As the demand for sustainable transport solutions increases, electric utility vehicles are poised to transform global markets and industrial applications.
Automotive & Transport
Tires are one of the most essential parts of any passenger or commercial automotive vehicle. The essence of mobility lies in the usage of wheels and Tires and hence the quality and functionality of Tires become inevitably important. As the automotive industry is looking at the next big leap in form of transition to electric vehicles, the growth of the Tire market is expected to get a fresh momentum to expand. Tires are however a kind of product which are heavily dependent and characteristically provide very limited scope for innovation. The Tire market is heavily dependent on the performance of the automotive industry, as the primary utility of Tires is majorly applicable for the functioning of automotive vehicles. As passenger and commercial vehicles underwent significant innovation, research, and development over the last few decades, the Tires also underwent significant scientific and engineering research to improve their durability and improve the riding and driving experience of the passengers. The significantly crucial role of Tires can be easily overlooked as rightfully, the major emphasis for ease of transport is always laid upon the kind of vehicle used, its engine, etc. But it is imperative to know that Tires also complement the performance of the vehicle not just from a comfort standpoint, but also mileage and durability of the vehicle parts.
According to the report, “Global Tire Market Outlook, 2029”, published by Bonafide research, the market was valued at USD 275.54 Billion in 2023 and it is anticipated to grow with a CAGR of more than 7% from 2024 to 2029, achieving USD 413.10 Billion by 2029.The major innovation in Tires took place when radial Tires came into the market. Radial Tires were heavily popularized offering more comfort due to even contact of tread with the road. The radial Tires are still marketed stating this edge over bias ply Tires along with other benefits such as lesser fuel consumption, improved durability, and manoeuvrability. Globally it has also been observed that the 2-wheeler automotive and passenger cars are currently driving the growth of the market for radial Tires whereas medium and heavy vehicles continue to use bias Tires for their strength greater strength resulting out of specific structure and design. Not just for radial Tires, passenger cars are very prominent in driving the sales of Tires globally. However, in many emerging economies, eg. India, China, Brazil, Columbia, etc. other vehicle tires such as 3-wheeler tires are also quite prominent. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world.
North America is one of the most matured regional markets in the global Tire landscape. The region is one of the biggest importers of Tires from the rest of the world. With a well-penetrated vehicle market in the region, the Tire market’s performance is fairly stable in the region. North America has a well penetrated automotive market which keeps its allied Tire market stable. The Asia Pacific as a region is one of the most dynamic regions in the world seeing an incredibly rapid growth rate. As the economies are expanding and the personal incomes with households are growing in the region, vehicle ownership of vehicles growing exponentially. South American economies have been facing structural issues in the economies for the past decade. As the standard of living improves, vehicles are expected to penetrate the market further. The regions had been growing sluggishly for the past few years and the outbreak caused an enormously adverse effect on the economic and social conditions. The Middle East and Africa Market are one of the fastest-growing Tire markets in the world. As major economies in the Middle East and Africa are looking to diversify away from their heavily dependent oil sector, automotive and allied industries are getting more focus than before in the region.
The global tire market is categorized into radial tires and bias (cross-ply) tires, each catering to different vehicle types and performance needs. Radial tires, featuring steel belts running at a 90-degree angle to the tread, are widely adopted due to their superior durability, fuel efficiency, and road grip. Their ability to maintain flexibility and dissipate heat efficiently makes them ideal for passenger vehicles, commercial trucks, and performance vehicles. The increasing shift toward electric vehicles (EVs) further boosts radial tire demand, as EVs require tires with lower rolling resistance to optimize battery efficiency. In contrast, bias tires, constructed with multiple layers of crisscrossed fabric plies, are preferred in off-road, agricultural, and heavy-duty applications. These tires offer enhanced sidewall strength, making them suitable for extreme terrains and heavy loads. Despite radial tires’ dominance, bias tires maintain a presence in sectors where puncture resistance and durability in rugged conditions are crucial. Advancements in tire design, such as hybrid constructions combining radial and bias features, are further expanding market opportunities.
The market is segmented into original equipment manufacturers (OEMs) and the replacement (aftermarket) segment, each playing a vital role in industry dynamics. OEM tires are supplied directly to automakers, customized to meet performance, efficiency, and safety standards of newly manufactured vehicles. This segment is driven by global automotive production trends, with premium and performance-oriented tires gaining traction as automakers focus on enhancing vehicle handling and ride quality. Increasing EV production has also led to a growing demand for specialized low-noise, high-traction tires designed for electric cars. On the other hand, the replacement tire market is much larger, fueled by periodic wear and tear, rising vehicle ownership, and improved road infrastructure worldwide. Consumers in this segment seek long-lasting, all-season, and fuel-efficient tires, with increasing preference for sustainable and retreaded tire options. Regulations regarding tire labeling and safety compliance also influence buying behavior, pushing manufacturers to focus on durability and environmental impact.
