Tires Market Share Projected to Reach USD 176.15 Billion by 2030

The Tires Market Share was valued at USD 132.07 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% during the forecast period to reach a market size of USD 176.15 billion by 2030. This growth is mainly due to the growing production and sales of vehicles across the globe.

The opportunities and the driving forces behind the growth of the market

The tires market is primarily driven by an increase in vehicle production and sales worldwide. The number of vehicles sold in 2019 was around 88.7 million and this number is projected to increase considerably by 2030, also resulting in an increase in the demand for tires. Further, the anticipated increase in production and sales of electric vehicles (EVs) will support demand for tire market. With the increased interest of consumers in EVs, and in reducing their impact on the environment, demand is rising for tyres that are purpose built for the use and roles in an EV, and are needed in their hundreds of thousands each year.

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Segmentation Analysis

The tires market is divided into tire type, vehicle type, and region segments.

by Tire Category: The market consists of radial tires and bias tires. Radial tires are more rugged and fuel efficient, while bias tires provide a more comfortable ride on uneven ground, and are less expensive. Selection of radial or bias tire is vehicle and condition –specific.

by Vehicle Type: This market has been segmented based on vehicle type as passenger cars, light commercial vehicles and heavy commercial vehicles. Passenger Car Segment: This segment held the largest share due to the high number of vehicles in operational fleet. Transportation and logistic services are among the key driving segments for light and heavy commercial vehicles segments as well.

Regional Insights

Asia-Pacific will continue to dominate the global market, with participation described within this document from among others China, India and Japan (48% of global market). Tire manufacturers are already benefitting from the opportunity created by Al Tamimi's successful automotive industry in the region especially in the electric vehicle vertical.

Meanwhile North America and Europe are part of the leading regions with predictable growth, which is powered by high-tech manufacturing and a growing consumer base with a need for best-performing tires.

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Competitor Analysis

Tires market is competitive and consists of several players focusing on innovating their product along with strategic partnership to enhance their market presence. Notable companies include:

Bridgestone Corporation: A leading tire manufacturer with strong global presence, Bridgestone manufactures various types of tires catering to different type of vehicles and well-known for quality and innovation.

Michelin Group: Known for its performance tires, Michelin is also a strong player in the passenger and commercial segments.

Goodyear Tire & Rubber Company: Goodyear offers an array of tire options and has had a solid share of the North American and European markets.

Continental: Continental provides tires for passenger cars, trucks, and two-wheelers, with a key focus on safety and sustainability.

THE GUARDIAN Pirelli & C. S.p.A: Pirelli primarily focuses on high-end tires, particularly for luxury vehicles.

These companies are now working in RD for better fuel economy and higher life and better performance characteristics of tires due to the emerging requirements of consumers and the automotive sector.

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Conclusion

Research & Markets: Huge Growth Of Global Tires Market Is Expected As Vehicle (Including Electric Vehicle's) Production & Sales Increasing. With the automotive industry experiencing advancements, the downstream demand of the market is gradually increasing, so we are facing good market opportunities for tire technologies and other sustainable technologies, as well.

Explore More: Visit our website for Additional reports:

Bicycle Tires Market https://www.maximizemarketresearch.com/market-report/global-bicycle-tires-market/119995/ 

Automotive Retreaded Tires Market https://www.maximizemarketresearch.com/market-report/global-automotive-retreaded-tires-market/69245/ 

High-performance Tires Market https://www.maximizemarketresearch.com/market-report/global-high-performance-tires-market/120926/ 

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