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. 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 performance of the vehicle are responsible for the high demand of rubber tires around the world.
Rising population along with 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 tries 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 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.
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 experience high demand for tires due to increased automotive production in these regions.
Some of the major players dominating the global rubber tires market are Goodyear, MRF, Bridgestone Corporation, and Continental AG. Other key players influencing the global market are Eurogrip Tires, Maxxis International, and others.
Global Rubber Tire Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa