Wilmington, Delaware, Transparency Market Research Inc. –, Feb. 18, 2025 (GLOBE NEWSWIRE) -- The global rubber tire market was valued at US$ 142.4 billion in 2022 and is projected to grow at a CAGR of 4.6% from 2023 to 2031, reaching US$ 209.2 billion by 2031. (سوق الإطارات المطاطية ) Market expansion is driven by rising vehicle production, increasing demand for durable and high-performance tires, and advancements in tire technology.
Growing concern regarding emissions is prompting automakers to resort to light weighting solutions in order to enhance fuel efficiency and reduce emissions. Furthermore, developments in technology, including B-Tag Systems, to monitor tire pressure and temperature are anticipated to offer significant rubber tire market opportunities for major manufacturers across the globe.
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Economic expansion has fueled investment in improvement of infrastructure across the globe, specifically across developing countries that are witnessing heavy construction of roads, railways, and industries. Moreover, expansion of existing industries is boosting the demand for off-road vehicles.
| Company | Headquarters | Market Share | Key Products |
| Michelin | France | Leading | Passenger, truck, industrial |
| Bridgestone | Japan | Leading | Passenger, commercial, off-road |
| Goodyear | USA | Significant | Passenger, truck, retreading |
| Continental | Germany | Significant | Passenger, commercial |
| Pirelli | Italy | Moderate | High-performance, motorsport |
| Toyo Tire | Japan | Moderate | Passenger, commercial, off-road |
| Hankook | South Korea | Moderate | Passenger, truck, bus |
| Sumitomo Rubber | Japan | Moderate | Passenger, commercial, off-road |
| Yokohama | Japan | Moderate | Passenger, commercial |
Competitive Landscape
The rubber tire market is highly competitive, with key players focusing on product innovation, strategic partnerships, and geographical expansion. Major companies operating in the market include:
- Apollo Tyres Ltd.
- Bridgestone Corporation
- Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.p.A
- Yokohama Rubber Company
- Hankook Tire
- Sumitomo Rubber Industries
Key Developments
- February 2023 – Apollo Tyres developed tires incorporating 75% sustainable materials. These tires are composed of recycled rubber, bead wire with higher recycled content, bio-based oil, recycled nylon, and sustainable carbon black sourced from end-of-life tires. In alignment with the company's sustainable natural rubber policy, the concept tires utilize sustainably sourced natural rubber from suppliers who have publicly committed to responsible sourcing and traceability.
- November 2023 – Goodyear announced the launch of its Goodyear EV-Ready logo. This innovative label will be displayed on the sidewall of all new replacement tires starting in 2024, signifying their compatibility with electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and traditional internal combustion engine (ICE) vehicles.
Rubber Tire Market Growth Drivers & Trends
- Technological advancements: including smart tires with embedded sensors for real-time monitoring and fuel-efficient, low-rolling-resistance tires, are driving market growth. These innovations enhance vehicle safety, improve fuel efficiency, and reduce carbon emissions, making them highly attractive in the automotive industry.
- Rise in vehicle production: particularly in emerging economies, is driving higher demand for rubber tires. As automotive manufacturing expands to meet growing consumer needs, the tire industry benefits from increased supply requirements. Factors such as urbanization, improving road infrastructure, and rising disposable incomes further contribute to this demand surge, making the rubber tire market a key player in the automotive sector's growth.
- Urbanization and Infrastructure Development: Rapid urbanization and large-scale infrastructure projects worldwide are fueling the demand for commercial vehicles, significantly driving the growth of the rubber tire market. Expanding cities, increased construction activities, and improved road networks necessitate a higher number of trucks, buses, and other transport vehicles, thereby boosting tire consumption. Additionally, government investments in transportation and logistics further contribute to market expansion.
Global Rubber Tire Market: Regional Profile
- North America: Held a significant market share in 2023, driven by a well-established automotive industry and technological advancements.
- Asia-Pacific: Expected to witness the fastest growth due to rapid industrialization, urbanization, and increasing vehicle production in countries like China and India.
Challenges & Risks:
- Fluctuating Raw Material Prices: Rubber price volatility affects production costs.
- Environmental Regulations: Stringent policies push manufacturers toward sustainable alternatives.
- Rising Competition: Increasing competition from new entrants and low-cost manufacturers.
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| Company | Recent Developments | Strengths | Weaknesses |
| Michelin | Eco-friendly innovations, North America expansion | Brand recognition, innovation | High production costs |
| Bridgestone | Focus on sustainable products, digital tech investments | Global presence, wide portfolio | Raw material price volatility |
| Goodyear | EV tire production, AI investments | North America presence, tech-driven | Oil price sensitivity |
| Continental | Growth in performance tires, focus on autonomous vehicles | Tech capabilities, diverse range | High production costs |
| Pirelli | EV tire expansion, motorsport partnerships | Expertise in high-performance tires | Limited budget segment presence |
| Toyo Tire | Focus on eco-friendly tires, Asian market growth | Innovation, regional strength | Smaller global market share |
| Hankook | Eco-friendly tech, EV tire production | Competitive pricing, regional focus | Less presence in Europe & NA |
| Sumitomo Rubber | Global market expansion, EV tech | Cost efficiency, strong in Asia | Weak in Western markets |
| Yokohama | Sustainable tires, EV tech expansion | Green tech innovation, strong in NA | Emerging markets presence limited |
Future Outlook
The rubber tire market is set to evolve with technological advancements and a shift towards sustainability. With increasing demand for electric vehicles (EVs), manufacturers are focusing on designing specialized tires that enhance EV performance and efficiency. Moreover, innovations in tire materials and manufacturing processes will contribute to market expansion over the forecast period.
Market Segmentation
- By Rim Size
- <11’’
- 12’’-17’’
- 18’’-21’’
- >22’’-25’’
- 29’’-49’’
- 51’’-63’’
- By Tire Type
- Radial
- Bias
- Solid
- By Sales Channel
- OEM
- Aftermarket
- By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Truck & Bus
- Construction & Mining Vehicles
- Agricultural Tractors
- Industrial Vehicle
- Motorcycle & Scooters
- By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Strategic Insights for Industry Decision-makers:
1. Investing in Smart and Connected Tire Technology
- Companies must integrate IoT, AI, and predictive analytics into tire designs to enhance performance, safety, and fleet management capabilities.
2. Expanding R&D in Sustainable and Recyclable Materials
- Manufacturers should invest in biodegradable and circular economy-focused tire solutions to align with global sustainability goals.
3. Strengthening EV Tire Offerings
- With EV adoption surging, tire makers should customize tire solutions that address the unique needs of electric mobility.
4. Enhancing Supply Chain Resilience
- By diversifying raw material sourcing and embracing automation, manufacturers can mitigate risks associated with supply chain disruptions.
5. Strategic Partnerships and Mergers
- Collaboration with automakers, raw material suppliers, and tech firms can drive innovation and expand market reach.
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Frequently Asked Questions (FAQs) - Rubber Tire Market:
- How big was the rubber tire market in 2022?
- The global market was valued at US$ 142.4 Billion in 2022.
- How is the rubber tire industry expected to grow by 2031?
- It is expected to expand at a CAGR of 4.6% by 2031.
- How much worth would the rubber tire business be in 2031?
- It is projected to reach a value of US$ 209.2 Billion in 2031.
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