Global Tires Market Size By Product Type, By Season, By Distribution Channel, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Tires Market size was valued at USD 139.98 Billion in 2023 and is projected to reach USD 180.52 Billion by 2030, growing at a CAGR of 3.7% during the forecast period 2024-2030.
The Tires Market encompasses the global industry involved in the manufacturing, distribution, and sale of tires for various vehicles, including automobiles, commercial trucks, motorcycles, bicycles, and agricultural and construction equipment. This market includes a wide range of tire types, such as radial tires, bias tires, tubeless tires, and pneumatic tires, catering to diverse applications and end-user preferences. Key factors driving the market growth include increasing vehicle production, expanding transportation infrastructure, rising demand for fuel-efficient and eco-friendly tires, and technological advancements in tire design and materials.
Global Tires Market Drivers
The market drivers for the Tires Market can be influenced by various factors. These may include
Sales and Production of Vehicles The manufacture and sales of automobiles, including passenger cars, trucks, and off-road vehicles, have a significant impact on the overall demand for tires. An increase in car sales usually results in a rise in tire demand.
Demand for Replacement Tires Due to wear and tear, punctures, and other damage, cars need new tires, which drives the replacement tire industry. The frequency of tire replacements is influenced by economic factors, including consumer confidence and income levels.
Regulatory Environment Market dynamics and product development are influenced by regulations pertaining to tire labelling, safety standards, and environmental considerations (such as tire recycling and eco-friendly materials).
Technological Advancements Market growth and differentiation are driven by tire innovations such as self-sealing tires, run-flat tires, and smart tires that have sensors to monitor temperature and pressure.
Prices of Raw Materials Changes in the cost of natural rubber, synthetic rubber, and steel in particular can have an effect on the price of tires on the market as well as the expenses associated with producing them.
Weather Seasonal variations in the weather have an impact on tire sales. For instance, all-weather tires are more common in areas with less drastic weather swings, yet winter tires are more in demand in colder locations.
Customer Tastes Market trends and product offers are influenced by shifting consumer tastes, which include a move towards premium tires for increased performance, safety, and durability.
Distribution Channels Consumer choices and market accessibility are influenced by the effectiveness and reach of distribution channels, which include online sales platforms.
Competitive Landscape The dynamics of the market and competitiveness are shaped by the existence of large tire producers, their pricing policies, and their new product developments.
Global Tires Market Restraints
Several factors can act as restraints or challenges for the Tires Market. These may include
High Initial Investment Meat skewer machines can be costly, particularly for newly established companies or those running on a limited budget. For certain businesses, this might be a major entry hurdle.
Limited Product Compatibility Skewer machines can be made to work just with particular kinds or sizes of meat, which limits how many goods they can be used with.
Costs Associated with Routine Maintenance and Repairs this cost can mount up over time, particularly for older or more sophisticated machinery. Furthermore, the machine’s overall cost-effectiveness may be impacted by the price of electricity and other running costs.
Compliance with Regulations The production and distribution of meat skewer machines may be made more difficult and expensive by the need to follow local laws and regulations.
Competition There is a lot of competition in the meat skewer machine market, with several manufacturers providing comparable goods. For businesses in the sector, this may mean lower profit margins and pressure on prices.
Logistical Challenges Transport, customs, and local laws are just a few examples of the logistical obstacles that businesses operating across borders may face. These obstacles can make the distribution and sale of meat skewer machines more complicated and expensive.
Technological Developments The market for traditional meat skewer machines may decline if more affordable or efficient alternatives are developed as a result of the rapid improvements in technology.
Global Tires Market Segmentation Analysis
The Global Tires Market is Segmented on the basis of Product Type, Season, Distribution Channel, And Geography.
Tires Market, By Product Type
Automotive Tires These are the most common type of tire, used on passenger cars, trucks, and buses
Bicycle Tires These are used on Bicycles and Wheelchairs.
Motorcycle/ATV Tires These are used on Motorcycles or Bikes.
Engineering Tires These are used on heavy machinery and construction equipment.
Agricultural Tires These are designed for use on tractors and other farm equipment.
Aero Tires These are used on airplanes.
Racing Tires These are high-performance tires designed for use on racetracks.
Tires Market, By Season
Summer Tires These tires are designed for warm weather conditions and provide good handling and grip on dry pavement.
Winter Tires These tires are designed for cold weather conditions and provide good traction on snow and ice.
All-Season Tires These tires are designed for a variety of weather conditions and offer a compromise between summer and winter tires.
Tires Market, By Distribution Channel
Original Equipment Manufacturers (OEM) These are the manufacturers that supply tires to car manufacturers for new vehicles.
Aftermarket This is the market for replacement tires, which are sold to consumers through tire dealers, repair shops, and online retailers.
Tires Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the Health Care Credentialing Software Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East and Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Tires Market are
Bridgestone Corporation
Continental AG
The Goodyear Tire and Rubber Company
Michelin
Pirelli & C. S.p.A
Sumitomo Rubber Industries, Ltd.
Yokohama Rubber Corporation
Hankook Tire & Technology Co., Ltd.
Nokian Tyres plc
MRF Limited
Apollo Tyres Ltd.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Bridgestone Corporation, Continental AG, The Goodyear Tire and Rubber Company, Michelin, Pirelli & C. S.p.A, Yokohama Rubber Corporation, Hankook Tire & Technology Co., Ltd., Nokian Tyres plc, MRF Limited
SEGMENTS COVERED
By Product Type, By Season, By Distribution Channel, And By Geography
CUSTOMIZATION SCOPE
Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Analyst’s Take
The Tires Market is expected to really take off soon! This is partly because more and more cars are being sold around the globe. But it's also because people are caring more about vehicle safety, how well their cars perform, and being eco-friendly. New tech like "smart" tires with sensors that track everything in real-time is going to change the game and open doors for companies. Plus, with everyone trying to cut down on pollution and save fuel, expect to see a big push for greener tires, which will only make the market grow faster. If companies want to stay ahead, they need to come up with new ideas, team up with the right partners, and think about expanding into new areas. It's a pretty wild ride ahead!
Research Methodology of Market Research
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We dig deep into the market, using both qualitative and quantitative methods to understand it through different angles, considering not just the money side of things, but also other important factors. We'll give you the market value (in USD Billion) for every piece of the market, broken down into segments and sub-segments. You'll see which areas and groups are set to grow the fastest and really take over. Our analysis covers different regions, highlighting how much of the product/service is used and what's influencing the market in each place. We also size up the competition, showing where the big players rank and detailing any new products/services, partnerships, expansions, or buyouts they've made in the last 5 years. You'll get detailed profiles of these companies, with an overview, key insights, comparisons of their products, and a SWOT analysis. We'll lay out the current and future state of the market, keeping an eye on what's new, including growth opportunities, drivers, challenges, and restraints in both up-and-coming and established areas. We'll also give you a thorough look at the market through Porter's Five Forces, and explain the market's Value Chain. Plus, we'll show you the market's dynamics and where the growth opportunities lie in the future. And to top it off, you get 6 months of support from our analysts after the sale!
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