According to Stratistics MRC, the Global Rubber Tire Market is accounted for $124.84 billion in 2020 and is expected to reach $206.61 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Rise in demand for utility vehicles across the globe, increase in awareness among consumers regarding vehicle maintenance and increase in number of cross-border and long haul freight transport are the major factors propelling the market growth. However, volatility in raw material prices and shortage of natural rubber cultivation are hampering the market growth.
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By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the high usage of agriculture tractors in China and India. Asia-Pacific is the largest producer as well as consumer with Thailand being the largest producing country of natural rubber and China being the largest consumer. Asia Pacific is expected to witness the highest growth in the market across the globe. Growth in the automotive and construction industries is a key driver of the market in this region.
Some of the key players profiled in the Rubber Tire Market include Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., China National Tire & Rubber Co., Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C. S.p.A, Qingdao Fullrun Tyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire & Rubber Co., Ltd., Trelleborg AB, and Yokohama Tire Corporation.
Tire Types Covered:
• Bias
• Radial
• Solid
Technologies Covered:
• Connected Tires
• Winter Tires
Vehicle Types Covered:
• Agriculture Tractor
• Construction & Mining Vehicle
• Industrial Vehicle
• Light Commercial Vehicle
• Motorcycle & Scooter
• Passenger Vehicle
• Truck & Bus
Rim Sizes Covered:
• <11”
• 12-17”
• 18-21”
• 22-25”
• 29-49”
• 51-63”
Sales Channels Covered:
• Aftermarket
• Original Equipment Manufacturers (OEM)
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
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