Tires Global Market Outlook 2020- 2027: Market Set to Reach 2.9 Billion Units by 2027

DUBLIN, May 20, 2022 /PRNewswire/ -- The "Global Tires Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Tires estimated at 2.1 Billion Units in the year 2020, is projected to reach a revised size of 2.9 Billion Units by 2027, growing at a CAGR of 4.5% over the period 2020-2027.

Radial, one of the segments analyzed in the report, is projected to record 4.7% CAGR and reach 2.4 Billion Units by the end of the analysis period. After an early 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.

The Tires market in the U.S. is estimated at 568.2 Million Units in the year 2020. China is forecast to reach a projected market size of 592.9 Million Units by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Select Competitors (Total 168 Featured) -

• Apollo Tyres
• Avon Tyres
• Bridgestone Corporation
• CEAT
• Cheng Shin Rubber Ind
• Continental AG
• Cooper Tire & Rubber Company
• Giti Tire Pte. 
• Goodyear Tire & Rubber Company
• Hankook Tire Co
• JK Tyre & Industries
• 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.
• Sumitomo Rubber Industries
• Techking Tires Ltd.
• Titan International, Inc.
• Toyo Tire & Rubber
• Trelleborg Wheel Systems Americas
• Yokohama Rubber Co.
• Zhongce Rubber Group Co.

Key Topics Covered:

1. MARKET OVERVIEW

• Trade-Off between Fuel-Efficient and Non-Fuel-Efficient Tires
• Belt Cord Construction for Passenger Tires for Replacement and OEM Market: Percentage Composition by Material Type
• Advantages of Radial Tires over Bias Tires
• Tire Classification and Segmentation by Vehicle Type
• Rising Automobile Production and Technological Advances Set Perfect Stage for Growth of Global Tire Market
• World Tires Market by Region: Percentage Breakdown of Revenues for China, Other Emerging Regions and Developed Regions for the Years 2019 & 2025
• World Tires Market: Geographic Regions Ranked by Value CAGR for 2018-2025
• Anticipated Increase in Vehicle Production
• Increasing Automotive Sales
• Rising Adoption of High-Performance Tires
• Rising LCV Sales to Benefit Radial Tires
• Extended Operating Lifespan of Vehicles
• Increasing Competition and Sophisticated Manufacturing Processes
• Tires - Global Key Competitors Percentage Market Share in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Bad Road Conditions & Increased Risk of Punctures Drive Demand for Run-Flat Tires & Self-Sealing Tires
• Hitting Saturation in Developed Countries, Radialization Continues to Bulldoze Growth in Tire Markets in Emerging Countries
• China Leads Tire Radialization Growth in terms of Domestic Consumption and Exports: Chinese Production of Passenger Car Radial (PCR) and Light Truck Radial (LTR) Tires (In Million Units) for the Years 2012, 2015, 2018, 2020 and 2025
• Airless Tires Emerge Over the Horizon
• Tire Replacement Needs among the Growing Global Vehicle Population Drives Opportunities in the Aftermarket
• Rising Vehicle Density Expands the Addressable Market for Replacement Tires in the Aftermarket: Global Passenger Car & Commercial Vehicle Population (In Million Units) for the Years 2017 and 2020
• Tire Aftermarket, a Cyclical Market Dependent on the Replacement Cycle: Automotive Tire Replacement Cycle (in Number of Years) by Region for the Year 2019
• Retreaded Tires: An Important Niche in the Aftermarket
• Automobile Production Trends Dictate Growth in the OEM Tires Market
• Growing Investments in Fleet Expansion in the Logistics Industry Against the Backdrop of Improving Trade to Benefit Demand for CV Tires
• Improving Outlook for Intra-Regional & Inter-Regional Trade Expands Establishment of Inland Logistics Hubs
• A Futuristic Eco-Friendly Tire Concept, Airless Tires Continue to Elicit Development Focus from Leading Tire Manufacturers: Global Market for Airless Tires (In US$ Million) for the Years 2018 and 2024
• Projected Expansion of Vehicle Fleet Supported by the Growth in E-Commerce Logistics to Benefit Demand for Commercial Vehicle Tires: Global E-Commerce Logistics Market (In US$ Million) for the Years 2018 and 2023
• Focus on Smart Transportation & Increased Investments in BRT to Benefit Demand for Bus Tires
• Popularly Referred to as Rail on Rubber Tires, BRTs to Generate Strong Demand for Bus Tires: Global Number of Heavy Duty Transit Buses (In 000) by Country for the Year 2018 and 2022
• Need for Convenient & Affordable Urban Mobility in Developing Markets Drives Demand for Two Wheelers & Two-Wheeler Tires
• As the Smart Choice for Urban Mobility in Crowded Cities, Projected Gains in Sales of Two Wheelers Catalyzes Demand Opportunities for OEM Two Wheeler Tires: Global Spending on Two Wheelers (In US$ Billion) by Geographic Region for the Years 2018 and 2022
• Healthy Recovery in Global Construction Industry Bodes Well for Tires for Off-Road Construction Vehicles
• Product Innovation & Capacity Expansion Remain Key Strategies
• Continuous Innovation in Farm Tires Targeted to Improve Performance to Benefit Growth Patterns
• High Performance Advanced Tires: Rising Automotive Production and Favorable Regulations Fuel Growth
• Increasing Focus on Safety & Fuel Economy
• Stringent Regulations for Fuel Economy & Vehicular Emission
• Technology Developments in Tire Cords Remain Crucial to the Tire Market
• Strong Growth of the Tire Cord Market Bodes Well for the Tire Industry: Global Consumption of Tire Cord (In Metric Tons) By Material Type for the Years 2018, 2022 and 2024
• Engineering Tire Tread Patterns, the Most Complex Part of Tire Engineering
• Climate Change and Harsher Winters Drive Demand for Winter Tires
• Innovation in Green Tire Construction, Vitally Important For Sustainable Growth of the Tires Market
• Raw Material Pricing Scenario: A Major Determinant of Manufacturer Profitability
• Tight Supply of Synthetic Rubber (SR), Higher Prices Squeeze Manufacturer Profit Margins
• EU Tire Regulations to Give Established Players a Much Needed Boost

4. GLOBAL MARKET PERSPECTIVE

For more information about this report visit https://www.researchandmarkets.com/r/n8qfry

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