The Latest Global Tire Industry Statistics Explained
The global tire market was valued around $248.43 billion in 2020.
The statistic “The global tire market was valued around $248.43 billion in 2020” indicates the total estimated worth of the worldwide tire industry during the year 2020. This figure demonstrates the significant economic scale and importance of the tire market on a global scale, encompassing the production, distribution, and sale of tires for various vehicles such as cars, trucks, and motorcycles. The value of the market in 2020 gives insight into the size and growth potential of the industry, serving as a metric for investors, policymakers, and business stakeholders to understand the market trends and opportunities within the tire sector.
By 2027, the market is expected to reach a value of $364.89 billion.
The statistic “By 2027, the market is expected to reach a value of $364.89 billion” indicates a projected growth trend in the market size over the next few years. This figure serves as a forecast reflecting the anticipated total value of the market in 2027, suggesting a substantial increase compared to its current value. Such projections are typically based on comprehensive analysis, historical data, and market trends, providing valuable insights for businesses, investors, and policymakers to make informed decisions and strategies. This statistic implies potential opportunities for market expansion, investment, and economic development in the specified industry by 2027.
Passenger vehicles account for over 70% of total tire demand.
The statistic “Passenger vehicles account for over 70% of total tire demand” indicates that the majority of the demand for tires comes from the passenger vehicle segment. This suggests that the tire industry is heavily reliant on passenger vehicles, such as cars, SUVs, and vans, for generating sales. This statistic highlights the significance of the passenger vehicle market in driving the overall demand for tires, indicating that manufacturers and retailers in the tire industry should focus their efforts and resources on catering to this segment to maximize their business opportunities and sales potential.
Asia Pacific region dominates, with over half of the global tire market share.
The statistic “Asia Pacific region dominates, with over half of the global tire market share” indicates that more than 50% of the worldwide market for tires is held by countries in the Asia Pacific region. This region includes economically powerful countries such as China, Japan, and India, which have strong manufacturing capabilities and a large consumer base. The dominance of the Asia Pacific region in the tire market signifies its significant role in the global economy and manufacturing industry. This statistic also highlights the importance of this region as a key player in the tire industry and suggests that it may continue to have a major influence on market trends and developments in the future.
China alone consumes about 35% of the world’s tires.
The statistic that China alone consumes about 35% of the world’s tires indicates the significant demand for tires within the country. This high consumption can be attributed to China’s large population, extensive industrial and manufacturing activities, as well as the robust transportation sector. The statistic highlights China’s importance in the global tire market as a major consumer, driving the production and distribution of tires worldwide. It also underscores the country’s impact on the tire industry’s economy and sustainability, influencing supply chains and environmental considerations associated with tire manufacturing and disposal.
By design, radial tires hold approximately 75% of the global tire market.
This statistic indicates that radial tires, as a specific type of tire design, are dominant in the global market, comprising approximately 75% of all tires sold worldwide. Radial tires are known for their unique construction that allows the tire’s layers to run radially from the bead towards the tread, providing better flexibility, durability, and fuel efficiency compared to other tire designs like bias-ply tires. The fact that radial tires hold such a substantial share of the global market suggests that they are preferred by consumers, likely due to their overall performance benefits and widespread availability across various vehicle types.
The global market for retreaded tires is projected to grow to $8.5 billion by 2025.
The statistic stating that the global market for retreaded tires is projected to grow to $8.5 billion by 2025 signifies a significant upward trend in the demand for retreaded tires worldwide. This projection suggests that the market for retreaded tires is expected to expand substantially over the next few years, driven by factors such as increasing environmental consciousness, cost-effectiveness, and regulations promoting sustainable practices in the automotive industry. The growth in this market indicates a shift towards more sustainable tire solutions and presents opportunities for businesses involved in the retreaded tire sector to capitalize on the growing demand and potentially expand their market share globally.
The off-the-road (OTR) tire market is expected to reach $10.7 billion by 2025.
The statistic that the off-the-road (OTR) tire market is projected to reach $10.7 billion by 2025 suggests a significant growth and expansion in the demand and consumption of OTR tires within the specified timeframe. This statistic serves as an indicator of an upward trend in the market, with an increasing number of industries such as construction, mining, and agriculture relying on OTR tires for their heavy machinery and equipment. The expected market value also implies opportunities for tire manufacturers and suppliers to capitalize on this growth by strategically positioning themselves in the market to meet the rising demand for OTR tires.
The market for smart tires, a growing segment, is expected to reach $123.7 million by 2025.
The statistic indicates that the market for smart tires, which are tires equipped with sensors and technology to provide real-time monitoring and feedback, is experiencing substantial growth and is projected to reach a value of $123.7 million by the year 2025. This growth suggests a rising demand for smart tire technology, driven by factors such as advancements in automotive technology, increasing emphasis on vehicle safety and performance, and the benefits offered by smart tires in terms of monitoring tire pressure, temperature, and wear in real-time. The forecasted market value of $123.7 million by 2025 signifies the expanding opportunities in the smart tire industry and the potential for continued innovation and market development in this segment.
Heavy Trucks represent the fastest growing vehicle type, with a CAGR of 4.7% from 2020 to 2027.
