Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 149.07 Billion | USD 221.54 Billion | 4.5% | 2023 |
Zion Market Research has published a report on the global Rubber Tires Market, estimating its value at USD 149.07 Billion in 2023, with projections indicating that it will reach USD 221.54 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 4.5% over the forecast period 2024-2032.
The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Rubber Tires industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
A tire is a ring-shaped component used in vehicles. It covers the wheel's rim in order to protect and provide better vehicle performance. Most of the tires, those used for automobiles and bicycles, provide traction between the vehicle and the road, which provides a flexible cushion that absorbs shock. Nowadays, rubber is used for the production of tires, mainly due to the wear and tear rubber can withstand while retaining tire’s resilience. The majority of the world’s rubber production is consumed by the tire industry. Advantages of rubber tires such as providing grip to the vehicles, carry and transport loads, and resist abrasion along with providing safety and enhancing the performance of the vehicle are responsible for the high demand of rubber tires around the world.
Rising population along with the significant rise in income levels of consumers is the major reason for the growth of the automobile industry, which in turn impacts the global rubber tire market in a positive way. Not only tires used in new vehicles but they are used to replace tires of old vehicles which are damaged due to wear and tear. This is also a major reason for the global market growth. Rapid increase in the number of vehicles produced around the world also acts as a key growth driver for the rubber tire market. Airplane tire is a new market which contributes to the rubber tire market in terms of revenue.
On the other hand, rising fuel prices may hamper the automobile production, which in turn will have a negative impact on the rubber tire market growth. In addition, several automobile manufacturers implemented production cut-backs on a large scale due to financial burdens in the past, which affected the sales negatively.
The report provides detailed segmentation of rubber tires market based on tire type, sales channel, and application.
The tire type segment radial, bias, and solid.
In term of sale channel the market has been segmented into OEMs and aftermarket.
In term of application the market has been segmented into passenger vehicles, light commercial vehicles, trucks & buses, construction & mining vehicles, agriculture tractors, industrial vehicles, and motorcycles & scooters.
Report Attributes | Report Details |
---|---|
Report Name | Rubber Tires Market |
Market Size in 2023 | USD 149.07 Billion |
Market Forecast in 2032 | USD 221.54 Billion |
Growth Rate | CAGR of 4.5% |
Number of Pages | 110 |
Key Companies Covered | Goodyear, MRF, Pirelli & C.S.p.A., Bridgestone Corporation, Continental AG, MICHELIN, Hangzhou Zhongce Rubber Co., Ltd., Nexen Tire Corporation, Hankook Tire, Kumho Tire Co. Inc., Sumitomo Rubber Industries, Ltd., Toyo Tire & Rubber Co., Ltd., Yokohomo Tire Corporation, etc |
Segments Covered | By Tire Type, By Sales Channel, By Application And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific is anticipated to be the leading player in the boost rubber tire market mainly due to the increasing demand for rubber tires in this region. The U.S. and Europe are also expected to shoe considerable growth owing to the high demand for rubber requirements in China, as it is the leading consumer of bicycles and motorcycle tires. Further, Latin America and the Middle East are expected to experience high demand for tires due to increased automotive production in these regions.
Key players profiled in the report include
By Type
By Sales Channel
By Application
Rubber Tires Market: Regional Segment Analysis
FrequentlyAsked Questions
Asia Pacific is anticipated to be the leading player in the boost rubber tire market mainly due to the increasing demand for rubber tires in this region. The U.S. and Europe are also expected to shoe considerable growth owing to the high demand for rubber requirements in China, as it is the leading consumer of bicycles and motorcycle tires.
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed