Rubber Tires Market Size, Share, Trends, Growth 2032

Rubber Tires Market Insights

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.

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Global Rubber Tires Market: Overview

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.

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Global Rubber Tires Market: Growth Factors

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.

Global Rubber Tires Market: Segmentation

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.

Rubber Tires Market: Report Scope

Global Rubber Tires Market: Regional Analysis

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.

Global Rubber Tires Market: Competitive Players

Key players profiled in the report include

• 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

The global rubber tires market is segmented as follows:

By Type

• Radial
• Bias
• Solid

By Sales Channel

• OEMs
• Aftermarket

By Application

• Passenger Vehicles
• Light Commercial Vehicles
• Trucks & Buses
• Construction & Mining Vehicles
• Agriculture Tractors
• Industrial Vehicles
• Motorcycles & Scooters

Rubber Tires Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa