Original equipment manufacturers (OEMs) are expected to account for almost 40 percent the global automotive intelligent tire and sensor market in 2024. This market was was pegged at 47 billion U.S. dollars in 2018 and is expected to increase to 77.5 billion U.S. dollars by 2024.

Tire sales across the globe are expected to reach 3.66 billion units in 2018. Passenger cars accounted for about one third of total tire demand in 2017. Worldwide demand for car and light commercial vehicle tires is expected to have reached 1.6 billion units in 2018. The largest region for tire sales is the Asia-Pacific market: 1.38 billion units are sold here, according to the forecast. Tire companies The Asia-Pacific region is also home to the largest tire producer in the world, Bridgestone. One of the oldest tire brands in the world is Dunlop, dating back to 1889. Today, the Dunlop brand is owned by the world's third largest tire producer. About tires Tires are found on most road and terrestrial vehicles but may vary in tread or size to suit the vehicle and surface they are used for. Air is often used to inflate pneumatic tires which provides shock absorption from the surface roughness. The pneumatic tire was invented by Scotsman Robert Williams Thomson in the mid-19th century. The biggest tires in the world are typically used in agriculture and mining industries, where they are attached to heavy duty vehicles and stand up to 14 feet tall.

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Bias Tire Market Size 2024-2028

The bias tire market size is forecast to increase by USD 6.33 billion at a CAGR of 4.4% between 2023 and 2028.

The market is experiencing significant growth due to the increasing demand for bias tires in sectors such as agriculture equipment. This sector's expansion is driven by the durability and reliability of bias tires and automotive tires in heavy-duty applications. Another trend influencing the market is the rise of online retailing in the tire industry, which offers convenience and cost savings to consumers. However, environmental concerns related to bias tire manufacturing activities, such as the release of harmful emissions and excessive use of natural resources, pose challenges to market growth.

Producers must address these issues through sustainable manufacturing practices and innovation to ensure long-term market success. The bias tire market is driven by the demand for heavy-duty tires known for their durability and cost-effectiveness. These tires excel in off-road applications, making them essential for agriculture and industrial use. With the growth of the automotive industry, tire performance and maintenance have become critical, further encouraging practices like tire retreading. Emphasizing sustainability, bias tires provide reliable solutions for varied terrains while maintaining operational efficiency.

What is the Size of the Bias Tire Market During the Forecast Period?

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Bias tires, a type of pneumatic tire with a distinctive curved cross-section, continue to hold significant market share in various industries due to their unique features. The construction of bias tires involves using rubber plies, which can be made of nylon, steel, or fiberglass, that are laid in a crisscross pattern. This design enhances the tire's load-carrying capacity, making it an ideal choice for tractor applications in the agricultural sector. Automation in manufacturing processes has led to advancements in bias tire technology, enabling the production of high-performance tires for heavy machinery, trailers, and construction equipment. The global mining activity and infrastructure development projects require strong tires with superior load-carrying capacity, leading to an increased demand for bias tires.

Moreover, the market for bias tires is segmented into applications such as agricultural equipment, passenger cars, commercial vehicles, and OEMs. Retailers play a crucial role in the distribution of bias tires to end-users. The sidewall and tread designs of bias tires are engineered using fabric cords and inner plies to optimize their performance in specific applications. Despite the increasing popularity of radial tires, general bias tires continue to cater to the unique requirements of various industries.

Bias Tire Market Segmentation

The bias tire market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Bias belted tires
  General bias tires


Distribution Channel

  OEM
  Aftermarket


Geography

  APAC

    China
    India
    Japan
    South Korea
    Australia


  North America

    US
    Canada
    Mexico


  Europe

    Germany
    France
    UK


  South America



  Middle East and Africa

By Type Insights

The bias belted tires segment is estimated to witness significant growth during the forecast period. Bias tires, an essential component of various types of vehicles, continue to hold significant market share due to their strength and versatility. These tires, featuring rubber plies reinforced with materials like nylon, steel, and fiberglass, cater to the demands of the agricultural sector, heavy machinery, trailers, and industrial vehicles. The bias-belted and general bias tire designs offer superior load-carrying capacity for tractors, construction & mining vehicles, and pickup trucks. In the automation era, radial tires have gained popularity, but bias tires maintain their relevance. They are extensively used in farm mechanization, global mining activity, and cross-border freight transit. The layered design of bias tires, comprising fabric cords in the sidewall, tread, and inner plies, ensures durability and resistance to punctures.

