PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454086
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454086
Passenger Tire Market Forecasts to 2030 - Global Analysis By Material Type, Vehicle Type, Season, Sales Channel and By Geography
According to Stratistics MRC, the Global Passenger Tire Market is growing at a CAGR of 7.0% during the forecast period. A passenger tire is a type of tire designed specifically for use on passenger vehicles, such as cars, SUVs, and vans. These tires are engineered to provide a balance of performance, comfort, and safety for everyday driving conditions. They typically feature a tread pattern optimized for traction on various road surfaces, including dry pavement, wet roads, and light snow. Passenger tires come in different sizes and speed ratings to accommodate various vehicles and driving preferences. Their construction often includes layers of rubber compounds, steel belts, and other materials to ensure durability, stability, and responsive handling.
Market Dynamics:
Driver:
Seasonal variations
Seasonal changes, particularly in regions with distinct weather patterns, drive the demand for specialized tires. During winter, the demand for winter or snow tires increases in areas with heavy snowfall or icy road conditions. Winter tires are designed to provide better traction on slippery surfaces, enhancing vehicle control and safety. Moreover, as temperatures rise, consumers may switch from winter tires to summer or all-season tires. Summer tires are designed to provide enhanced performance in warm weather, with features such as improved grip on dry and wet surfaces.
Restraint:
Environmental concerns
The production, use, and disposal of tires can have environmental implications, including resource depletion, pollution, and waste management challenges. The emissions generated during tire production, including greenhouse gases and volatile organic compounds, contribute to air pollution and climate change. However, improper tire disposal, such as dumping in landfills or burning, can lead to soil and water contamination, posing risks to human health and ecosystems, which in turn impact market expansion.
Opportunity:
Technological advancements
Advanced tire technologies include innovative tread designs, novel materials, and smart tire features. These innovations result in tires with improved grip, traction, and durability, enhancing vehicle handling and safety across various road conditions. Additionally, advancements in tire construction contribute to reduced rolling resistance, leading to enhanced fuel efficiency and lower carbon emissions. Therefore, technological advancement is a significant factor propelling market growth.
Threat:
Raw material price fluctuations
The passenger tire industry relies heavily on raw materials such as natural rubber, synthetic rubber, carbon black, and various chemicals, whose prices are subject to volatility due to factors like supply-demand dynamics, geopolitical tensions, and weather-related events. When raw material prices surge, tire manufacturers face increased production costs, which can lead to reduced profit margins and competitive disadvantages, particularly in price-sensitive markets. These factors hinder the market demand.
Covid-19 Impact
The COVID-19 pandemic had a profound impact on the passenger tire market. As countries implemented lockdown measures and restrictions to curb the spread of the virus, automotive production facilities were forced to shut down or operate at reduced capacity, leading to a decline in vehicle sales and production. Furthermore, changes in consumer behavior, such as remote working arrangements and reduced travel, resulted in decreased vehicle usage and deferred maintenance, including tire replacements.
The radial tires segment is expected to be the largest during the forecast period
The radial tires segment is estimated to hold the largest share. Radial tires generate less heat during operation, leading to reduced rolling resistance and improved fuel efficiency, which is particularly important in the context of rising environmental concerns and fuel costs. Furthermore, radial tires provide a smoother and quieter ride compared to bias-ply tires, enhancing overall driving comfort for passengers. The design promotes even tread wear, extending the tire's lifespan and reducing the frequency of replacements, thus offering cost savings for consumers over the long term.
The all-season segment is expected to have the highest CAGR during the forecast period
The all-season segment is anticipated to have lucrative growth during the forecast period. All-season tires feature a durable rubber compound that withstands temperature fluctuations, ensuring consistent performance in different climates. This versatility makes them a popular choice for drivers who value convenience and simplicity, as they eliminate the need for seasonal tire changes. Moreover, these tires feature a tread pattern and rubber compound optimized for balanced performance in both dry and wet conditions, as well as light snow.
