ResearchAndMarkets.com's offering.
The global tire market was valued at USD 200 billion in 2023, primarily fueled by the rise in vehicle production and sales, escalating demand for replacement tires, and significant advancements in tire technology. Increasing disposable incomes in developing economies have driven automobile sales, consequently boosting the tire market.
Key players such as Michelin, Bridgestone, Goodyear, Continental, and Toyo dominate the market, leveraging extensive R&D capabilities and global distribution networks. In a strategic move to strengthen its technological prowess, Michelin acquired the UK-based Canopy Simulation in 2023.
Global Tire Current Market Analysis
The Asia-Pacific region is the stronghold of the global tire market, led by China, which increased its semi-steel tire exports by 20% year-on-year to 287 million units in 2023. The region's rapid urbanization and surging automotive sales, especially China's impressive vehicle production statistics, underscore this dominance.
North America is emerging as a crucial player, driven by technological advancements like RFID chips, increased vehicle production, and a robust aftermarket industry. Strategic investments such as the $1.2 trillion Bipartisan Infrastructure Law further stimulate demand.
Global Tire Market Segmentation
The tire market is segmented by type, distribution channel, and vehicle type. Radial tires dominate due to their fuel efficiency and versatility. The replacement channel leads distribution, driven by the ongoing need to maintain vehicle safety and performance. Passenger vehicle tires account for the majority share, ensuring steady demand as vehicle ownership rises in emerging markets.
Global Tire Market Competitive Landscape
The market sees innovations such as Bridgestone's Lunar Rover Tire designed for space exploration and Michelin's Lithion 4 road cycling tires, enhancing performance and reliability. Ceat's SportsRad and CrossRad series cater to high-performance motorcycles, emphasizing superior grip and speed.
Global Tire Industry Analysis Growth Drivers:
Advances in AI and ML, particularly by JK Tires, enhance tire customization and performance. The rising adoption of electric vehicles, with 40 million units sold globally, spurs demand for durable, efficient tires from leading players like Bridgestone and Michelin. The premium segment sees significant growth, with luxury car sales in markets like India reaching new heights.
Challenges:
The market faces challenges from volatile sell-in demand and rising raw material costs, with rubber prices reaching $1,750 per metric ton in 2023, affecting margins and pricing strategies.
Global Tire Future Market Outlook
The tire market is projected to reach USD 273 billion by 2029, driven by vehicle electrification, advanced manufacturing technologies, and sustainable tire options. The adoption of self-healing and airless tire technologies is expected to gain traction, enhancing safety and reducing consumer maintenance costs.
The growing electric vehicle sector will increase the demand for specialized tires, presenting new opportunities for innovation and development in the industry.
Company Coverage Includes:
- Michelin
- Bridgestone
- Goodyear Tire & Rubber Company
- Continental Group
- Sumitomo Rubber Industries
- Pirelli
- Hankook Technology & Tire Co Ltd.
- Yokohama
- CEAT
- Toyo Tires
Key Topics Covered:
1. Executive Summary
1.1 Global Automotive Market
1.2 Global Tire Market
2. Global Overview
2.1 Overview of Global Economics
2.2 Overview of Global Electric Vehicle Industry
2.3 Global Automotive Sales
3. Global Tire Market Overview
3.1 Global Tire Market Ecosystem
3.2 Global Tire Market Value Chain
4. Global Tire Market Size (in USD Bn), 2018-2023
5. Global Tire Market Segmentation (in value %), 2018-2023
5.1 By Region
5.2 By Tire Type
5.3 By Distribution Channel
5.4 By Vehicle
6. Global Tire Market Competition Landscape
6.1 Market Share Analysis
6.2 Heat Map Analysis
6.3 Cross Comparison
6.4 Competitive Matrix
7. Global Tire Market Dynamics
7.1 Growth Drivers
7.2 Challenges
7.3 Trends
8. Global Tire Future Market Size (in USD Bn), 2023-2029
9. Global Tire Future Market Segmentation (in value %), 2023-2029
9.1 By Region
9.2 By Tire Type
9.3 By Distribution Channel
9.4 By Vehicle
10. Analyst Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/5vp8my
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