The Global tire market is an allied market to the rapidly shifting automotive market. As vehicles are getting more efficient, infrastructure is getting smoother, the tire market finds itself a suitable pedestal to grow upon. As per the research conducted by Actual Market Research, under the title – Global Tire Market Outlook, 2026, the global tire market is evaluated to be selling more than 2000 Million tires annually as of 2020. The tire market globally is expected to grow to more than 2700 Million tires by the year 2026.
To assess and study the tire market globally, the global tire market has been segmented appropriately aiding in a comprehensive view of the developing and already developed global scenarios. The global tire market has been segmented on the basis of vehicle types they are used on which include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers, and other vehicles including bicycles. The market is also categorized based on end-use demand which includes demand for replacement tires and OEM demand for tires. On the basis of design types, the tire market is segmented as radial tires and bias-ply tires. In order to have a broader understanding of the global landscape of the tire market, further segmentation has been made based on regions, countries, companies, and the sales channels through which the product is made available to the distributors and customers.
Globally it has been observed that the different regions have different share patterns depending on the stage of the economy and the penetration of the automotive market and its allied tire market. In highly developed regions in the globe, such as North America and Europe, where vehicle per 1000 inhabitants metric stands relatively higher than the rest of the world. In regions such as the Asia Pacific, which has become the hub for automotive manufacturing and assembly due to highly competitive labor rates, the productions, as well as sales of tires, are growing rapidly. Latin America on the other hand is a major avenue for tire production and assembly of automotive in the western hemisphere. However, the Latin American markets are a little far from the Asian Pacific market which is poised with suitable demographics and economic outlook trends. However, a common characteristic of both these regional markets is that the global trend of using radial tires is still penetrating these markets.
North America
The North America tire market is majorly driven by the USA having almost a little more than 85% of the overall market’s share. Canada, Mexico combined share a little over 14% of the market leaving a minuscule share for the rest of the North American tire market. The USA and Canada are more developed economies and have a more saturated tire market than Mexico. Mexican tire market is the fastest growing tire market in the region, forecasted to register a CAGR little shy of 7% during the forecast period of 2021 to 2026. As the North American region is highly developed economically, where the automotive industry is well penetrated, the radial tires have one of the highest adoption rates in the region as compared to the rest of the world.