Region with largest share:
North America commanded the largest market share during the extrapolated period. The United States, as the largest economy in the region, drives substantial demand for passenger tires due to its vast vehicle ownership and extensive road infrastructure. Factors such as consumer preferences for SUVs, trucks, and electric vehicles influence the types of tires demanded. Additionally, as the automotive industry in Mexico continues to expand, driven by manufacturing facilities and export-oriented production, the demand for passenger tires is expected to grow.
Region with highest CAGR:
Asia Pacific is expected to witness profitable growth over the projection period, owing to the increasing urbanization and rising disposable income levels. Infrastructural developments, including expanding road networks and improving transportation facilities, further stimulate the market. Moreover, the region's shifting consumer preferences towards premium and high-performance vehicles contribute to the demand for advanced passenger tire technologies offering superior handling, comfort, and safety features.
Key players in the market
Some of the key players in the Passenger Tire Market include Bridgestone Americas Tire Operations, Continental Tire, Falken Tire, Giti Tires, Goodyear Tire and Rubber, Hankook Tire, Kumho Tire, Toyo Tire, Nexen Tire, Nitto Tire, Pirelli, Sumitomo Rubber Industries and Yokohama Tire.
Key Developments:
In February 2024, Toyo Tire has announced partnership with the Los Angeles Dodgers, this collaboration not only underscores the growing synergy between major sports franchises and leading industry brands but also highlights the global appeal of the Dodgers and the strategic international expansion of Toyo Tires.
In August 2023, Sumitomo Rubber Industries, Ltd. announced collaboration with Sumitomo Riko Company Limited and Sumitomo Electric Industries, Ltd. This initiative is designed to further the development of recycling technologies, paving the way for a circular economy.
In January 2023, Pirelli partnered with trek's mountain bike teams the collaboration between the two companies has grown and now also includes the supply of MTB tyres to the TREK Factory Racing XC, Enduro and Downhill teams.
Material Types Covered:
- Radial Tires
- Nylon Tires
- Steel-Belted Radial Tires
- Polyester Tires
- Other Material Types
Vehicle Types Covered:
- Passenger Cars
- Heavy Commercial Vehicles
- Light Trucks
Seasons Covered:
- Winter
- Summer
- All-Season
Sales Channels Covered:
- Online Retail
- Tire Specialty Stores
- Hypermarkets
- Other Sales Channels
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Emerging Markets
- 3.7 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Passenger Tire Market, By Material Type
- 5.1 Introduction
- 5.2 Radial Tires
- 5.3 Nylon Tires
- 5.4 Steel-Belted Radial Tires
- 5.5 Polyester Tires
- 5.6 Other Material Types
6 Global Passenger Tire Market, By Vehicle Type
- 6.1 Introduction
- 6.2 Passenger Cars
- 6.3 Heavy Commercial Vehicles
- 6.4 Light Trucks
7 Global Passenger Tire Market, By Season
- 7.1 Introduction
- 7.2 Winter
- 7.3 Summer
- 7.4 All-Season
8 Global Passenger Tire Market, By Sales Channel
- 8.1 Introduction
- 8.2 Online Retail
- 8.3 Tire Specialty Stores
- 8.4 Hypermarkets
- 8.5 Other Sales Channels
9 Global Passenger Tire Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Bridgestone Americas Tire Operations
- 11.2 Continental Tire
- 11.3 Falken Tire
- 11.4 Giti Tires
- 11.5 Goodyear Tire and Rubber
- 11.6 Hankook Tire
- 11.7 Kumho Tire
- 11.8 Toyo Tire
- 11.9 Nexen Tire
- 11.10 Nitto Tire
- 11.11 Pirelli
- 11.12 Sumitomo Rubber Industries
- 11.13 Yokohama Tire
List of Tables
- Table 1 Global Passenger Tire Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 3 Global Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 4 Global Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 5 Global Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 6 Global Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 7 Global Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 8 Global Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 9 Global Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 10 Global Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 11 Global Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 12 Global Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 13 Global Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 14 Global Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 15 Global Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 16 Global Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 17 Global Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 18 Global Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 19 Global Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 20 Global Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 21 North America Passenger Tire Market Outlook, By Country (2021-2030) ($MN)
- Table 22 North America Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 23 North America Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 24 North America Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 25 North America Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 26 North America Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 27 North America Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 28 North America Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 29 North America Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 30 North America Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 31 North America Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 32 North America Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 33 North America Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 34 North America Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 35 North America Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 36 North America Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 37 North America Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 38 North America Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 39 North America Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 40 North America Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 41 Europe Passenger Tire Market Outlook, By Country (2021-2030) ($MN)
