Tires & Rubber Market By Material Type (Natural Rubber, Synthetic Rubber, Elastomers, and Others), By Tire Type (Pneumatic Tires, Run Flat Tires, Airless Tires, and Others), By Vehicle Type (Light Duty Vehicles, Heavy Duty Vehicle, Agricultural Tractors, Construction & Mining Equipment, and Industrial Equipment), and By Region - Trends, Analysis and Forecast till 2029

A tire is a ring-shaped component that surrounds a wheel’s rim to transfer a vehicle's load from the axle through the wheel to the ground and to provide traction on the surface travelled over. Most tires, such as those for automobiles and bicycles, are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface. The materials of modern pneumatic tires are synthetic rubber, natural rubber, fabric and wire, along with carbon black and other chemical compounds. Pneumatic tires are used on many types of vehicles, including cars, bicycles, motorcycles, buses, trucks, heavy equipment, and aircraft.

As lower maintenance costs and longer life of tires have become a high priority, innovations in designs in the global rubber tire market have also had a positive impact on the market. This is particularly true for electric cars, where lighter tires are being deemed a necessity. There has been increasing investments in research & development into the use of a variety of materials for the manufacture of rubber tires. The rubber tire market is expanding rapidly, as rubber tires are lightweight and possess superior thermal and molding characteristics. Increased mechanization of farming activities, consolidation of subsistence farms, and rise in commercial farming are driving the sales and usage of agricultural activities, and thereby, boosting the rubber tire market. Reconstruction projects are on the rise in developed countries, and the recovery of the global commodity market has improved the performance of the mining industry. Consequently, the sales of construction & mining vehicles are estimated to rise, and thereby, boost the rubber tire market. Rising consumer affordability, growing awareness about vehicle maintenance, and expansion of aftermarket dealerships are boosting the rubber tire market. However, volatility in the prices of raw material affects the costing of tires. The prices of commodities such as natural rubber and synthetic rubber have been rising due to a shortage of supply and rising demand. Uncertainties over the prices of crude oil, about supply between OPEC and non-OPEC countries, affect the production of synthetic rubber, which requires Brent crude for its production.

The Tires & Rubber market is segmented based on material type, tire type, vehicle type, and region.

Based on the material type, the target market is segmented into natural rubber, synthetic rubber, elastomers, and others. Synthetic rubbers hold large market share, however, natural rubber is also anticipated to grow at a high pace during forecast period due to its durability and innovation. Based on the tire type, the global market is classified as pneumatic tires, run-flat tires, airless tires, and others. The pneumatic tires accounted for the largest share among others and also it is anticipated to register high market share during the forecast period. Based on vehicle type, the target market is bifurcated into light-duty vehicles, heavy-duty vehicle, agricultural tractors, construction & mining equipment, and industrial equipment. The heavy-duty vehicle has high demand due to its use in daily transport activities hence it is anticipated to register high CAGR value during the forecast period.

Based on the region the tires & rubber market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounts highest revenue share to the tires & rubber market due to growing demand for advanced technologies and increasing use of automotive vehicles by geriatric population. Asia Pacific tires & rubber market is projected to register a high CAGR over the forecast period owing to the growing trend by technology moving at a rapid pace, the future is set to be bright for manufactures leveraging it to improve the manufacturing process of rubber tires.

Tires & Rubber Market, By Material Type:

• Natural Rubber
• Synthetic Rubber
• Elastomers
• Others

Tires & Rubber Market, By Tire Type:

• Pneumatic Tires
• Run Flat Tires
• Airless Tires
• Others

Tires & Rubber Market, By Vehicle Type:

• Light-Duty Vehicles
• Heavy-Duty Vehicle
• Agricultural Tractors
• Construction & Mining Equipment
• Industrial Equipment

Tires & Rubber Market, By Region:

• North America
  • Middle East & Africa
    • Middle East & Africa Tires & Rubber Market, By Material Type
    • Middle East & Africa Tires & Rubber Market, By Tire Type
    • Middle East & Africa Tires & Rubber Market, By Vehicle Type
    • Middle East & Africa Tires & Rubber Market, By Country
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • Latin America Tires & Rubber Market, By Material Type
    • Latin America Tires & Rubber Market, By Tire Type
    • Latin America Tires & Rubber Market, By Vehicle Type
    • Latin America Tires & Rubber Market, By Country
      • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • Asia Pacific Tires & Rubber Market, By Material Type
    • Asia Pacific Tires & Rubber Market, By Tire Type
    • Asia Pacific Tires & Rubber Market, By Vehicle Type
    • Asia Pacific Tires & Rubber Market, By Country
      • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • Europe Tires & Rubber Market, By Material Type
    • Europe Tires & Rubber Market, By Tire Type
    • Europe Tires & Rubber Market, By Vehicle Type
    • Europe Tires & Rubber Market, By Country
      • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • North America Tires & Rubber Market, By Material Type
  • North America Tires & Rubber Market, By Tire Type
  • North America Tires & Rubber Market, By Vehicle Type
  • North America Tires & Rubber Market, By Country
    • The U.S.
    • Canada
• Company Profile:
• Apollo Tyres Ltd.
  • Company Overview 
• Product Portfolio
  • Key Highlights
  • Financial Performance
• Business strategies Bridgestone Corporation
• CEAT Ltd.
• Continental AG
• Cooper Tire & Rubber Company
• Giti Tire
• Kumho Tire Co., Inc.
• MICHELIN
• Nexen Tire Corporation
• Nokian Tyres plc

 “*” marked represents similar segmentation in other categories in the respective section

The key players operating the Tires & Rubber market involves Apollo Tyres Ltd., Bridgestone Corporation, CEAT Ltd., Continental AG, Cooper Tire & Rubber Company, Giti Tire, Kumho Tire Co., Inc., MICHELIN, Nexen Tire Corporation, Nokian Tyre's plc. For instance, On September 27, 2017, Goodyear Tire and Rubber Company’s non-pneumatic tires TurfCommand with DuraWeb Technology is being used for commercial lawnmowers, and as a strategy, is also being developed for passenger and commercial vehicles. On August 13, 2019, Toyo Tires Introduces Opened Country SxS for Outdoor Enthusiasts, Its first dedicated tire for side-by-side vehicles.