The tire ply, a crucial tire component, influences rolling resistance, which is a critical factor in determining fuel efficiency. OEMs and aftermarket retailers continue to invest in research and development to enhance the performance and functionality of bias tires.

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The Bias belted tires segment accounted for USD 13.69 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

North America

According to Future Market Insights, the global off highway tires market will be valued at US$ 9,405.4 Million in 2023 and will increase at a CAGR of 7.9% from 2023 to 2033.

Attributes	Details
Market Size 2022A	US$ 8,716.8 Million
Market Size 2023E	US$ 9,405.4 Million
Market Size 2033F	US$ 20,118.3 Million
Value CAGR (2023 to 2033)	7.9%

Scope of the Report

Attribute	Details
Growth Rate	CAGR of 7.9% from 2023 to 2033
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in USD Million, Volume in Units and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Sales Channel End Use Region
Regions Covered	North America Latin America Eastern Europe Western Europe East Asia South Asia and Pacific Central Asia Russia & Belarus Balkan & Baltic Countries The Middle East and Africa
Key Countries Covered	USA Canada Mexico Brazil Argentina Germany The United Kingdom France BENELUX Nordics Italy Spain Poland Hungary Romania Czech Republic China Japan India ASEAN Türkiye South Africa Northern Africa KSA UAE Israel Australia & New Zealand
Key Companies Profiled	Bridgestone Michelin Goodyear Yokohama Tire China National Tire & Rubber MRF Continental AG, Belshina Cheng-Shin Rubber Eurotire
Customization & Pricing	Available upon Request

In 2024, after five years of decline, there was significant growth in the South Korean passenger car tyre market, when its value increased by 12% to $1.5B. Over the period under review, consumption, however, recorded a slight downturn. Over the period under review, the market hit record highs at $2B in 2018; however, from 2019 to 2024, consumption stood at a somewhat lower figure.

In 2024, after two years of decline, there was significant growth in the Sudanese tyre market, when its value increased by 39% to $91M. Overall, consumption, however, recorded a mild slump. Over the period under review, the market hit record highs at $150M in 2018; however, from 2019 to 2024, consumption failed to regain momentum.

Table of Contents

• Automobile Tyre Market Scope:

The report on Automobile Tyre Market offers in-depth analysis of market trends, drivers, restraints, opportunities etc. Along with qualitative information, this report includes the quantitative analysis of various segments in terms of market share, growth, opportunity analysis, market value, etc. for the forecast years. The global automobile tyre market is segmented on the basis of type, application, and geography.

The worldwide market for Automobile Tyre Market is expected to grow at a CAGR of roughly x.x% over the next nine years, and will reach US$ XX.X Mn in 2028, from US$ XX.X Mn in 2018, according to a new Market.us (Prudour Research) study. Read More

After two years of growth, the Italian passenger car tyre market decreased by -18.2% to $1.6B in 2024. Over the period under review, consumption showed a mild contraction. Passenger car tyre consumption peaked at $2.2B in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

Vietnam tire market size is projected to exhibit a growth rate (CAGR) of 5.80% during 2024-2032. The expanding middle class, expanding infrastructure development, increased vehicle production, the rise of electric vehicles (EVs), a shift toward eco-friendly tires, a rise in recreational activities and tourism, and favorable sustainability initiatives in tire manufacturing represent some of the key factors driving the market.

