- Estimated to be worth $262 billion in 2023, the global tire market is expected to continue on its post-Covid recovery trajectory to 2028
- In volume terms, annual growth will average 3.5% through 2028
- The Asia-Pacific market, led by India, will achieve 6.4% CAGR in unit growth to 2028.
This report analyses and forecasts market growth by raw material, tire type, end-use, geographic region, and leading national market through 2028. Key chapters detail how value growth is occurring faster through the report period due to greater value added and anticipated increased input costs, tempered by greater manufacturing efficiencies (via AI, zero waste, etc.).
Top drivers and trends in the global tire market for the period 2023- 2028 will be examined critically, including tire designs, capabilities, manufacturing and raw materials. This includes how tire makers will respond to ongoing, intensifying challenges, such as legislation and environmental concerns; and can leverage new technology to translate these into commercial opportunities.
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What will you discover?
- A series of new challenges are impacting the global tire market to 2028, major geopolitical disruptions (the war in Ukraine, heightened tensions over Taiwan, rising trade barriers, further rise of BRICS), a more inflationary environment, and technology advances (AI, digitalization of supply chains, the rapid transition to electric vehicles)
- This updated report looks at the impact of these factors in addition to new regulations, mandates and standards relating to the environment and emissions.
The Smithers methodology
- Statistical data for the global tire market by material type, end use and region
- How the tire industry is responding to intensification of the regulatory environment
- Actions resulting from sharper focus on the environmental impact of tire use
- Movement toward sustainability and the circular economy (e.g., material mix, alternative materials, and recycling)
- Trends in the rise of related services to support tire company profits.
This report is based on extensive primary and secondary research. Primary research consisted of targeted interviews with material suppliers, converters and experts drawn from key markets. This was supported by secondary research in the form of extensive literature analysis of published data, official government statistics, domestic and international trade organisation data, company websites, industry reports, trade press articles, presentations, and attendance at trade events.
Who should buy the report?
About the author
- Tire makers
- Producers of tire materials
- Equipment suppliers to the tire industry
- Participants in the tire market value chain
- Industry analysts and researchers
Arthur Mayer has many years of experience in the tire industry, working in a variety of roles at Dealer Tire and as a contract writer and consultant covering a wide range of nontechnical tire topics for Smithers and its clients. He was a speaker at recent Smithers’ Traction conferences, covering the fast-emerging area of sensors and intelligent tires.