Global Tire Industry Analysis By Product Type And, By Geography & COVID-19 Impact With Market Outlook 2017- 2030

Market Overview

The global tire market is profoundly dependent on the wellbeing of the automotive industry; worldwide production of car sales is anticipated to reach 77.8 million by the end of 2017. Owing to the huge demand generated from cars, buses and trucks coupled with increasing demand for low resistance tires, the global tire market is projected to reach heights in the upcoming future. Replacement tire shipments tend to be the largest and most defensive piece of the tire market. On the other hand, tire manufacturers continue to benefit from their over-exposure to the replacement market.  The replacement tire market is relatively lesser recurring and mounts the global tire market in terms of margin. Geographically, the Asia-pacific region dominates the global market in terms of production and consumption. Moreover, China is capturing the global market with its low pricing strategy and represents the world's biggest market for tires.

Tire Market Segmentation

Global tire market can be segmented into two sectors

• OEM
• Replacement tire market

On the basis of product type, the global tire market can be divided into the following segments:-

• Off-road/earthmover tires (OTR)
• Agricultural tires
• Racing tires
• Truck tires
• Aircraft tires
• Motorcycle tires
• Buggy tires
• Tubes

In the product segment, global players are capturing the market by introducing appealing new products with specific optimization in order to meet the fluctuation of demand in each geographical segment.

Geographically, the global tire market is segmented into the following segments:-

• North America (US and Canada)
• Europe (UK, Germany, France and others)
• Asia-Pacific (China, Japan, India, Australia and the rest)
• Middle East and Africa (GCC Countries, North Africa and the rest)
• Latin America (Brazil, Mexico and others)
• Rest of the World

Trends, Drivers & Challenges to Market Growth

Increasing consumer awareness towards road safety along with the rising number of road accidents has forced OEMs to focus on tire efficiency and performance. Now the key players of the market are taking the road to innovate new product designs such as lightweight tires, streamlined ribs, blocks and lugs. Stable production in the automotive industry will further flourish the growth of the OEM market.

The sheer size of demand for lower rolling resistance tires is majorly driving the global market, lower rolling resistance tires can save up to 15% of the fuel consumed. The environmental benefit of lower rolling resistance tires is propelling the demand for such products worldwide.

Owing to rising average vehicle life, replacement tire demand in the aftermarket is likely to increase in the coming future. With boosting replacement rate, the replacement tire market is carrying out the major revenue share with a steep rise of 8% market share in 2016.

Market Share by Application and Region

The global tire market is anticipated to reach USD 322 billion by 2022 witnessing a promising CAGR of 8.4% over the forecast period i.e. 2016-2024. The market is expected to reach 2.4 billion units by 2022.

The road product segment is expected to witness a strong CAGR of 4.8% through the forecast period. With the massive demand for two-wheeler tires, Asia pacific region is expected to project a CAGR of 5.3% over the forecast period. In 2016, 38% of the global market share is captured by the Asia Pacific region.  

COVID-19 impact on "Global Tire Market Outlook"

The report analyzes and includes complete detailed chapter of 50-70 pages about the short term & long terms impact of COVID-19 outbreak on each segment of "Global Tire Market Outlook" along with government measures to support the sector. It also showcases the current market landscape during COVID, impact of the virus on leading companies, expected demand schedule and supply chain in the industry and other various major factors. This will help you identify those companies that may benefit from this pandemic as well as those that will lose out.

Key Players

• Apollo Tires limited
• Bridgestone Corporation
• Continental AG
• Cooper Tire & Rubber Company
• Goodyear Tire & Rubber Company
• Hankook Tire Co. Ltd
• Techking Tires Ltd 

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