Tire distribution occurs through OEM dealerships, independent tire retailers, and e-commerce platforms, each offering distinct advantages. OEM dealerships serve new vehicle buyers, providing brand-specific tires tailored for factory-fitted installations. While this channel is limited to specific brands, it ensures quality assurance and seamless integration with the vehicle. Independent tire retailers, including auto repair shops, specialty tire stores, and service centers, dominate the aftermarket, offering consumers a wide selection of brands, price points, and professional installation services. These retailers cater to diverse customer needs, from budget-friendly options to premium, high-performance tires. Meanwhile, e-commerce is revolutionizing tire sales, with platforms providing an extensive range of products, competitive pricing, and convenient home delivery. Consumers benefit from online reviews, AI-driven recommendations, and virtual fitment tools, enhancing the shopping experience. Manufacturers and distributors are increasingly investing in digital platforms to streamline sales and improve customer engagement. The rising trend of direct-to-consumer (DTC) sales models and mobile tire-fitting services further underscores the growing influence of e-commerce in the global tire industry.
According to the report, “Global Tire Market Outlook, 2029”, published by Bonafide research, the market was valued at USD 275.54 Billion in 2023 and it is anticipated to grow with a CAGR of more than 7% from 2024 to 2029, achieving USD 413.10 Billion by 2029.The major innovation in Tires took place when radial Tires came into the market. Radial Tires were heavily popularized offering more comfort due to even contact of tread with the road. The radial Tires are still marketed stating this edge over bias ply Tires along with other benefits such as lesser fuel consumption, improved durability, and manoeuvrability. Globally it has also been observed that the 2-wheeler automotive and passenger cars are currently driving the growth of the market for radial Tires whereas medium and heavy vehicles continue to use bias Tires for their strength greater strength resulting out of specific structure and design. Not just for radial Tires, passenger cars are very prominent in driving the sales of Tires globally. However, in many emerging economies, eg. India, China, Brazil, Columbia, etc. other vehicle tires such as 3-wheeler tires are also quite prominent. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world.
North America is one of the most matured regional markets in the global Tire landscape. The region is one of the biggest importers of Tires from the rest of the world. With a well-penetrated vehicle market in the region, the Tire market’s performance is fairly stable in the region. North America has a well penetrated automotive market which keeps its allied Tire market stable. The Asia Pacific as a region is one of the most dynamic regions in the world seeing an incredibly rapid growth rate. As the economies are expanding and the personal incomes with households are growing in the region, vehicle ownership of vehicles growing exponentially. South American economies have been facing structural issues in the economies for the past decade. As the standard of living improves, vehicles are expected to penetrate the market further. The regions had been growing sluggishly for the past few years and the outbreak caused an enormously adverse effect on the economic and social conditions. The Middle East and Africa Market are one of the fastest-growing Tire markets in the world. As major economies in the Middle East and Africa are looking to diversify away from their heavily dependent oil sector, automotive and allied industries are getting more focus than before in the region.
The global tire market is categorized into radial tires and bias (cross-ply) tires, each catering to different vehicle types and performance needs. Radial tires, featuring steel belts running at a 90-degree angle to the tread, are widely adopted due to their superior durability, fuel efficiency, and road grip. Their ability to maintain flexibility and dissipate heat efficiently makes them ideal for passenger vehicles, commercial trucks, and performance vehicles. The increasing shift toward electric vehicles (EVs) further boosts radial tire demand, as EVs require tires with lower rolling resistance to optimize battery efficiency. In contrast, bias tires, constructed with multiple layers of crisscrossed fabric plies, are preferred in off-road, agricultural, and heavy-duty applications. These tires offer enhanced sidewall strength, making them suitable for extreme terrains and heavy loads. Despite radial tires’ dominance, bias tires maintain a presence in sectors where puncture resistance and durability in rugged conditions are crucial. Advancements in tire design, such as hybrid constructions combining radial and bias features, are further expanding market opportunities.
The market is segmented into original equipment manufacturers (OEMs) and the replacement (aftermarket) segment, each playing a vital role in industry dynamics. OEM tires are supplied directly to automakers, customized to meet performance, efficiency, and safety standards of newly manufactured vehicles. This segment is driven by global automotive production trends, with premium and performance-oriented tires gaining traction as automakers focus on enhancing vehicle handling and ride quality. Increasing EV production has also led to a growing demand for specialized low-noise, high-traction tires designed for electric cars. On the other hand, the replacement tire market is much larger, fueled by periodic wear and tear, rising vehicle ownership, and improved road infrastructure worldwide. Consumers in this segment seek long-lasting, all-season, and fuel-efficient tires, with increasing preference for sustainable and retreaded tire options. Regulations regarding tire labeling and safety compliance also influence buying behavior, pushing manufacturers to focus on durability and environmental impact.
Tire distribution occurs through OEM dealerships, independent tire retailers, and e-commerce platforms, each offering distinct advantages. OEM dealerships serve new vehicle buyers, providing brand-specific tires tailored for factory-fitted installations. While this channel is limited to specific brands, it ensures quality assurance and seamless integration with the vehicle. Independent tire retailers, including auto repair shops, specialty tire stores, and service centers, dominate the aftermarket, offering consumers a wide selection of brands, price points, and professional installation services. These retailers cater to diverse customer needs, from budget-friendly options to premium, high-performance tires. Meanwhile, e-commerce is revolutionizing tire sales, with platforms providing an extensive range of products, competitive pricing, and convenient home delivery. Consumers benefit from online reviews, AI-driven recommendations, and virtual fitment tools, enhancing the shopping experience. Manufacturers and distributors are increasingly investing in digital platforms to streamline sales and improve customer engagement. The rising trend of direct-to-consumer (DTC) sales models and mobile tire-fitting services further underscores the growing influence of e-commerce in the global tire industry.
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