According to the report, the global rubber tire market is projected to surpass US$ 209 Bn by 2031, expanding at a CAGR of ~4% during the forecast period. Rise in sale of passenger and commercial vehicles across the globe is likely to propel the rubber tire market across the globe. Increase in small- and medium-scale industries across the globe is likely to boost manufacturing industries, which, in turn, is projected to fuel the rubber tire market across the globe. In addition, surge in transportation across the globe is likely to fuel the demand for light and heavy commercial vehicles across the globe, which, in turn, is likely to increase the demand for rubber tires across the globe. Rubber tires have a high aftermarket demand, owing to the requirement of periodic replacement. An increasing number of on-road trucks in developing regions such as Asia Pacific, Latin America, and Middle East & Africa is estimated to boost the rubber tire market during the forecast period.
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Expansion of Rubber Tire Market
The growing acquisitions and agreements among leading tire manufacturers across the globe are boosting the rubber tire market across the globe. On May 4 2020, Bridgestone Corporation announced the acquisition of Germany-based specialist tire trade group, REIFF Reifen und Autotechnik GmbH. Under the brand labels Reiff, Netto and ABS, REIFF Reifen und Autotechnik GmbH runs a leading network of 42 retail stores in the south of Germany, as well as a tire retreading plant, all of which are part of the acquisition deal.
China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on vehicle type, the global rubber tire market has been segmented into passenger vehicle, light commercial vehicle, truck & bus, construction & mining vehicle, agriculture tractor, industrial vehicle, and motorcycle & scooter. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. Rise in disposable income of consumers is likely to increase the purchasing power of consumers, thus boosting vehicle sales.
In terms of tire type, the radial tire segment accounted for a significant share of the global rubber tire market. The radial segment held a prominent share of the market, as passenger and light commercial vehicles mostly utilize radial tires, and the demand for such vehicles is increasing at a rapid pace. This is supported by high efficiency and low rolling resistance offered by radial tires.
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Regional Analysis of Rubber Tire Market
In terms of region, the global rubber tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global rubber tire market in 2020. It is anticipated to hold a leading market share during the forecast period due to expansion of the automotive industry across the globe. North America is also likely to hold a significant share, in terms of revenue, of the global market during the forecast period.
Major Players in Rubber Tire Market
Prominent players operating in the global 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.
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