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World - Tyres - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Apr 1, 2024

World - Tyres - Market Analysis, Forecast, Size, Trends and Insights

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Article Publishing Date: Jan 11, 2023

Slowing Down of Tire Demand: an Analysis of the Factors Involved

Tire Market Overview

The global tire market is expected to reach $209 billion in 2030, growing with a CAGR of +2.4% from 2022 to 2030. The replacement segment is expected to be the largest contributor to the growth of this market. The global tire market is currently in a state of flux. After years of steady growth, the market has begun to contract in recent months in physical terms. This is largely due to the weakening demand from China, which has been the largest driver of growth in the tire market in recent years.

Other major markets, such as the United States and Europe, have also seen declining demand, though not to the same extent as China. As a result of these trends, many tire manufacturers are now facing overcapacity and are struggling to remain profitable.

There are a number of factors that are driving this slowdown in demand. Firstly, the global economy has been slowing down in recent months, which has led to reduced demand for new vehicles and replacement tires. Secondly, the rise in fuel prices has made driving less affordable for many consumers, leading them to cut back on their driving or switch to more fuel-efficient vehicles.

Finally, there is growing competition from cheaper alternatives to traditional tires, such as airless and solid tires. These alternatives are often seen as being more durable and longer lasting than traditional tires, making them an attractive option for budget-conscious consumers.

Despite these challenges, there are still some positive prospects for the tire market in the coming years. The expanding middle class in developing countries is expected to continue to drive demand for new vehicles and replacement tires. In addition, new technologies such as 3D printing are beginning to be used in the manufacturing of tires, which could lead to lower production costs and improved performance.

The global tire market is highly fragmented, with a large number of small and medium-sized players. The top 10 players account for less than 30% of the market. The leading player is Michelin, with a market share of around 10%. Other major players include Bridgestone, Continental, Goodyear, and Pirelli.

Tire Market Segmentation

There are three main types of tires - passenger car tires, light truck tires, and heavy-duty truck tires. Passenger car tires are designed for use on passenger cars, while light truck tires are meant for use on trucks and SUVs that don't exceed a certain weight limit. Heavy-duty truck tires, as the name implies, are designed for use on trucks that exceed the weight limit for light truck tires.

Each type of tire has its own unique benefits and drawbacks that must be considered when making a purchase. For example, passenger car tires typically provide a smoother ride and better fuel economy than heavy-duty truck tires. However, they may not be able to withstand the same amount of wear and tear as their heavier counterparts. Light truck tires strike a balance between the two, offering a more rugged construction than passenger car tires while still providing good fuel economy and a comfortable ride.

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Tire Sales Channels

There are four main channels through which tires are sold: original equipment manufacturers (OEMs), replacement market, used market, and retread market.

1. OEMs: Tires are often supplied to vehicle manufacturers as part of the original equipment. In this case, the tire is chosen to match the specific vehicle model and application.

2. Replacement market: Once a vehicle is on the road, its tires will eventually need to be replaced. The replacement market is served by both dealerships and independent tire retailers.

3. Used market: Used tires can be an attractive option for budget-minded consumers. There is a thriving market for used tires, both online and offline.

4. Retread market: Retreading is a process in which worn-out tires are given new life by stripping off the old tread and applying new tread material. This is an environmentally friendly option that can save money compared to buying new tires.

Tire Market Drivers

There are several factors that are driving the global tire market. The first driver is the growing demand for replacement tires. As vehicles get older, their tires need to be replaced more often. This is especially true for commercial vehicles, which tend to have higher mileage than passenger vehicles.

The second driver of the tire market is the changing composition of vehicles. Cars and trucks are becoming more lightweight and fuel efficient. This means that they require different types of tires than they did in the past. More fuel-efficient vehicles need tires that are designed to reduce rolling resistance and improve fuel economy.

The third driver of the tire market is the increasing number of vehicle miles driven. As people travel more, they put more wear and tear on their tires. This increases the demand for both new and replacement tires.

Finally, safety concerns are driving changes in the tire market. With more people becoming aware of the importance of tires, they are more likely to purchase tires that meet their needs and requirements.

Tire Market Restraints

The tire market faces certain challenges which are expected to hamper its growth in the coming years.The first challenge is the declining demand for passenger cars in developed countries such as the United States and Europe. This is due to the increasing preference for public transport and ride-sharing services. Moreover, the stringent emission norms and fuel efficiency standards are further discouraging consumers from purchasing vehicles. This is anticipated to lead to a decrease in demand for tires in these regions.

Secondly, there is limited availability of raw materials in the global tire market. Tire manufacturers require a constant supply of natural rubber, synthetic rubber, carbon black, and other chemicals to produce their products. However, these materials are not always readily available, which can hamper production and lead to higher prices.

Another challenge facing the tire industry is increasing regulation. In recent years, there have been a number of initiatives aimed at reducing tire waste and improving fuel economy. These regulations can add significant costs to tire production, which may be passed on to consumers.

Then, the increasing preference for retreading over new tire purchases presents a challenge for tire manufacturers. Retreading involves refurbishing an old tire so that it can be used again. It is a cost-effective alternative as it reduces waste and prolongs the life of tires. This trend is expected to negatively impact the demand for new tires in both developed and developing countries.

Finally, the global tire market is also affected by economic conditions. When consumers are feeling confident and have disposable income, they are more likely to purchase new tires. However, during economic downturns, people may delay buying new tires or opt for cheaper alternatives. This can lead to lower demand and lower prices for tires.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global tyre market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 22111100 - New pneumatic rubber tyres for motor cars (including for racing cars)
  • Prodcom 22111355 - New pneumatic rubber tyres for buses or lorries with a load index . .121
  • Prodcom 22111357 - New pneumatic rubber tyres for buses or lorries with a load index > .121
  • Prodcom 22111370 - New pneumatic rubber tyres for aircraft
  • Prodcom 22111200 - New pneumatic tyres, of rubber, of a kind used on motorcycles or bicycles
  • Prodcom 22111400 - Agrarian tyres, other new pneumatic tyres, of rubber

Country coverage:

Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

+ the largest producing countries

Data coverage:

  • Global market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Global production, split by region and country
  • Global trade (exports and imports)
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Company coverage:

Michelin, Bridgestone, Continental, Goodyear, Sumitomo, Hankook, Pirelli, Yokohama, ZC Rubber, Maxxis, Toyo, Linglong, Giti, Cooper, Apollo, Sailun, MRF, Kumho, Nokian, Nexen, Double Coin, JK, Triangle, Titan, CEAT, Kenda, Trelleborg, Guizhou Tyre, Prinx Chengshan, Aeolus

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. GLOBAL PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. GLOBAL IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. GLOBAL EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • United States
    • China
    • Japan
    • Germany
    • United Kingdom
    • France
    • Brazil
    • Italy
    • Russian Federation
    • India
    • Canada
    • Australia
    • Republic of Korea
    • Spain
    • Mexico
    • Indonesia
    • Netherlands
    • Turkey
    • Saudi Arabia
    • Switzerland
    • Sweden
    • Nigeria
    • Poland
    • Belgium
    • Argentina
    • Norway
    • Austria
    • Thailand
    • United Arab Emirates
    • Colombia
    • Denmark
    • South Africa
    • Malaysia
    • Israel
    • Singapore
    • Egypt
    • Philippines
    • Finland
    • Chile
    • Ireland
    • Pakistan
    • Greece
    • Portugal
    • Kazakhstan
    • Algeria
    • Czech Republic
    • Qatar
    • Peru
    • Romania
    • Vietnam

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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