Global Tires Market to Reach 2.5 Trillion Units by 2026
SAN FRANCISCO, May 25, 2021 /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.
FACTS AT A GLANCE
Edition: 18; Released: May 2021
Executive Engagements: 4545
Companies: 167 - 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.
Amid the COVID-19 crisis, the global market for Tires estimated at 1.9 trillion units in the year 2020, 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 Tires, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach 2.1 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 Tires segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 18.7% share of the global Tires market.
The U.S. Market is Estimated at 544.3 Billion Units in 2021. While China is Forecast to Reach $497.1 Billion Units by 2026
The Tires market in the U.S. is estimated at 544.3 Billion Units in the year 2021. The country currently accounts for a 27% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 497.1 Billion Units in the year 2026 trailing a CAGR of 7.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR while Rest of European market (as defined in the study) will reach 592.9 Billion Units by the end of the analysis period. Two recent advances have changed the face of tire development. The first is partnering between automakers and suppliers, while the second is computer-aided design. Computers play a significant role in the development of tires, as in the case with other components of the automotive industry. Computers are used by engineers to evaluate stress between the belts, cords and rubber of the tire. Computers also factor in road forces, pressure distribution and heat, all of which impact the rolling resistance and fuel economy characteristics of tires. The ability to predict the cornering properties in a shorter span of time than it used to take earlier has a lot of benefits. In order to cater to the requirements of a broad base of auto makers, each tire manufacturer boasts advantages in its development process.
Passenger Cars Tires Segment to Reach 1.5 Trillion Units by 2026
Global market for Passenger Cars tires segment is estimated at 1.2 Trillion Units in 2020, and is projected to reach 1.5 Trillion Units by 2026 reflecting a compounded annual growth rate of 4.4% over the analysis period. United States constitutes the largest regional market for Passenger Cars segment, accounting for 26.0% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 7.1% over the analysis period, to reach 347.4 Billion Units by the close of the analysis period. More
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