The global tire market is expected to see significant growth in the coming years, according to a recent study by BlueWeave Consulting. The report reveals that the market was worth $276.36 billion in 2022 and is projected to reach $712.56 billion by 2029, with a compound annual growth rate of 8.05%. Growing vehicle production and sales are the driving factors in the market’s growth, particularly in emerging economies, where increased profits have led to a rise in car ownership and demand for lightweight tires.
The report also highlights a trend towards increased consumer awareness of safety and performance, leading to a demand for premium and specialty tires. In regions with distinct seasons, such as winter or summer, there is a fluctuation in demand for seasonal tires that are specific to each weather condition.
The tire market is divided into two segments: Original Equipment Manufacturer (OEM) and replacement. The OEM sector is experiencing significant growth in recent years due to increasing vehicle production. The demand for replacement tires is also expected to increase due to the high profit margins in this sector.
The report identifies Asia-Pacific as the leading player in the market, holding more than half of the market share. China, in particular, is a central hub for business and one of the fastest-growing economies in the world, leading to a surge in the demand for mining truck tires.
The COVID-19 pandemic has impacted the tire market, with a general drop in demand for automotive items due to changes in consumer purchasing behavior and non-essential service suspensions. However, companies are employing various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches to enhance their market share.
The report promises to provide recent technology trends in the global tire market, including growth drivers, challenges, and competitive dynamics. BlueWeave Consulting offers all-inclusive market intelligence solutions to businesses, providing quality inputs and building long-lasting relationships with clients.
