January 06, 2021
According to the recent research report titled ‘Global Tire (100 Countries) Market Analysis, 2020’, available with Market Study Report LLC, global tire market is expected to record a y-o-y growth rate of 5.48% during 2020-2025.
Increasing sales of vehicles owing to evolving lifestyle of middle class in emerging countries, and availability of vehicles in various price brackets matching customer expectations are primarily driving the growth of global tire market. In addition, inclination towards luxury and high-end passenger cars as well as sporty motorbikes is adding to the overall market outlook.
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Though in 2019, the tire sales dropped due to plunge in worldwide automobile sector. But with auto OEMs supporting manufacturing on account of invigorated auto demand, global tire (100 countries) market will witness revived growth over the forecast period. Moreover, demand for tire replacement outperformed OEMs by a large margin during 2015-19 and this trend is expected to continue in the ensuing years.
In order to prevent road accidents, regions such as Northern and Eastern Europe has witnessed the proliferation of summer and winter tires due to changing regulations. Surging demand for summer tires and their rising deployment in sports cars across Middle East & North African region will boost the remuneration scale of global tire industry.
Speaking of the geographic terrain, nations such as India, China, and the United States accounted for a considerable share of worldwide tire market in 2019, attributable to soaring on road vehicles and robust manufacturing ecosystem.
Major players impacting global tire (100 countries) market dynamics are J.K. Organization, MRF Tyres, CEAT Ltd., Apollo Tyres Ltd., Kumho Tire Co. Inc., Toyo Engineering Corporation, Cooper Tire & Rubber Company, Giti Tire, Zhongce Rubber Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Hankook Tire, Yokohama Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli Tyre S.p.A., Continental AG, Goodyear Tire & Rubber Company, Michelin, and Bridgestone Tyre Company Ltd.
As per the report findings, companies such as Continental AG, Goodyear Tire & Rubber Company, Michelin, and Bridgestone Tyre Company Ltd. dominated global tire market, accounting for 45% of the overall revenue share.