The statistic indicates that among different types of vehicles, Heavy Trucks have experienced the most significant growth rate, with a Compound Annual Growth Rate (CAGR) of 4.7% from 2020 to 2027. This means that the number of Heavy Trucks in operation has been increasing steadily at an average rate of 4.7% each year over this period. The high growth in Heavy Trucks suggests a growing demand for transportation and logistics services, potentially driven by economic expansion or shifts in consumer behavior. This trend may have implications for industries dependent on heavy vehicle transportation, such as manufacturing, construction, and freight logistics, indicating opportunities for businesses operating in these sectors to capitalize on the increasing demand.
Motorcycle tires hold a 17% market share in the global tire market.
The statistic that motorcycle tires hold a 17% market share in the global tire market indicates that out of all tires sold worldwide, 17% are specifically designed for motorcycles. This statistic provides insight into the distribution of tire sales across different types of vehicles, highlighting the significant presence of motorcycles in the overall tire market. It suggests that there is a substantial demand for motorcycle tires globally, reflecting the popularity and use of motorcycles as a mode of transportation or recreation. Additionally, this statistic may be useful for tire manufacturers and retailers to understand the market dynamics and tailor their product offerings and marketing strategies accordingly to cater to the specific needs of motorcycle riders.
Europe tire market is projected to surpass $ 85 billion by 2027.
The statistic that Europe’s tire market is projected to surpass $85 billion by 2027 indicates the expected growth and expansion of the tire industry in the region over the next few years. This forecast suggests a significant increase in the market size, reflecting factors such as increasing vehicle ownership, rapid urbanization, and advancements in automotive technology that are driving the demand for tires. The projection also signifies potential opportunities for companies within the tire industry to capitalize on this growth trend and expand their market presence in Europe, as well as for investors to potentially benefit from the anticipated market growth.
The demand for tires in Africa is projected to cross $8 billion by 2026.
The statistic that the demand for tires in Africa is projected to cross $8 billion by 2026 indicates a significant growth trend in the tire industry within the continent. This projected increase in demand suggests a thriving market, possibly due to factors such as population growth, urbanization, industrialization, and increased vehicle ownership. The $8 billion figure serves as a quantitative estimate of the economic impact of this growing demand, highlighting the potential opportunities and investments in the tire manufacturing and distribution sector in Africa. Tracking this statistic over time can provide valuable insights into the overall economic development and consumer behavior patterns in the region.
North America is the second-largest market for tires, accounting for over 20% of the global tire market.
The statistic states that North America is the second-largest market for tires globally, representing more than 20% of the total market share. This indicates that the demand for tires in North America is substantial, with a significant portion of tires being consumed in the region. The size of the market suggests that there is a strong need for tires in North America, likely driven by factors such as the high vehicle ownership rate in the region, the vast network of roads, and the prominence of the automotive industry. This statistic highlights the importance of North America as a key market for tire manufacturers and underscores the region’s significance in the global tire industry.
The global green tire market is projected to reach $152.29 billion in 2027.
The statistic that the global green tire market is projected to reach $152.29 billion in 2027 indicates the anticipated value of the market specifically for eco-friendly or environmentally sustainable tires. This projection suggests a significant growth in the demand for green tires, attributed to increasing environmental concerns and regulations, as well as consumers’ preference for sustainable products. The substantial market value highlights the potential economic opportunities in the green tire industry, driving investments in research and development of innovative and eco-friendly tire technologies. This statistic serves as an important indicator for stakeholders, policymakers, and businesses to recognize the rising importance of sustainability in the tire industry and adapt their strategies accordingly to meet the growing market demand for green tires.
The market for agricultural tires is projected to reach $8.8 billion by 2027.
The statistic stating that the market for agricultural tires is projected to reach $8.8 billion by 2027 signifies the expected total revenue generated by the sales of agricultural tires in that specific sector by the end of that year. This projection likely takes into account various factors such as increases in agricultural activities, advancements in technology leading to higher demand for specialized tires, and potential economic growth in the agricultural industry. It suggests a significant market opportunity for companies involved in the production and sale of agricultural tires, as well as highlights the importance of efficient and reliable tires in supporting the ongoing operations of the agricultural sector.
The global market for commercial tire is forecast to reach $157.1 billion by 2026.
The statistic that the global market for commercial tires is forecast to reach $157.1 billion by 2026 indicates the potential size and value of the commercial tire industry on a global scale in the future. This forecast likely takes into account factors such as market trends, economic conditions, technological advancements, and demand projections for commercial tires. Such a statistic is important for industry players, investors, policymakers, and other stakeholders to understand the anticipated growth and opportunities in the commercial tire market, shaping strategic decisions and investments in the industry.
Conclusion
The statistics presented reveal the intricate dynamics of the global tire industry, highlighting key performance indicators, market trends, and growth prospects. Understanding these metrics is crucial for stakeholders to navigate the competitive landscape and make informed decisions in this ever-evolving market.
References
0. – https://www.www.alliedmarketresearch.com
1. – https://www.www.grandviewresearch.com
2. – https://www.www.researchandmarkets.com
3. – https://www.www.techsciresearch.com
4. – https://www.www.strategyr.com
5. – https://www.www.globenewswire.com
6. – https://www.www.fortunebusinessinsights.com
7. – https://www.www.veraciousstatisticsresearch.com