Report Attribute	Key Statistics
Base Year	2023
Forecast Years	2024-2032
Historical Years	2018-2023
Market Growth Rate (2024-2032)	5.80%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on design, end use, vehicle type, distribution channel, and season.

The Pakistani retreaded pneumatic tyre market rose to $136M in 2024, picking up by 4.2% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Retreaded pneumatic tyre consumption peaked at $247M in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

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Automotive Premium Tires Market Size 2024-2028

The automotive premium tires market size is forecast to increase by USD 37.39 billion at a CAGR of 11.54% between 2023 and 2028.

The market is experiencing significant growth, driven by several key trends. One of the primary factors fueling market expansion is the increasing penetration of Tire Pressure Monitoring Systems (TPMS) in truck tires. This technology enhances safety and efficiency, leading to a higher demand for premium tires. Another trend is the rising preference for environment-friendly tires, as consumers become more conscious of their carbon footprint. Price fluctuations of rubber, a crucial raw material, also impact market dynamics. Manufacturers employ advanced manufacturing technology, including synthetic rubber and elastomer grades, to produce high-performing, durable, and affordable tires. Despite these growth opportunities, the market faces challenges such as intense competition and the high cost of premium tires, which may limit market penetration among price-sensitive consumers. Overall, the market is poised for steady growth, with a focus on innovation, sustainability, and cost competitiveness.

What will be the Size of the Automotive Premium Tires Market During the Forecast Period?

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The automotive premium tire market caters to vehicle owners seeking superior performance, durability, and sustainability In their tire purchases. Premium tires offer enhanced fuel economy, convenience, and product differentiation, making them an attractive choice for both personal and commercial applications. Manufacturing technology advances continue to drive innovation, with OEMs integrating premium tires as standard equipment on new vehicles. Aftermarket sales of premium tires are also, driven by the increasing popularity of SUVs, crossover vehicles, and commercial fleet operators. Cost-effective retreaded tires provide an alternative for those seeking affordability without compromising on performance or durability. Sustainability is a growing trend In the market, with manufacturers focusing on producing eco-friendly tires using green energy and advanced materials.
Premium tires are also favored in various sectors, including motorsports events, sports, racing, and extreme terrain rallies, where superior traction and durability are essential. Operating costs remain a key consideration, with manufacturers striving to balance affordability and performance.

How is this Automotive Premium Tires Industry segmented and which is the largest segment?

The automotive premium tires industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Replacement
  OEM


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    France


  Middle East and Africa



  South America

By End-user Insights

The replacement segment is estimated to witness significant growth during the forecast period.

The premium tires market experienced significant growth in North America and Europe, accounting for nearly 80% of sales in 2023. The replacement tire segment's expansion is primarily driven by the balance between a premium tire's performance and lifespan. Automotive premium tire manufacturers prioritize safety, comfort, and performance during design and development. These tires offer low rolling resistance, which enhances overall performance but results in faster wear and tear. Consequently, the replacement frequency for premium tires is higher than conventional tires due to their shorter lifetimes. Additionally, premium tires contribute to fuel economy and offer convenience to vehicle owners.

Commercial fleet operators and commercial vehicles, including SUVs, crossover vehicles, and construction vehicles, also utilize premium tires for their durability and cost-effectiveness In the long run. Innovative products In the tire manufacturing industry, such as radial tires and 3D printing, further enhance the market's growth.

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The Replacement segment was valued at USD 28.45 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

Europe is estimated to contribute 38% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American market, specifically the US, Canada, and Mexico, holds a significant share In the market. The focus on maintenance, replacement, and fuel economy, as well as the convenienc

This statistic represents the global light vehicle original equipment (OE) tire market volume from 2008 through 2016, with estimates for 2017 and 2018. In 2016, the global light vehicle OE tire market volume increased by around 5.2 percent.

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Tire Cord Market Size 2024-2028

The tire cord market size is forecast to increase by USD 839 million at a CAGR of 2.3% between 2023 and 2028.

