The new report by Expert Market Research titled, ‘Global Tyre Market Price. Trends, Growth, Outlook, Report and Forecast 2020-2025′, gives an in-depth analysis of the global tyre market, assessing the market based on its segments like designs, end uses, vehicle types, distribution channels, seasons, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): 3249 Million Units
- Forecast CAGR (2020-2025): 4%
- Forecast Market Size (2025): 4201 Million Units
The global tyre market is being aided by the rising production and the rising demand for vehicles. The increasing demand for light weight vehicles is coming mostly from the emerging economies like China, India, and East Europe, with South America continuing its recovery after the losses faced by the industry in 2016. The expanding disposable incomes in emerging economies is expected to lead to an increase in the number of vehicles, thus, catalysing the growth of the tyre industry. The rising middle class population in countries undergoing industrialisation is also projected to aid the tyre market, with an increasing vehicle ownership leading to the rising demand for light weight vehicles tyres.
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Industry Definition and Major Segments
Tyre is athickrubber ring that is placed over the rim of the wheel of the vehicle after being inflated. It helps the vehicle travel over the road by providing the automotive traction. Tyres can be made of natural rubber or synthetic materials, such as synthetic rubber, steel wires, fabric, and carbon black.
Based on tyre design, the market is segmented into:
The end uses of tyres in the industry are:
The vehicle types can be broadly classified into:
- Passenger Cars
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
Passenger cars are the major contributors to the tyre demand.
The main distribution channels for the tyre market include:
The market, on the basis of season, can be divided into:
- All Season Tyres
- Winter Tyre
- Summer Tyre
All season tyres are key contributors to the demand in the industry.
The regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The Asia Pacific is the largest automotive tyre market.
The automotive tyre market is witnessing a surge in demand due to the improvement in the average lifespan of a vehicle owing to technological advancements. The growing demand in the Asia market is expected to drive the industry growth in the coming year. The tyre industry in Asia is being driven by the growth in the automobile industry, along with the reduced production costs. The lower production costs can be attributed to the lower labour costs and reduced natural rubber content in tyres. With the rising automotive production in Latin America and the Middle East regions, the market is expected to witness a robust growth in the two regions.
Key Market Players
The major players in the market are Michelin Group (EPA: ML), Goodyear Tire & Rubber Company (NASDAQ: GT), Bridgestone Corporation (TYO: 5108), Pirelli & C. S.P.A (BIT: PIRC), Sumitomo Rubber Industries, Ltd. (TYO: 5110), Continental Corporation (ETR: CON), and Hankook Tire & Technology Co. Ltd. (KRX: 161390), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
Note 2: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on request sample report. The sample report shall be delivered to you within 24 hours.
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