Passenger Tire Market was valued at USD 125.64 Billion in 2022 and is projected to reach USD 175.55 Billion by 2030, growing at a CAGR of 4.70% from 2024 to 2030.
The global passenger tire market was valued at approximately USD 280 billion in 2022, with an expected compound annual growth rate (CAGR) of 4.5% from 2022 to 2027. This growth trajectory reflects a robust demand driven by increasing vehicle production, rising automotive ownership, and enhanced tire technology advancements. The market is characterized by its segmentation into radial and bias-ply tires, with radial tires holding a significant share due to their superior performance and fuel efficiency. Additionally, the rise in electric vehicles (EVs) and advancements in autonomous driving technologies are anticipated to further propel the market's growth. By 2027, the market size is projected to reach around USD 350 billion, underscoring a steady expansion and evolving consumer preferences.
Opportunity analysis indicates that emerging markets in Asia-Pacific, particularly in countries like China and India, offer substantial growth prospects due to increasing urbanization and automotive penetration. These regions are expected to see heightened demand for passenger tires as economic development progresses and disposable incomes rise. Furthermore, the shift towards eco-friendly and high-performance tires presents an ultimate opportunity for innovation and market entry, positioning companies to capitalize on new consumer trends and regulatory changes aimed at reducing carbon footprints. The market's evolution will likely be shaped by ongoing advancements in tire technologies and shifting regional dynamics.
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Bridgestone Americas Tire Operations
Continental Tire the Americas
Cooper Tire & Rubber
Falken Tire
Giti Tires USA
Goodyear Tire and Rubber
Hankook Tire
Kumho Tire USA
Michelin North America
Nexen Tire America
Nitto Tire USA
Pirelli
Sumitomo Rubber Industries
Toyo Tire USA
Yokohama Tire
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Passenger Tire Market
OEM
Aftermarket
Based on Types the Market is categorized into Below types that held the largest Passenger Tire market share In 2023.
Radial Tire
Bias Tire
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Passenger Tire Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Passenger Tire Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Passenger Tire Market, By Type
6. Global Passenger Tire Market, By Application
7. Global Passenger Tire Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Passenger Tire Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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