Growing Demand for All Season Tyres to Boost the Global Tyre Market Through 2030

The global tyre market is undergoing dynamic shifts driven by technological advancements, sustainability initiatives, and market demands.

According to Markets and Data Research report, “Global Tyre Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Tyre Market was estimated at USD 261.29 billion in 2022 and is anticipated to reach USD 425.81 billion by 2030, growing at a CAGR of 6.15% during the forecast period.

The global tyre market is poised for growth, driven by a confluence of factors that promise to reshape the industry. The primary drivers include an increasing demand for vehicles and a strong emphasis and ongoing government spending on infrastructure. Furthermore, the demand for tyres in the replacement market will be sustained by a large and expanding population of automobiles. Asia-Pacific is emerging as a key player, led by China's expanding automotive industry. North America and Europe are also experiencing steady growth, fueled by a recovering economy and a surge in replacement tyre sales.

The market shows a notable shift towards eco-friendly and fuel-efficient tyres, with manufacturers investing in sustainable materials and innovative design. Additionally, digitalization plays a significant role, with the adoption of smart tyre technologies for enhanced performance monitoring and safety features. Challenges include fluctuating raw material prices, particularly rubber, impacting production costs. Geopolitical factors and supply chain disruptions also influence market dynamics. Overall, the industry displays resilience amid these challenges, with a focus on innovation and sustainability shaping the future of the global tyre market.

Spread through 516 pages, the "Global Tyre Market" report includes an in-depth TOC, over 148 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

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Key Takeaways:

The tyre industry is witnessing a transformative phase with advancements in smart tyre technology, ensuring enhanced safety, performance, and fuel efficiency. Integration of sensors, connectivity, and data analytics is redefining the driving experience.
Companies are investing in eco-friendly materials, reducing carbon footprint, and exploring innovative recycling methods, aligning with global sustainability goals.
Specialized tires catering to electric vehicles' weight distribution, range optimization, and reduced road noise are gaining prominence.
Emerging economies present significant growth opportunities for the tyre market. Increased urbanization, rising disposable incomes, and a growing automotive sector in regions, such as Asia-Pacific and Latin America, are driving the demand for tyres.

The Global Tyre Market is Segmented in the Following Categories: 

By Tyre: Winter Tyre, Summer Tyre, All Season Tyre

By Vehicle Type: Passenger Vehicles (Two-Wheeler, Three-Wheeler, Four-Wheeler), Commercial Vehicle (LCV, Medium & Heavy CV), Off the Road (Agriculture, Mining & Construction, Others)

By Tyre Type: Radial, Bias

By Rim Size: Upto 20 inches, Above 20 inches

By Demand Type: New Product (OEMs), Replacements

By Distribution Channel: Original Equipment Manufacturers (OEMs), Multi Brand Distributor, Single Brand Distributor, Online

By Region: North America, Europe, South America, Asia-Pacific, Middle East & Africa

Based on tyre, all-season tyres have asserted their dominance in the global tyre market due to their versatility and widespread consumer appeal. These tyres are designed to perform well in various weather conditions, offering a balanced solution suitable for both summer and winter driving. The convenience of not having to switch between seasonal tyres has significantly contributed to their popularity. The market sees continuous innovation in tread designs and rubber compounds to enhance performance across diverse weather scenarios. Automakers often equip new vehicles with all-season tyres, further increasing their market share. As safety, convenience, and cost-effectiveness remain key considerations for consumers, all-season tyres are expected to maintain their dominance, reflecting a sustained impact on the global tyre industry.

Based on vehicle type, passenger vehicles assert dominance in the global tyre market, carrying a substantial influence over industry trends and demand. The surge in global automobile ownership, particularly in emerging markets, has propelled the demand for passenger vehicle tyres. Passenger vehicles cover a diverse range, including sedans, SUVs, and hatchbacks, each requiring specific tyre types, further diversifying the market. Tyre manufacturers respond by innovating to meet the unique performance requirements of passenger vehicles, emphasizing fuel efficiency, safety, and ride comfort. As urbanization continues and automotive preferences evolve, the prominence of passenger vehicles in the tyre market is supposed to shape the industry's trajectory and prompt continuous advancements in tyre technology tailored for this dominant sector.

Based on tyre type, radial tyres dominate the market since they hold the major share and are expected to continue being one of the most popular tyre kinds in the years to come. It is attributed to the closing price difference between bias and radial tyres, the rising number of tyre producers, and the growing desire for more resilient and high-performing tyres. Additionally, the emergence of Chinese competitors has transformed the way that low-cost radial tyres are used in light commercial vehicles, passenger cars, and other applications, thus boosting the market's overall growth.

Based on demand type, the global tyre market is predominantly influenced by replacement demand, constituting a significant majority of sales. Consumers replacing worn-out or damaged tires contribute to the robust growth in this segment. Factors such as increased vehicle ownership, higher mileage driven, and a growing awareness of regular tyre maintenance drive the replacement market. Developing economies with expanding middle-class populations have witnessed a surge in vehicle ownership, further boosting the demand for replacement tyres. Moreover, advancements in tyre technology, emphasizing durability, performance, and safety, encourage consumers to opt for newer replacements. The replacement market's dominance is expected to continue as consumers prioritize maintaining and upgrading their vehicles, underscoring the sustained importance of this segment in shaping the global tyre industry landscape.

Asia-Pacific is anticipated to hold the greatest market share for tyres between 2023 and 2030. This is due to the rise in urbanization and industrial activity in developing nations such as China and India, which has resulted in a rise in sales of both passenger and commercial vehicles. As a result, producers of tyres and automobiles are establishing factories and expanding throughout the region. Many strategic alliances between Indian tyre and automakers are also contributing to the expansion of the regional market. Additionally, the region's expanding tyre sales can be attributed to significant investments made in the automotive sector in Asia-Pacific as a result of low production costs, cheap labour, flexible safety and emissions regulations, and several government initiatives encouraging foreign direct investments.

Major companies operating in Global Tyre Market include:

• Bridgestone Corporation
• Michelin
• Continental A.G.
• Goodyear Tyre & Rubber Company
• Pirelli & C. SpA.
• Sumitomo Rubber Industries, Ltd.
• Hankook Tyre & Technology Co., Ltd.
• Yokohama Rubber Company, Limited
• Hangzhou Zhongce Rubber Co., Ltd.
• Toyo Tyre Corporation

Companies in the tyre industry are actively involved in research and development (R&D) initiatives to promote innovation, improve current technologies, and create new solutions.

In June 2023, Pirelli unveiled the P Zero AS Plus 3, a superior Ultra-High performance All-Season tyre designed exclusively for premium vehicles. The tyre seamlessly integrates the sporty performance associated with Pirelli's iconic P Zero range with the comfort and longevity of the Pirelli "Plus" line. It is specifically designed to cater to North American drivers, which is a requirement for all-season tyres capable of delivering excellent handling and covering extensive distances while providing comfort and durability.

“Global Tyre Market Assessment, 2016-2030F”, evaluates the future growth potential of the global tyre market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global tyre market.

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