Tyre Market, By type (Bias Tire, Radial Tire, Belted Bias), By Application (Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Others), and Regional Insights and Forecast to 2033

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TYRE MARKET OVERVIEW

The global tyre market was valued at USD 346.9 billion in 2024 and is expected to grow to USD 356.82 billion in 2025, reaching USD 447.19 billion by 2033, with a projected CAGR of 2.86% during the forecast period 2025-2033.

It provides the user with a lot of features that make this particular product service work efficiently and effectively. A tire is a rubber covering that surrounds a wheel and offers support, traction, and shock absorption. Automobile tires are vital parts that enhance a car's overall functionality and safety. Tires are made for different driving conditions and come in a variety of sizes and types, including summer, winter, and all-season tires. This factor has augmented the Tyre Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. The dynamic and quickly increasing Indian tire market is a reflection of the nation's developing automotive sector and economic growth. The market is expanding rapidly across a number of sectors, including passenger automobiles, commercial vehicles, and two-wheelers, and is being driven by factors like urbanization, increased infrastructure projects, and rising vehicle ownership. Its ability to adapt to the increasingly complex modern production processes makes it an essential tool for quality control, which is driving up its market share. This has ultimately outraged the sales and demand for this particular market growth and prosperity.

COVID-19 IMPACT

"Market Growth Obstructed by Pandemic due to Lockdown"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to semiconductor and electronics. Therefore, a small influence from COVID-19 is anticipated on the Tyre Market. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the Tyre Market growth share. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. Production facilities throughout the nations have been hindered by the abrupt lockdown. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to machinery and equipment. Therefore, a small influence from COVID-19 is anticipated on the Tyre Market share.

LATEST TREND

"Smart, Environmentally Friendly, And Sustainable Tires Propel Market Expansion "

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. The market for automobile tires is seeing developments in run-flat tire technology, smart tire demand growth, and the adoption of sustainable tire manufacturing. The market is currently led by eco-friendly tires made of renewable materials since they reduce carbon emissions and improve fuel economy. Manufacturers create these tires in order to address environmental issues and adhere to stringent sustainable guidelines. The manufacturing sector strives to create unique designs that meet both ecological and operational norms. As a result of this evolving pattern, the tire business faces fundamental challenges. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

TYRE MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Bias Tire, Radial Tire, Belted Bias.

• Bias Tire: These tires are the most widely used kind on buses, lorries, and passenger cars.

• Radial Tire: Stability and handling are enhanced by radial tires. Radial tires' increased contact area with the road is made possible by its design, which improves traction and grip, particularly in variable road conditions. By satisfying customer demands for more dependable road performance and better driving experiences, this enhanced performance helps to increase vehicle safety and comfort.

• Belted Bias: Increased consumer knowledge and developments in tire technology also contribute to the move towards Belted tires. Customers are choosing radial tires more and more as more details about their advantages such as increased safety and reduced operating expenses become accessible.

By Application

Based on application, the global market can be categorized into Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Others.

• Cars: The purpose of these high-performance tires is cars use.

• Bicycles: Wheelchairs and bicycles use these.

• Motorcycles: Wheelchairs and bicycles use these.

• Buses: The purpose of these tyres is to provide better travelling experience.

• Trucks: Trucks and other farm equipment are intended to use these.

• Heavy Equipment: These are applied on construction equipment and large machinery.

• Aircraft: Airplanes make use of these tyres due to strong material alignment.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Growing Heavy-Duty Vehicle Demand to Boost the Market"

This is the major factor attributing the growth of this particular market. The primary driver of market expansion of Heavy-Duty Vehicle to increase productivity. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. Due to the increasing production and sales of heavy-duty vehicles, including trucks, buses, construction equipment, and agricultural machinery, bias tires are becoming more and more in demand. For these vehicles to reliably operate on uneven terrain and deliver heavy loads, tires are essential. Bias tires are therefore best suited for these uses due to their strong construction and great torque tolerance. The growth of the mining and construction industries, as well as e-commerce and logistics, can be identified as one of the factors contributing to the rising demand for bias tires and heavy-duty vehicles. The dynamic nature of consumer preferences is a significant factor in influencing market trends. This particular product has recorded to be profiting for the market growth. This particular factor has been proved to a boon for this particular product market. These factors are anticipated to drive the Tyre Market growth during the forecast period.

"Technological Developments in the Design of Bias Tires will accelerate the expansion of the Indian tire market "

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. This particular product market has touched new levels of lucrative revenue numbers and has also recorded to be the boon for this particular product market growth. Bias tires are becoming more durable and performing better thanks to improvements in manufacturing processes and materials. Innovative compounds and reinforcement materials are being used by manufacturers to increase tire life, decrease rolling resistance, and improve traction. Recent technological improvements which include artificial intelligence, blockchain, and biotechnology create new demanding situations and opportunities for highbrow belongings protection. Engineers can improve tire designs and lower production faults by utilizing cutting-edge technology like computer-aided design and finite element analysis. The total cost-effectiveness and competitiveness of bias tires in the bias tire market industry are enhanced by these technological developments. The market for radial tires is still expanding as more people become aware of these benefits. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the Tyre Market growth in the present times and also during the forecast period.

