According to the latest report by IMARC Group, titled “Tire (Tyre) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global tire market reached a strong growth in 2020.
Tires are ring-shaped flexible and pneumatic structures that are placed around the rim of a wheel. They are usually manufactured using wire, rayon, natural and synthetic rubber, carbon black, polyester, steel, silica and a vulcanization accelerator. These structures provide a sturdy gripping surface for traction while transferring the vehicle’s load to the surface. Serving as a cushion for the wheels of a moving vehicle, they absorb shocks and reduce the impact of vibrations while driving, which enhances road feel and improves the overall performance of the vehicle.
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Global Tire Market Trends:
The global tire market is primarily driven by the significant growth in the automotive sector. Growing global population, rapid urbanization and rising consumer expenditure capacities have contributed to the escalating demand for passenger vehicles across the globe, especially in developing countries. This, in confluence with the increasing demand for construction vehicles on account of expanding infrastructural development, is significantly catalyzing the growth of the market. Moreover, extensive research and development (R&D) activities undertaken by manufacturers have resulted in the improved tire design and rubber quality. This has consequently led to the advent of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances. Numerous ecological tires have also been introduced in the market, which are gaining widespread popularity, owing to enhanced focus toward sustainable development. For instance, Michelin, a France-based tire manufacturing company, introduced VISION, a biodegradable 3D printed smart concept tire, which is manufactured using sustainable materials. It is airless and equipped with sensors that offer real time updates about the condition of the tire.
On the basis of the design, the market has been bifurcated into radial and bias tires, wherein radial represents the most preferred segment.
Based on the end use, the OEM segment dominates the market, followed by the replacement segment.
On the basis of the vehicle type, the market has been divided into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR). Among these, passenger cars exhibit a clear dominance in the market.
Based on the distribution channel, the market has been bifurcated offline and online, wherein the offline segment dominates the market.
On the basis of the season, the market is segmented into all season, winter and summer tires. Currently, all season tires account for the majority of the total market share.
On the geographical front, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), Middle East and Africa (Turkey, Saudi Arabia and others). At present, Asia Pacific holds the leading position in the market.
Competitive Landscape with Key Players:
The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market.
- Manufacture Francaise de Pneumatiques MICHELIN (ML.PA)
- Bridgestone Corp (OTCMKTS: BRDCY)
- Continental Tire the Americas, LLC
- Goodyear Tire & Rubber Co (NASDAQ: GT)
- TBC Corporation, Pirelli & C. SpA (BIT: PIRC)
- Yokohama Rubber Co Ltd (TYO: 5101)
- Hankook Tire Co., Ltd.
- Toyo Tire Holdings of Americas Inc.
- Kumho Tire Company.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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