Passenger Vehicle Tyre Market size is estimated to be USD 96.5 Billion in 2024 and is expected to reach USD 132.8 Billion by 2033 at a CAGR of 4.1% from 2026 to 2033.
The global passenger vehicle tyre market was valued at approximately USD 130 billion in 2022, and it is projected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. The increasing demand for passenger vehicles, especially in emerging economies, along with advancements in tyre technology, is expected to drive market growth. The growing preference for long lasting, fuel efficient, and high performance tyres among consumers is also contributing to the expansion. The market is segmented based on product types, including radial tyres and bias tyres, with radial tyres holding the largest market share due to their superior performance and durability. The increasing adoption of electric vehicles (EVs) and the subsequent demand for tyres designed specifically for EVs are also expected to significantly influence the market in the coming years.
Regionally, the Asia Pacific region held the largest market share in 2022, accounting for around 45% of the global market, driven by high vehicle production and consumption in countries such as China, India, and Japan. North America and Europe are also significant markets for passenger vehicle tyres, with steady growth projected due to the high demand for quality and durable tyres. The Middle East and Africa, along with Latin America, are anticipated to witness rapid growth during the forecast period, owing to rising vehicle sales and increasing investments in automotive infrastructure. Regional market dynamics are influenced by factors such as economic growth, technological advancements, and regional vehicle manufacturing and consumption trends.
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Michelin
Bridgestone
Continental
Pirelli
Goodyear
Shanghai Huayi
Sumitomo Rubber Industries
ZC Rubber
Yokohama
Nokian Tyres
Michelin
Maxxis
Triangle Group
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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. 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 Vehicle Tyre Market
All-season Tyres
Summer Tyres
Winter Tyres
Performance Tyres
Run-flat Tyres
Passenger Cars
Compact Cars
SUVs (Sport Utility Vehicles)
Crossover Vehicles
Luxury Vehicles
OEM (Original Equipment Manufacturer)
Aftermarket
Online Sales
Distribution Centers
Retail Outlets
Budget Tyres
Mid-range Tyres
Premium Tyres
Ultra-Premium Tyres
Economy Tyres
Conventional Tyres
Smart Tyres
Eco-friendly Tyres
Self-healing Tyres
Branded Tyres with Technology Integration
US (United States, US 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 Vehicle Tyre 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 Vehicle Tyre Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Passenger Vehicle Tyre Market, By Type
6. Global Passenger Vehicle Tyre Market, By Application
7. Global Passenger Vehicle Tyre Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Passenger Vehicle Tyre Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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