Restraining Factor

"Regulations and raw material instability impede market expansion to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. This particular restraining factor has caused the revenue numbers to impede with extremely low yields and declining the sales and demand for this market. One of the main factors limiting market growth in the automobile tire industry is the volatility of raw material prices, which are mostly composed of petroleum-based and rubber-based components. Changes in the raw material market raise manufacturing costs, which have an impact on firms' profits. Smaller market players struggle to strike a compromise between higher product standards and their own product prices. Costs are raised throughout the industry by environmental restrictions that affect the sourcing of raw materials and industrial processes. The combination of these characteristics limits market expansion, particularly in highly competitive and sensitive areas. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market.

Opportunity

"More environmentally friendly tires as a result of stricter regulations and a rise in bio-oils used in production To Create Opportunity for the Product in the Market"

This particular opportunity has been attributing the market growth immensely. The global market for eco-friendly tires is being driven by strict laws and regulations. Laws requiring tires to be less polluting and more fuel-efficient are being passed by governments all over the world. The purpose of these rules is to enhance air quality and lower greenhouse gas emissions. In order to introduce environmentally friendly car tires, numerous major players have also made significant R&D investments. With the Michelin Energy Saver A/S tire, fuel consumption can be decreased by up to 6%. Its low rolling resistance composition contributes to the tire's increased efficiency.

Challenge

"HIgh Initial Investment Could Be a Potential Challenge for Consumers"

This particular factor has been drastically challenging for the market growth and has become another major restraining factor. High initial investment costs to hamper the market growth. More tests are now required in order to commercialize tires. The National Highway Traffic Safety Administration (NHTSA), the European Tyre and Rim Technical Organization (ETRTO), the Japanese Automobile Tyre Manufacturers Association (JATMA), the US Department of Transportation (DOT), and other regulatory bodies have mandated that tire manufacturers perform certain tests on tires prior to commercialization. These tests cover weight carrying, traction, rolling resistance, endurance, and durability. Mandatory tests are costly and must be paid for by tire producers. Let's say the tire doesn't pass any of these required tests. In that scenario, the manufacturer loses all of its R&D money and is unable to offer the tire on the market. The overall cost of tires is indirectly raised by these tests, which has a detrimental impact on both original equipment and aftermarket demand.

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TYRE MARKET REGIONAL INSIGHTS

• North America

The North American region has augmented a lot in the past few years in this particular product market. The United States Tyre Market has anticipated to augment immensely over the forecast period. Because of growing innovation and technological developments in all of the region's manufacturing sectors, North America held the second-largest market share in 2019. India is dominated by North India. tire market as a result of a combination of demographic, economic, and infrastructure variables that influence the region's need for tires. The automobile industry in North India is sizable and varied, encompassing two-wheelers, commercial vehicles, and passenger cars. Large amounts of tires are used in the area due to urbanization, economic expansion, and rising car ownership. With high car registration rates and a strong transit system that fuels demand for tires, cities like Delhi, Mumbai, and Chandigarh are important automotive hubs.

• Europe

The european market for this particular market has been accounted for attributing the overall global shares for this particular product service market. "Market expansion is driven by European innovation and European nations are a major source of strength for the automotive tire market due to their stringent regulations, such as EU tyre labelling standards, and sustainable practices. Because there are so many high-end car brands in the area, there is a greater need for high-performance and specialty tires. The expanding market for specialist tires that reduce rolling resistance is fueled by the expansion of electric vehicles in Europe. The key elements of the European automotive environment continue to have a significant impact on the worldwide tire sector.

• Asia

Asia-Pacific is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. Asia has a significant impact on the automotive tire market because of its extensive automobile manufacturing capability. As the region's population grows, urbanizes, and its residents become wealthier, the need for tires for both passenger and commercial vehicles rises. Asia is a leading producer of low-cost rubber parts used in tire manufacturing. Advances in smart tires and growing EV use have a positive impact on the market performance in this area. Asia's crucial role in the global tire industry is cemented by its supremacy in car production and innovation.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Top Tyre Companies

• Yokohama (Japan)
• Continental (Germany)
• Cooper (U.S.)
• Sumitomo (Japan)
• Pirelli (Italy)
• Toyo (Japan)
• Hankook (South Korea)
• Goodyear (U.S.)
• Michelin (U.S.)
• Bridgestone (Japan)

KEY INDUSTRY DEVELOPMENT

October 2024: This particular company has attributed the market growth in terms of revenue and shares system. Continental AG, a tire manufacturer, announced a $400 million investment plan to expand its production facilities in Thailand. The expanded plant will boost its annual tire production to 7.8 million units with the creation of 600 new positions, increasing the total number of Continental employees in Thailand to 1,500. The production facility here mostly makes tires for motorbikes, light trucks, passenger cars, and electric vehicles using rubber and materials that are supplied locally. The strategic investment demonstrates both Thailand's importance as a center for the automotive industry and Continental's dedication to satisfying the region's expanding market demands.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.