Tyre Market Report and Forecast 2024-2032: Industry Trends, Growth Analysis and Future Outlook

According to the latest report by Expert Market Research (EMR), the global tyre market is expected to grow at a CAGR of 6.3% between 2024 and 2032. Driven by the increasing demand for vehicles and the consistent growth in the automotive sector, the tyre market is projected to expand significantly by 2032. The market’s growth is further bolstered by the continuous advancements in tyre technology, focusing on enhancing durability, fuel efficiency, and safety.

Tyres are an essential component of all vehicles, providing traction, supporting the vehicle’s load, absorbing shocks, and maintaining or changing the vehicle’s direction. The increasing global demand for automobiles, particularly in developing regions, and the growing replacement market due to the expansion of the vehicle fleet worldwide have been key factors contributing to the tyre market growth.

Moreover, the trend toward electric vehicles (EVs) has opened new avenues for innovation within the tyre industry. Manufacturers are focusing on developing tyres that cater specifically to the unique requirements of EVs, such as lower rolling resistance to enhance battery efficiency. Additionally, the growing focus on sustainability is driving the demand for eco-friendly tyres, made from sustainable materials and designed to reduce CO2 emissions.

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Another significant factor aiding the tyre market's expansion is the increasing penetration of advanced tyre monitoring systems, which are now standard in many modern vehicles. These systems help in maintaining optimal tyre pressure, thereby improving fuel efficiency and extending the tyre's life.

As per the tyre market analysis, the growing presence of both original equipment manufacturers (OEMs) and aftermarket players in developing regions, coupled with the expansion of e-commerce platforms, has significantly boosted market growth. The ability for consumers to access a wide range of tyres, brands, and specifications at competitive prices online has accelerated sales, especially in the replacement tyre segment.

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Market Segmentation

The tyre market can be segmented based on type, vehicle type, distribution channel, and region.

Market Breakup by Type

• Radial Tyres: Radial tyres are characterized by their construction, where the cord plies are arranged at 90 degrees to the direction of travel, providing improved stability and fuel efficiency. The radial tyre segment dominates the global tyre market due to its widespread adoption across various vehicle types.
• Bias Tyres: Bias tyres have a crisscross pattern of plies at a 30 to 45-degree angle, offering a softer ride and better shock absorption. However, they are generally less durable and less fuel-efficient than radial tyres, limiting their use mainly to specific heavy-duty vehicles.

Market Breakup by Vehicle Type

• Passenger Vehicles: The passenger vehicle segment holds the largest share in the tyre market, driven by the increasing global demand for personal vehicles, particularly in urban areas.
• Commercial Vehicles: Tyres for commercial vehicles are designed to withstand heavy loads and extended use. This segment includes tyres for trucks, buses, and light commercial vehicles, and it plays a crucial role in supporting the global logistics and transportation industry.
• Two-Wheelers: The two-wheeler segment includes tyres for motorcycles and scooters. This segment is witnessing growth, particularly in developing regions where two-wheelers are a primary mode of transportation.
• Off-the-Road (OTR) Vehicles: OTR tyres are used in heavy-duty vehicles operating in challenging terrains, such as construction, mining, and agricultural machinery. The growth in infrastructure projects and mining activities globally has driven demand in this segment.

Market Breakup by Distribution Channel

• Original Equipment (OE): The OE segment involves tyres supplied directly to vehicle manufacturers for new vehicles. This segment is closely linked to automotive production levels.
• Replacement: The replacement segment covers tyres sold in the aftermarket for vehicles already in use. This segment is larger than OE and is driven by factors like vehicle age, tyre wear, and consumer preferences.

Market Breakup by Region

• North America: The North American tyre market is mature, with strong demand for replacement tyres due to the high vehicle ownership rate. The region is also witnessing growth in the EV segment, driving innovation in tyre technology.
• Europe: Europe is a significant market for tyres, driven by stringent regulations on vehicle safety and emissions, which encourage the adoption of advanced tyres. The region also has a strong presence of leading tyre manufacturers.
• Asia Pacific: Asia Pacific is the largest and fastest-growing tyre market globally, driven by rapid urbanization, increasing vehicle production, and rising disposable incomes in countries like China and India.
• Latin America: The tyre market in Latin America is growing, supported by the expanding automotive industry and increasing demand for replacement tyres.
• Middle East and Africa: The Middle East and Africa region is witnessing growth in the tyre market, driven by infrastructure development and the growing demand for commercial vehicles.

Competitive Landscape

The EMR report delves into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions among the leading companies operating in the global tyre market. Some of the major players explored in the report are as follows:

• Bridgestone Corporation: A global leader in tyre manufacturing, Bridgestone offers a wide range of tyres for various vehicle types, known for their durability and performance.
• Michelin Group: Michelin is renowned for its innovation in tyre technology, including energy-efficient tyres and tyres for electric vehicles.
• Goodyear Tire & Rubber Company: Goodyear is a prominent player in the global tyre market, with a strong presence in both the OE and replacement segments.
• Continental AG: Continental is known for its premium tyres that emphasize safety, performance, and fuel efficiency.
• Pirelli & C. S.p.A.: Pirelli specializes in high-performance tyres, particularly for luxury vehicles and motorsports.
• Sumitomo Rubber Industries, Ltd.: Sumitomo offers a broad range of tyres, including eco-friendly options, catering to various market segments.
• Hankook Tire & Technology Co., Ltd.: Hankook is expanding its global footprint with advanced tyre technology and a focus on sustainability.
• Yokohama Rubber Co., Ltd.: Yokohama is known for its innovative tyre solutions, particularly in the performance and off-road segments.
• Apollo Tyres Ltd.: Apollo Tyres has a strong presence in both the Indian and global markets, offering a diverse range of tyres.
• Others: Other notable players include Cooper Tire & Rubber Company, Nokian Tyres, Toyo Tire Corporation, and Kumho Tire.

Industry Developments

The tyre market is experiencing several key developments, including the adoption of smart tyre technology, which integrates sensors to monitor tyre conditions in real-time. This technology enhances safety by providing alerts for issues such as low pressure or uneven wear, contributing to the growing market for connected vehicles.

Moreover, there is a rising trend towards sustainable manufacturing practices in the tyre industry. Leading manufacturers are increasingly focusing on producing tyres with low rolling resistance, which reduces fuel consumption and CO2 emissions. Additionally, the use of recycled and renewable materials in tyre production is gaining traction, aligning with global efforts to reduce environmental impact.

The expansion of electric vehicles (EVs) is another significant trend shaping the tyre market. EVs have different requirements for tyres, such as lower rolling resistance and higher load-bearing capacity, which has led to increased R&D investments by tyre manufacturers to develop products that meet these needs.

Market Outlook

Looking forward, the tyre market is poised for robust growth, driven by the increasing demand for vehicles, particularly in emerging markets, and the continuous advancements in tyre technology. The market is also expected to benefit from the growing focus on sustainability, with eco-friendly tyres likely to gain more market share in the coming years.

Furthermore, the rise of autonomous vehicles presents new opportunities for the tyre industry. Tyres for autonomous vehicles will need to meet stringent safety and performance standards, driving further innovation in the sector.

To stay competitive, tyre manufacturers must continue to invest in R&D, focusing on sustainability, smart technology, and new materials. Additionally, strategic partnerships with automotive manufacturers and a strong online presence will be crucial for success in the evolving tyre market.

The global tyre market is on a growth trajectory, with significant opportunities for innovation and expansion. As the automotive industry continues to evolve, the tyre market will play a critical role in supporting the transition to more sustainable, efficient, and connected vehicles.