- Table 42 Europe Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 43 Europe Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 44 Europe Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 45 Europe Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 46 Europe Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 47 Europe Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 48 Europe Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 49 Europe Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 50 Europe Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 51 Europe Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 52 Europe Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 53 Europe Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 54 Europe Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 55 Europe Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 56 Europe Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 57 Europe Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 58 Europe Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 59 Europe Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 60 Europe Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 61 Asia Pacific Passenger Tire Market Outlook, By Country (2021-2030) ($MN)
- Table 62 Asia Pacific Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 63 Asia Pacific Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 64 Asia Pacific Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 65 Asia Pacific Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 66 Asia Pacific Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 67 Asia Pacific Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 68 Asia Pacific Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 69 Asia Pacific Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 70 Asia Pacific Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 71 Asia Pacific Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 72 Asia Pacific Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 73 Asia Pacific Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 74 Asia Pacific Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 75 Asia Pacific Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 76 Asia Pacific Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 77 Asia Pacific Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 78 Asia Pacific Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 79 Asia Pacific Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 80 Asia Pacific Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 81 South America Passenger Tire Market Outlook, By Country (2021-2030) ($MN)
- Table 82 South America Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 83 South America Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 84 South America Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 85 South America Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 86 South America Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 87 South America Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 88 South America Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 89 South America Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 90 South America Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 91 South America Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 92 South America Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 93 South America Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 94 South America Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 95 South America Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 96 South America Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 97 South America Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 98 South America Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 99 South America Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 100 South America Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
- Table 101 Middle East & Africa Passenger Tire Market Outlook, By Country (2021-2030) ($MN)
- Table 102 Middle East & Africa Passenger Tire Market Outlook, By Material Type (2021-2030) ($MN)
- Table 103 Middle East & Africa Passenger Tire Market Outlook, By Radial Tires (2021-2030) ($MN)
- Table 104 Middle East & Africa Passenger Tire Market Outlook, By Nylon Tires (2021-2030) ($MN)
- Table 105 Middle East & Africa Passenger Tire Market Outlook, By Steel-Belted Radial Tires (2021-2030) ($MN)
- Table 106 Middle East & Africa Passenger Tire Market Outlook, By Polyester Tires (2021-2030) ($MN)
- Table 107 Middle East & Africa Passenger Tire Market Outlook, By Other Material Types (2021-2030) ($MN)
- Table 108 Middle East & Africa Passenger Tire Market Outlook, By Vehicle Type (2021-2030) ($MN)
- Table 109 Middle East & Africa Passenger Tire Market Outlook, By Passenger Cars (2021-2030) ($MN)
- Table 110 Middle East & Africa Passenger Tire Market Outlook, By Heavy Commercial Vehicles (2021-2030) ($MN)
- Table 111 Middle East & Africa Passenger Tire Market Outlook, By Light Trucks (2021-2030) ($MN)
- Table 112 Middle East & Africa Passenger Tire Market Outlook, By Season (2021-2030) ($MN)
- Table 113 Middle East & Africa Passenger Tire Market Outlook, By Winter (2021-2030) ($MN)
- Table 114 Middle East & Africa Passenger Tire Market Outlook, By Summer (2021-2030) ($MN)
- Table 115 Middle East & Africa Passenger Tire Market Outlook, By All-Season (2021-2030) ($MN)
- Table 116 Middle East & Africa Passenger Tire Market Outlook, By Sales Channel (2021-2030) ($MN)
- Table 117 Middle East & Africa Passenger Tire Market Outlook, By Online Retail (2021-2030) ($MN)
- Table 118 Middle East & Africa Passenger Tire Market Outlook, By Tire Specialty Stores (2021-2030) ($MN)
- Table 119 Middle East & Africa Passenger Tire Market Outlook, By Hypermarkets (2021-2030) ($MN)
- Table 120 Middle East & Africa Passenger Tire Market Outlook, By Other Sales Channels (2021-2030) ($MN)
