The global tire market stood around 2,240 million units in terms of volume and is expected to grow at a moderate pace during forecast period and cross 2,740 million units by 2025
NEW YORK, Oct. 14, 2020 /PRNewswire/ --
Global Tire Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three Wheeler and OTR), By Demand Category (OEM vs. Replacement), By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 – 2025F
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In 2019, the global tire market stood around 2,240 million units in terms of volume and is expected to grow at a moderate pace during forecast period and cross 2,740 million units by 2025. Factors driving demand for automobile tires include rising tire sales from OEMs on the back of increasing production of vehicles with various technological advancements in automotive industry, shifting demand towards better lifespan, light weight, environmental friendly tires, coupled with growing tire sales in the replacement segment across the globe owing to continuous increase in the vehicle fleet size.
Global tire market is mainly classified based on vehicle type, demand category, radial vs bias, and regions.The global tire market has also captured the preferred tire sizes of 80 countries, combined with details of tire plants such as production capacities and greenfield or brownfield type located across the globe.
Based on the vehicle type, the market is bifurcated into passenger car tire, light commercial vehicle (LCV) tire, medium & heavy commercial vehicle (M&HCV) tire, two-wheeler tire, three-wheeler tire and OTR tire segments. Passenger car tires accounted for the largest share and the segment is poised to grow at an impressive rate during the projected period as well, as the demand for passenger cars has been increasing in all the regions across the globe.
In terms of demand category, replacement market has dominated the global tire market with an estimated market share of over 70% and is expected to continue its dominance through 2025.However, in the future years, it is expected that the market share of OEM will rise owing due to the rising production of vehicles and technological advancements in automotive industry across the globe.
In terms of technology type, the market is largely accounted for by radial tires and the segment is forecast to hold its dominance during forecast period.
Major players operating in the Global tires market include Bridgestone Corporation, Compagnie Générale des Établissements Michelin SCA, Goodyear Tire & Rubber Company, Continental AG, among others.
Years considered for this report:
Historical Period: 2015 - 2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021 - 2025
Objective of the Study:
• To assess the demand-supply scenario of automotive tires, which covers production, demand and supply of automotive tires, globally.
• To analyze and forecast the market size of global tire market.
• To classify and forecast global tire market based on vehicle type, demand category, radial vs bias, and regional distribution.
• To identify drivers and challenges for global tire market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global tire market.
• To conduct the pricing analysis for tires.
• To identify and analyze the profile of leading players involved in the manufacturing of global tires.
To perform the study, the analyst conducted primary as well as exhaustive secondary research.Initially, the analyst prepared an exhaustive list of tires players operating globally.
Subsequently, the analyst conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, the analyst could include manufacturers which could not be identified due to the limitations of secondary research. The analyst examined product offerings and regional presence of all major tire suppliers across the globe.
The analyst calculated the market size for global tires by using a bottom-up technique, wherein manufacturers' volume sales data for different applications, were recorded as well as forecast for the future years. The analyst sourced these values from industry experts and company representatives, and externally validated through analysing historical sales data of respective manufacturers to arrive at the overall market size.
Multiple secondary sources such as directories, company websites, company annual reports, white papers, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Tires manufacturers, suppliers, distributors and other stakeholders
• Associations, organizations, forums and alliances related to tires
• Government bodies such as regulating authorities and policy makers
• Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as tires manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global tires market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Market, By Vehicle Type:
o Passenger Car
o Two-Wheeler
o LCV
o M&HCV
o OTR
o Three-Wheeler
• Market, By Demand Category:
o OEM
o Replacement
• Market, By Radial vs Bias:
o Radial
o Bias
• Market, by Region:
o Asia Pacific
o Europe & CIS
o North America
o South America
o Middle East
o Africa
o
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in tires.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
• Profit margin analysis in case of direct and indirect sales channel.
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