Estimated at $264 billion in 2021, the global tire market has begun to recover from the disruptions associated with COVID-19, with a rebound enhanced average annual growth rate of 3.6 percent (in volume) through 2026. Based on strong drivers and trends, Smithers anticipates a sustained recovery through 2026, as the market reverts to something closer to the pre-COVID-19 trajectory, though not fully catching up during the forecast period. Complicating this recovery are supply chain disruptions, and rising shipping and materials costs.
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What will you discover?
- Key forecast data on tire types, markets and materials
- Top tire industry drivers and trends, including government regulation, mobility, technology and sustainability
- The greater tire performance/load demands in many end use applications, as well as the material mix, alternative materials, and recycling/sustainability that are moving the industry toward the circular economy
- Changes being made in tire design and capabilities, manufacturing and raw materials that are meeting the many new and historically contradictory demands.
The Smithers Methodology
- Tire industry challenges and opportunities including further size proliferation
- Erosion of traditional tire profitability
- Intensification of the regulatory environment (expansion of labelling, pursuit of fuel efficiency and lower emissions)
- Developments in transportation technology and mobility
- Tire technology advances (sensors, connectivity and data analytics, non-pneumatics), and others
This report is based on extensive primary and secondary research. Primary research consisted of targeted interviews with tire raw material suppliers and tire industry experts. 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 this report?
About the author
- Producers of materials
- Equipment suppliers
- Product manufacturers
- Product integrators
- Users of the tire markets value chain
Art 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 non-technical 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. In his various roles, Art integrates primary (e.g., interviews with tire and ancillary experts and industry observers) and secondary research (e.g., databases, trade literature, financial literature) to develop customer, market, technology, and competitive insights and forecasts for clients.