Global Low-Profile Tyre Market Assessment, By Rim Size [Below 16 inches, 16-18 inches, 19-21 inches, 22 inches or larger], By Vehicle Type [Passenger Vehicle, Commercial Vehicle], By Distribution Channel [Original Equipment Manufacturer (OEM), Aftermarket], By Region, Opportunities and Forecast, 2018-2032F

Global low-profile tyre market is projected to witness a CAGR of 7.58% during the forecast period 2024-2032, growing from USD 34.79 billion in 2024 to USD 62.40 billion in 2032. 

Low-Profile Tyre Market Size, Share and Growth 2032

Global low-profile tyre market is projected to witness a CAGR of 7.58% during the forecast period 2024-2032, growing from USD 34.79 billion in 2024 to USD 62.40 billion in 2032. The market has experienced significant growth in recent years and is expected to expand in the coming years owing to increasing consumer demand for performance, aesthetics and technological innovation.
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Details
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Base Year of the Analysis
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2024
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Historical Period
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2018-2023
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Forecast Period
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2025-2032
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Projected Growth Rate
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CAGR of 7.58% between 2025 and 2032
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Revenue Forecast in 2032
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USD 62.40 billion
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Low-profile tyres provide many benefits such as better handling, cornering abilities and braking qualities which influence their demand in the automobile industry. Due to the reduction in sidewall length, low-profile tyres cause less flex when undertaking extreme maneuvers such as hard braking and acceleration which enhances vehicle grip and stability. This feature is very crucial in high-performance driving since accuracy and response time are crucial at fast speeds. Low-profile tyres also add to the aesthetic value of vehicles, giving them a sleek, sporty, and aggressive look that appeals to consumers who value visual appeal as much as performance.
Several factors drive the growth of the low-profile tyre market including the increasing popularity of the high-performance and luxury vehicle market which has greatly increased the demand for tyres that complement these vehicles' capabilities and aesthetics. Consumers are also becoming more discerning and willing to invest in tyres that offer superior performance and style. Advances in tyre technology, including rubber compounds and tread patterns which make low-profile tyres more durable and better in performance, further drive market growth.
Additionally, the rise in electric vehicles offers new opportunities for tyre manufacturers to design low-profile tyres appropriate for the new requirements of EVs such as higher weight, and instant torque. Companies are expanding and enhancing their production facilities to meet the demands of the growing market. For instance, in November 2024, Bridgestone Corporation announced a strategic investment of USD 173.26 million in three tyre plants in Japan to enhance production capacity for premium passenger car tyres.
<h2>Rising Demand for Performance Vehicles Drive Low-profile Tyre Market</h2>
The demand for sporty and high-performance cars drives up the demand for low-profile tyres that add looks and performance. The low-profile tyre offers a more stylish look and better handling ability and offers superior grip and stability that is vital when operating at a high speed or cornering. In addition, electric and hybrid vehicles are increasingly becoming popular, which often possess more advanced design features and demand special tyres such as low-profile tyres. Automotive enthusiasts and professionals prefer the advantages of low-profile tyres, thereby increasing the adoption rate. Marketing campaigns and product endorsements by car manufacturers contribute significantly to the promotion of these tyres. This has resulted in the increased demand for low-profile tyres because of the need for better vehicle performance and appearance.
For instance, in November 2024, Kumho Tire Co., Inc. launched three new ultra-high-performance tyres named Ecsta Sport All-Season PA71, Ecsta Sport PS72, and Ecsta Sport S PS72. These tyres feature advanced technology for enhanced traction, stability, and durability.
<h2>Technological Advancements Fueling the Low-Profile Tyre Market Growth</h2>
The constant innovation in material, tread designs, and production techniques has resulted in better tyres with superior performance, durability, and efficiency. For instance, advanced rubber compounds and tread patterns have ensured better grip and longer life. Further, the innovations in the construction of tyres such as reinforced sidewalls and optimized bead designs made the tyres more comfortable and safer. These technological advancements have made low-profile tyres more attractive to consumers because customers can enjoy enhanced driving experiences and longer tyre life. Additionally, innovations in the manufacturing process made production affordable, and hence tyre producers could sell at competitive prices. As technology continues advancing, the growth of the market for low-profile tyres will be positively impacted by offering new-age technology that promises excellent performance and innovations.
For instance, in August 2024, Bridgestone Corporation launched the dueler A/T Ascent, its first ENLITEN technology all-terrain tyre designed for high-rim diameter vehicles which offer excellent on-road comfort and off-road traction and impressive long tread life.
