Global Tires Market to Reach 2.5 Trillion Units by 2026

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Mar 28, 2022, 10:50 ET

SAN FRANCISCO, March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tires - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Tires Market to Reach 2.5 Trillion Units by 2026

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Edition: 19; Released: February 2022
Executive Pool: 4545
Companies: 168 - Players covered include Apollo Tyres Ltd.; Avon Tyres; Bridgestone Corporation; CEAT; Cheng Shin Rubber Ind. Co. Ltd.; Continental AG; Cooper Tire & Rubber Company; Giti Tire Pte. Ltd.; Goodyear Tire & Rubber Company; Hankook Tire Co., Ltd.; JK Tyre & Industries Ltd.; Kumho Tire Co., Inc.; Maxxis International; Michelin; MITAS A.S.; MRF; Nexen Tire Corporation; Nokian Tyres Oyj; Pirelli & C. S.p.A.; Shandong Linglong Tire Co., Ltd.; Sumitomo Rubber Industries, Ltd; Techking Tires Ltd.; Titan International, Inc.; Toyo Tire & Rubber Co., Ltd.; Trelleborg Wheel Systems Americas, Inc.; Yokohama Rubber Co., Ltd.; Zhongce Rubber Group Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Radial, Bias); Vehicle Type (Passenger Cars, Trucks, Buses, Two-Wheelers, Off-The-Road); End-Use (Replacement, OEM)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Tires Market to Reach 2.5 Trillion Units by 2026
Serving as the only point of contact between the road and the vehicle, tires represent the most important part of an automobile that influences safety, performance and ride experience. Key functions of a tire include vehicle load bearing; ensure safe grip with the road to keep the vehicle in the intended direction; provide a cushion to absorb road shocks and vibration; safely transfer traction, braking and torque forces to the road surface; guide direction of the vehicle and ensure steering stability. Tires directly and indirectly influence comfort, mileage, fuel consumption, CO2 emissions, traction performance, driving experience, and vehicle braking performance, among others. Growth in the global market is governed and supplemented by automobile production and technological advancements. The global tire market has exhibited decent gains in the recent years due to rising demand for passenger vehicles, especially in emerging economies, along with increasing sales of commercial vehicles, SUVs and two-wheelers. The market growth is also fueled by increasing adoption of replacement tires, rising sales of low-rolling resistance tires, expansion of the automotive industry and increasing per person ownership of automobiles. Recent technological advancements have resulted in more efficient and quality tires. While increasing number of infrastructure projects in developing and developed countries are driving the demand for construction vehicles, economic growth in emerging nations like India, China, Brazil and South Africa is anticipated to push the automotive tire market. Trends like experiential traveling and transition of vehicle owners from traditional to high-performance tires for higher comfort, safety and durability are slated to bolster tire demand. The growing popularity of electric vehicles due to increasing prices of oil and gas and increasing number of environmentally conscious consumers is expected to augment the automotive tire market.

Amid the COVID-19 crisis, the global market for Tires estimated at 2.1 Trillion Units in the year 2022, is projected to reach a revised size of 2.5 Trillion Units by 2026, growing at a CAGR of 4.4% over the analysis period. Radial, one of the segments analyzed in the report, is projected to record 4.6% CAGR and reach 2.2 Trillion Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Bias segment is readjusted to a revised 3.6% CAGR for the next 7-year period. Radial tires, though expensive than bias tires, hold several advantages over them and hence they dominate the tire market in the developed countries such as Japan and the US. Bias tires on the other hand still constitute a significant percentage of the tire production in developing countries, but are increasingly being replaced by the more efficient and effective radial tires. Radial tires along with bias tires are anticipated to also gain from increasing sale of two-wheelers, three-wheelers, passenger cars, OTRs, and medium to heavy commercial vehicles.

The U.S. Market is Estimated at 562.8 Billion Units in 2022, While China is Forecast to Reach 497.1 Billion Units by 2026
The Tires market in the U.S. is estimated at 562.8 Billion Units in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of 497.1 Billion Units by the year 2026 trailing a CAGR of 7.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.4% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR. The rate of tire radialization is a barometer of the extent of road development and vehicle engineering improvements in an economy, not surprisingly, in North America and Europe, the rate of radialization has reached 100%. Emerging markets still hold potential for growth in demand for radial tires. In India, for instance, relatively higher penetration of radial tires in the passenger cars market is more than offset by the less than 50% penetration in the light and heavy commercial vehicles sector. In China, on the other hand, although truck tire radialization has made encouraging progress, in other automobile categories including passenger cars and other commercial vehicles, penetration rates continue to be significantly lower providing untapped opportunities for future growth.
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