According to the report by Expert Market Research (EMR), the global tyre market is projected to grow at a CAGR of 6.3% between 2024 and 2032. Aided by the increasing vehicle production and the rising demand for replacement tyres, along with advancements in tyre technology, the market is expected to grow significantly by 2032.
Tyres are a crucial component of vehicles, providing traction, braking, and comfort while enhancing the overall safety and performance of the vehicle. The tyre market encompasses a wide range of products, including passenger car tyres, truck and bus tyres, and specialty tyres used in off-the-road vehicles. The steady increase in global vehicle production, especially in emerging economies, has been a primary driver of the tyre market growth. Additionally, the expanding automotive aftermarket, driven by the need for tyre replacement due to wear and tear, further contributes to the market expansion.
The advent of electric vehicles (EVs) has also spurred growth in the tyre market. As EVs require specialised tyres to handle the unique demands of electric drivetrains, manufacturers are investing heavily in the development of EV-specific tyres. These tyres are designed to offer lower rolling resistance, improved durability, and better handling characteristics, thereby boosting the overall market size.
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Moreover, advancements in tyre technology, such as the development of smart tyres embedded with sensors to monitor tyre pressure, temperature, and wear in real-time, have added significant value to the tyre market. These innovations not only enhance vehicle safety but also contribute to improved fuel efficiency and reduced emissions, aligning with the global push towards sustainable automotive solutions.
As per the tyre market analysis, the increasing focus on sustainability and eco-friendly products is another substantial driver. Manufacturers are now producing tyres using sustainable materials, such as natural rubber and bio-based oils, and adopting environmentally friendly manufacturing processes. The rising consumer awareness regarding the environmental impact of traditional tyres and the stringent regulations aimed at reducing carbon footprints are expected to further drive the demand for green tyres.
The growing trend of vehicle customization and the rising popularity of high-performance and all-season tyres have also fueled market growth. Consumers are increasingly opting for tyres that offer superior performance in terms of traction, handling, and durability, tailored to their specific driving needs and preferences.
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Market Segmentation
The market can be divided based on type, end-use, and region.
Market Breakup by Type
- Passenger Car Tyres
- Light Truck Tyres
- Heavy Truck Tyres
- Motorcycle Tyres
- Specialty Tyres
Market Breakup by End-Use
- OEM (Original Equipment Manufacturer)
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tyre market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bridgestone Corporation
- Michelin Group
- Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Yokohama Rubber Company
- Cooper Tire & Rubber Company
- Apollo Tyres Ltd.
- Others
Detailed Analysis
Market Drivers and Trends
- Vehicle Production and Sales: The increasing global production and sales of vehicles, particularly in developing regions like Asia Pacific, are primary drivers of the tyre market. As more vehicles are manufactured and sold, the demand for tyres, both as OEM and in the aftermarket, rises correspondingly.
- Electric Vehicles (EVs): The rapid adoption of EVs necessitates the development of specialised tyres, which in turn propels market growth. EV-specific tyres, designed to handle the unique demands of electric drivetrains, are becoming increasingly popular.
- Technological Advancements: Innovations such as smart tyres, which can monitor various parameters in real-time, are enhancing vehicle safety and performance, thereby driving the demand for advanced tyre products.
- Sustainability and Eco-friendly Products: With growing environmental concerns, the demand for sustainable and eco-friendly tyres is on the rise. Manufacturers are focusing on using sustainable materials and eco-friendly manufacturing processes to meet this demand.
Challenges
- Raw Material Prices: Fluctuations in the prices of raw materials, such as natural rubber and synthetic rubber, pose a significant challenge to tyre manufacturers. These fluctuations can impact production costs and profit margins.
- Environmental Regulations: Stringent environmental regulations regarding tyre disposal and recycling present challenges. Manufacturers need to comply with these regulations, which may require significant investment in sustainable practices and technologies.
- Market Competition: The tyre market is highly competitive, with numerous global and regional players vying for market share. This competition can lead to price wars and reduced profit margins for manufacturers.
Opportunities
- Emerging Markets: The rapid urbanization and industrialization in emerging markets, such as India and China, present significant growth opportunities for the tyre industry. The increasing vehicle ownership in these regions drives the demand for tyres.
- Technological Innovations: Continuous advancements in tyre technology, such as the development of puncture-resistant and self-healing tyres, offer lucrative opportunities for market players to differentiate their products and capture a larger market share.
- Partnerships and Collaborations: Strategic partnerships and collaborations with automotive manufacturers can help tyre companies to expand their market reach and enhance their product offerings.
Future Outlook
The global tyre market is poised for robust growth over the forecast period, driven by the increasing vehicle production and sales, advancements in tyre technology, and the rising demand for sustainable and eco-friendly products. Manufacturers that can innovate and adapt to changing market dynamics are expected to thrive in this competitive landscape.
As electric vehicles continue to gain traction, the demand for EV-specific tyres is likely to surge, presenting a significant growth opportunity for tyre manufacturers. Moreover, the trend towards smart and connected tyres is expected to revolutionize the industry, offering enhanced safety and performance features that cater to the needs of modern consumers.
In terms of regional growth, Asia Pacific is anticipated to remain a key market, driven by the booming automotive industry and the rising disposable incomes of consumers in the region. North America and Europe are also expected to witness steady growth, supported by the strong presence of leading tyre manufacturers and the increasing adoption of advanced tyre technologies.
Overall, the tyre market is on a positive trajectory, with ample opportunities for growth and innovation. By focusing on sustainability, technological advancements, and strategic partnerships, market players can position themselves for long-term success in this dynamic industry.