Tire Market to Surpass $ 300 Billion Mark by 2023

Rising sales across all vehicle categories coupled with expanding automotive fleet to propel demand for tires, globally, through 2023

According to TechSci Research report, “Global Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global tire market is forecast to reach $ 304 billion by 2023 owing to rising demand for tires from OEMs and growing tire sales in the replacement market across the globe. In 2018, the passenger car tire segment dominated the market and the segment is anticipated to continue dominance over the coming years as well. 

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Asia-Pacific holds the largest share in the global tire market, backed by the huge existing fleet of passenger cars in the region. Two-wheeler tire sales in the region are also growing at a robust pace, predominantly on account of increasing two-wheeler sales in China and India. In 2018, the region accounted for the largest fleet of two-wheelers and second largest fleet of passenger cars, globally, consequently, establishing the region as a major market for tires. Due to the presence of automobile production hubs such as China and India, Asia-Pacific is witnessing strong demand for tires from the automotive OEM segment. Moreover, aftermarket is being driven by the region’s large and expanding automotive fleet.

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Various multinational companies such as Bridgestone, Goodyear, Michelin, Continental, Hankook, etc., are expected to witness increasing market competition over the next five years. Collaborations with leading global vehicle manufacturers coupled with strong sales network across the globe would allow Bridgestone to maintain its dominance in the global tire market during the forecast period.

“Over the last few years, the global automobile industry has witnessed a considerable increase in demand for different vehicles, which is boosting tire sales, globally. This trend is expected to prevail with continuing growth in tire production and demand over the next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the global tire industry.

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