Global Tyres Market is segmented By Construction (Bias Tyres, Radial Tyres), By Application (Four-Wheeler, Two-Wheeler, Three-Wheeler, Passenger Car, Bus and Truck, Golf Carts, Industrial Vehicles, Railway Equipment Wheels, Heavy Machinery, Others), By Material (Natural Rubber, Synthetic Rubber, Others), By End User (Original Equipment Tyres, Replacement/Aftermarket), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Tyres Market Overview
[150 Pages Report] The Global Tyres Market is expected to grow at a high CAGR during the forecasting period (2023-2030). The Asia-Pacific market for tires valued USD XX million in 2023 and is estimated to grow at a CAGR of XX% during the forecast period to reach a market value of USD XX million by 2030.
The two-wheeler segment holds the tire market's major share due to the increase in launches of the tractor and an increase in their product portfolio.
The demand for agricultural tractor tires will witness considerable growth, mainly due to the replacement market's growth.
The replacement tires in the end-users dominate the agricultural tractor tire market in each geography.
With the rising industrialization and urbanization,lande usage for Agricultural purposes reduces, and farm mechanization increases, leading to growth in the tires market.
Asia-Pacific holds the highest market share in Global Tyres Market with over 50%, followed by North America and Europe.
It is expected to be the fastest-growing market during the forecast period due to the increasing demand for agricultural machinery, especially in India covering vast irrigated land.
For instance, in 2019, Trelleborg AB announced its plans to invest in expanding the second phase of the research and testing center in Hefei, China, to consolidate its market position.
Tyres Market Summary
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Type, By Application, By Surface, By End-User and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Tyres Market Dynamic
The demand for tires is dependent on the market for agricultural equipment like tractors, trailers, sprayers, combine harvesters, and loaders
The rapid economic growth in developing nations is driving the agriculture sector to be more efficient and productive, in turn resulting in higher sales of agricultural machinery and end-products
High demand for food products from expanding population and technological advancements in agricultural equipment are the main factors that propel the tire market demand.
The sale of tractors in developing countries may rise in the wake of a growing focus on national governments' agricultural sector.
The demand for replacement machinery could determine the sales of farm automation in developed nations. Western Europe and North America are expected to record below-average growth in 2017. However, the demand for tires in these regions may be driven by technological advancements as farmers pursue a sharp focus on equipment, saving costs.
India and China are the major feeders for the global Agricultural Tire market. Thailand, Brazil, and Indonesia may also register robust growth as farm automation rises in these regions.
Tyres Market Segmentation Analysis
By Application
The increase in launches of a new technology of tires for tractors is booming the global Agricultural Tire market.
For instance, Low Sidewall (LSW) Extreme Floatation super single line technology, which reduces power hop and road lope that improves operator comfort and fuel economy, due to their physical size, are designed to replace standard row crop duals providing up to a 25% larger footprint under the tractor.
Michelin’s has introduced the new AxioBib2, which is a central tire inflation system (CTIS). Farmers can use CTIS to control tire pressures from their tractor cabs. It can run as low as 9 psi in singles and 6 psi at field operating speeds in duals.
Bridgestone, Michelin, and Titan International are major companies that are dominating the global agricultural tire market. These players dominate the market with a wide range of product portfolios in all the tractor segments.
By Region
The tires market in Asia-Pacific is growing at a steady rate owing to high agricultural machinery demand from emerging countries such as India and China.
China is the largest tire market in the region, with the agricultural economy accounting for its GDP's significant share. The growing population in the country is driving the demand for an increase in agricultural output, which is expanding the market for agricultural machinery and .tires
India's tires market is also supporting the market growth in this region, with the availability of vast arable lands catering to the food demand from an ever-increasing population.
