Increase in automotive production & sales across different vehicle and rise in competition among tire manufacturers to drive the global tire market growth through 2025.
According to TechSci Research report, “Global Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition, Forecast & Opportunities, 2013 – 2025F”, the global tire market is forecast to cross $ 300 billion by 2025. Major factors that are expected to drive the market include rising demand for tires from OEMs due to various technological advancements in automotive industry in terms of better lifespan of tires, light weight, environment-friendly tires, imposed strict safety regulation by governments of various countries across the globe coupled with growing tire sales in the replacement market, globally. Rising industrialization activities has also led to an increase in sales of commercial vehicles, boosting the demand for tires. Also, introduction of electric vehicles and decrease in prices of vehicle parts across all segments are likely to accelerate the global tire market growth. However, volatile prices of raw materials that includes rubber, petroleum reinforcing materials, steel wire, carbon black, etc. might hinder the global tire market growth.
The global tire market is broadly classified in terms of vehicle type, demand category, and radial vs bias segments. Global tire market report has also covered the preferred tire sizes of 80 countries and major tire plant locations with their production capacities across the world. In terms of vehicle type, the global tire market is classified into – passenger car tire, light commercial vehicle (LCV) tire, medium & heavy commercial vehicle (M&HCV) tire, two-wheeler tire, three-wheeler tire and OTR tire segments. As of 2019, the passenger car tire segment dominated the global tire market with a majority market share and the segment is anticipated to continue its market dominance over the course of next five years as well.
In terms of demand category, replacement market is dominating the global tire market with over two-third market share and is expected to maintain dominance during the projected period as well. Through 2021-2025, it is expected that the market share of OEM will continue to escalate owing to rise in production of vehicles and technological advancements in automotive industry across the globe. In terms of technology type, the market is largely grabbed by radial tires and the segment is expected to witness increase in market share in the coming years.
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Asia-Pacific holds the largest share in the global tire market, backed by the huge existing fleet of passenger cars in the region coupled with growing two-wheeler tire sales in the region on the back of increasing two-wheeler sales in several countries across the region. Also, the region accounted for the largest fleet of two-wheelers globally, which has helped in generating the maximum tire sales from the region. Due to the presence of automobile production hubs in China and India, Asia-Pacific is witnessing strong demand for tires from the OEM segment as well.
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Leading companies such as Bridgestone, Goodyear, Michelin, Continental, Hankook, etc., are expected to maintain their dominance over the next five years. “Over the last few years, the global automobile industry has witnessed a considerable increase in demand for passenger cars, two-wheelers, commercial vehicles, three-wheelers and OTR vehicles, which has boosted the tire sales, globally. This trend is expected to prevail with continuing growth in tire production and demand over the next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition, Forecast & Opportunities, 2013 – 2025F”, has analyzed the potential of tire market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the global tire industry.
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