Rubber Tire Market Forecasts to 2028 – Global Analysis By Tire Type (Bias, Radial, Solid), Technology (Connected Tires, Winter Tires), Vehicle Type, Rim Size, Sales Channel and By Geography
According to Stratistics MRC, the Global Rubber Tire Market is accounted for $124.84 billion in 2020 and is expected to reach $206.61 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Rise in demand for utility vehicles across the globe, increase in awareness among consumers regarding vehicle maintenance and increase in number of cross-border and long haul freight transport are the major factors propelling the market growth. However, volatility in raw material prices and shortage of natural rubber cultivation are hampering the market growth.
The rubber tires are an essential part of most ground vehicles. A tire can dampen the oscillations caused by irregularities in the road surface, protect the wheel from wear and tear and at the same time provide a high-friction bond between the vehicle and the ground to improve acceleration and handling. There are various types of rubber tyres with maximum inflation pressure retention for truck, agricultural, industrial and specialty tires as well as cycle tyres, casters etc.
Based on vehicle type, the passenger vehicle segment is going to have a lucrative growth during the forecast period owing to the rising purchase power parity of society, which, in turn, is fuelling consumer demand for vehicles. Significant sales of passenger vehicles and continued advancements have flourished its growth in the past few years. In addition, introduction to electric vehicles along with integration of advanced drive assistance technologies in the passenger vehicles especially for semi-luxury and luxury vehicles expected to magnificently boost its demand over the coming years.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the high usage of agriculture tractors in China and India. Asia-Pacific is the largest producer as well as consumer with Thailand being the largest producing country of natural rubber and China being the largest consumer. Asia Pacific is expected to witness the highest growth in the market across the globe. Growth in the automotive and construction industries is a key driver of the market in this region.
Some of the key players profiled in the Rubber Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., China National Tire & Rubber Co., Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Qingdao Fullrun Tyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Trelleborg AB, and Yokohama Tire Corporation.
Estimated Market Size in 2020:
USD 124.84 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 206.61 billion
Tables, Graphs& Figures
Tire Type, Technology, Vehicle Type, Rim Size, Sales Channel and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Tire Types Covered:
• Connected Tires
• Winter Tires
Vehicle Types Covered:
• Agriculture Tractor
• Construction & Mining Vehicle
• Industrial Vehicle
• Light Commercial Vehicle
• Motorcycle & Scooter
• Passenger Vehicle
• Truck & Bus
Rim Sizes Covered:
Sales Channels Covered:
• Original Equipment Manufacturers (OEM)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Rubber Tire Market is majorly driven by the growing demand to improve the efficiency and productivity of forklifts.
The passenger vehicle segment is growing at a highest CAGR owing to the growing purchase power parity of society, which, in turn, is fuelling consumer demand for vehicles.
Asia Pacific dominated with a significant market share due to the factors such as growth in the automotive & construction industries and high usage of agriculture tractors across the region.
Middle East & Africa market is growing at a highest CAGR owing to the Rise in construction activities in GCC countries and expansion of the mining industry in the region.
Key players in Rubber Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., China National Tire & Rubber Co., Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Qingdao FullrunTyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Trelleborg AB, and Yokohama Tire Corporation.
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