Market overview
The tire market size is expected to register a CAGR of 12% from the 8 years from 2022 to 2030. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. This is especially true in the Asia-Pacific region. These people want to drive safer and more efficient cars that are also environmentally friendly. An automotive tire, simply put, is the vehicle component that is circular in shape, made of rubber, and used for covering the rim of the wheel externally. Its key function is to safeguard the wheel rim as well as provide attractive force between the car and the road surface.
Radial pedal and bias are the two types of automotive tire. Various factors are propelling the global tire market size share. According to the recent MRFR report, such factors include a rise in automotive sales and production, growing competition among manufacturers, technological advancements in the manufacturing process, growing concern towards safety and maintenance, government support, and safety & fuel efficiency concerns. On the contrary, volatile raw material cost, coupled with the on-going COVID 19 impact, may limit the global tire market size growth over the forecast period.
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List of Key Companies
· Michelin (France)
· Bridgestone (Japan)
· Continental AG (Germany)
· Hankook Tire (South Korea)
· Pirelli & C. S.p.A. (Italy)
· Toyo Tire Corporation (Japan)
· Kumho Tire (South Korea)
· Giti Tire (Singapore)
· Maxxis International (Taiwan)
· Nexen Tire Corporation (South Korea)
Companies in the global tire market size are responding by investing more in research and development in the attempt to develop and market better tires. There is pressure from the developed world as well. These nations’ governments are establishing regulatory bodies that are actively monitoring cars to make sure that they are less accident-prone. These bodies are requiring newer cars to have safer tires.
Market segmentation
By Rim Size
· 13"–15"
· 16"–18"
· 19"–21"
· >21"
By Season
· Winter
· Summer
· All-Season
By Propulsion Type
· ICE
· EV
By Vehicle Type
· Passenger Cars
· LCV
· HCV
By Distribution Channel
· OEM
· Aftermarket
By Region
· North America
· Europe
· Asia Pacific
· Rest of the World (RoW)
Regional analysis
The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.
Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.
Industry news
Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.
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