<h2>Dominance of Passenger Vehicles in Global Low-Profile Tyre Market</h2>
Passenger vehicles dominate the low-profile tyre market because of the specific performance requirements, aesthetics, and existing market presence. Performance requirements of passenger vehicles, especially sports cars and high-performance variants, require better handling, cornering, and braking capabilities that can be achieved through low-profile tyres. Moreover, low-profile tyres have shorter sidewalls, which reduces flex when performing aggressive driving manoeuvres. This enhances traction and stability, which are essential for performance-oriented driving. Low-profile tyres have a sleek, sporty look that matches the design of many passenger vehicles. The larger rims and lower sidewalks give these vehicles an aggressive and stylish look, which attracts consumers who prioritize visual appeal along with performance.
For instance, in November 2022, Yokohama Rubber Co., Ltd announced that its ADVAN tyres were factory-equipped on Honda's new SUV, the ZR-V. The tyres came in size 225/55R18 98H, enhancing performance and safety for the vehicle.
<h2>Asia-Pacific Dominates Low-Profile Tyre Market Share</h2>
Asia-pacific holds a significant share of the low-profile tyre market due to several reasons including robust production and sales in automobiles in the Asia- Pacific countries of China, India, and Japan. Rapid production growth is due to economic expansion in these nations, in turn, coupled with an increase in consumers' disposable incomes. Consumers are now buying luxury and performance cars causing higher demand for low-profile tyres. Moreover, Asia-Pacific, being a place with maximum urbanization and infrastructural development, has led to an increased percentage of vehicle ownership. With improvements in road networks and urban extensions, the aspect of owning and maintaining a vehicle is accessible to more people in this region. Local tyre manufacturers in the Asia-Pacific are playing an important role in meeting this demand. These manufacturers, coupled with the presence of global tyre companies expanding their operations in the region, ensure a steady supply of low-profile tyres.
For instance, in November 2024, Bridgestone Corporation announced a USD 85 million investment in India to enhance premium passenger tyre production and development.
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Future Market Scenario (2025 &ndash; 2032F)
<ul>
<li>Rising disposable income among the middle-class population boosts the demand for premium and performance vehicles which would increase the demand for low-profile tyres.</li>
<li>Innovation like advanced rubber compound that improves tyre durability, and lifespan makes low-profile tyres more appealing and enhances demand.</li>
<li>The growing interest in modification for better aesthetics is expected to drive the popularity of low-profile tyres, contributing to market growth.</li>
<li>Rise of online tyre sales platforms provides easier access to a wider range of low-profile tyres, enhancing market growth.</li>
</ul>
Report Scope
&ldquo;Low-Profile Tyre Market Assessment, Opportunities and Forecast, 2018-2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global low-profile tyre market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Segments Covered
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Rim Size, Vehicle Type, Distribution Channel
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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Bridgestone Corporation, Continental AG, Apollo Tyres Ltd, Goodyear Tire &amp; Rubber Company, Michelin Group, Pirelli &amp; C. S.p.A., Sumitomo Rubber Industries Ltd, Yokohama Rubber Co. Ltd., Cooper Tire &amp; Rubber Company, Hankook Tire &amp; Technology Co., Ltd.
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report,&nbsp;global low-profile tyre market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Rim Size
<ul>
<li>Below 16 inches</li>
<li>16-18 inches</li>
<li>19-21 inches</li>
<li>22 inches or larger</li>
</ul>
</li>
<li>By Vehicle Type
<ul>
<li>Passenger Vehicle</li>
<li>Commercial Vehicle</li>
</ul>
</li>
<li>By Distribution Channel
<ul>
<li>Original Equipment Manufacturer (OEM)</li>
<li>Aftermarket</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Key players in the low-profile tyre market compete to gain an edge in terms of innovation, performance, branding and customer service. The market looks promising, backed by a growing demand for reliable and quality-assured products. Companies with low profile tyre are focusing on optimizing their production method to reduce costs and improve efficiency, allowing them to offer competitive pricing without compromising quality. Moreover, companies are developing products for electric vehicles, recognizing the growing shift towards sustainable and eco-friendly transportation.
For instance, in July 2023, The Yokohama Rubber Co., Ltd. introduced the &ldquo;E+&rdquo; mark for tyres designed specifically for electrified vehicles, indicating their optimization for unique EV requirements such as improved noise reduction and driving range.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Key Players Operating in Global Low-Profile Tyre Market are:
<ul>
<li>Bridgestone Corporation</li>
<li>Continental AG</li>
<li>Apollo Tyres Ltd</li>
<li>Goodyear Tire &amp; Rubber Company</li>
<li>Michelin Group</li>
<li>Pirelli &amp; C. S.p.A.</li>
<li>Sumitomo Rubber Industries Ltd</li>
<li>Yokohama Rubber Co. Ltd.</li>
<li>Cooper Tire &amp; Rubber Company</li>
<li>Hankook Tire &amp; Technology Co., Ltd.</li>
</ul>
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Global Low-Profile Tyre Market Assessment, Opportunities and Forecast, 2018-2032F

The global low-profile tyre market is expected to experience growth due to rising demand for performance vehicles, technological advancements and aesthetics in vehicles.

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