The market is witnessing significant growth due to the increasing number of automobile buyers and the rising demand for electric vehicles globally. The market is segmented based on materials used, including textile, steel, glass, synthetic rubber, and others. Textile cords, made from materials like cotton and jute, are commonly used in bicycle tires, while steel and glass cords are preferred for automobile tires due to their strength and durability. Synthetic rubber cords, which include butadiene and other types, offer advantages such as flexibility and resistance to heat. Raw material prices, particularly for copper and carbon black, continue to be a significant challenge for tire cord manufacturers.
To mitigate these price fluctuations, some companies are exploring alternative materials and production methods. For instance, some are using wax instead of copper as a reinforcing filler, while others are developing new adhesives to reduce their reliance on rubber. Additionally, the integration of LED technology and advanced materials like carbon fiber in tire production is expected to drive market growth. Overall, the market is poised for steady expansion, driven by the increasing demand for tires and the ongoing innovation in tire technology.

What will be the Size of the Tire Cord Market during the forecast period?

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The market encompasses a range of materials used to reinforce automotive tires, including steel, nylon, polyester, rayon, and synthetic fibers. These reinforcements enhance tire durability, elasticity, and performance, contributing to the overall strength and safety of vehicles. Tire cord technology continues to evolve, with a focus on high-performance materials and improved ozone resistance. Electric vehicles present new challenges for tire manufacturers, necessitating the development of specialized tire compounds and reinforcements. Rubber compound additives also play a crucial role in tire performance, influencing factors such as elasticity enhancement and sidewall reinforcement technology. The market is expected to grow significantly due to increasing vehicle production and the demand for high-performance tires.

How is this Tire Cord Industry segmented?

The tire cord industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Material

  Steel
  Textile


Geography

  APAC

    China
    Japan
    Thailand


  Europe

    Germany


  North America

    US


  South America



  Middle East and Africa

By Material Insights

The steel segment is estimated to witness significant growth during the forecast period.Steel tire cords are a preferred choice in tire manufacturing due to their high stiffness and resistance to deformation. The use of steel in tire production enhances tire performance by reducing air pressure loss, improving fuel efficiency, and extending tire life. Steel's ability to manage tire weight and protect against excessive friction adds to its appeal. Some steel tire cords feature copper plating for enhanced adhesion between the rubber and steel, which forms a strong natural bond through the reaction of copper and sulfur In the rubber. This results in better tire durability and improved tire-road contact, ultimately leading to better vehicle performance.

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The Steel segment was valued at USD 3721.80 million in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 71% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The Asia Pacific (APAC) market is experiencing significant growth, driven by expanding economies in India and China, as well as established automotive markets in Japan and South Korea. The region's growth is attributed to the high demand for hybrid passenger vehicles, which incorporate brake-by-wire systems from leading automakers like INFINITI, Toyota Motor, and Lexus. APAC hosts some of the world's fastest-growing automotive economies, including China, India, and ASEAN countries, alongside developed markets such as Japan, South Korea, and Australia. Tire cords, primarily made of inextensible materials like steel, glass, synthetic fibers (Nylon, Polyester, Polyaramid, PCI Fibres), and rubber compounds, are crucial for tire reinforcement.

Their high stiffness, resistance t

Global OTR Tires Market estimated size and share is projected to exceed USD 46,701.06 Million by 2030, with a forecasted CAGR of 5.0% during the period.

The Ethiopian passenger car tyre market skyrocketed to $35M in 2024, with an increase of 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a mild decline. Passenger car tyre consumption peaked at $52M in 2017; however, from 2018 to 2024, consumption stood at a somewhat lower figure.

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Heavy-duty Vehicle Tires Market 2024-2028

The heavy-duty vehicle tires market size is forecast to increase by USD 10.38 billion, at a CAGR of 5.15% between 2023 and 2028. The market The growth of the market depends on several factors such as the rising demand for heavy-duty trucks for freight transportation, the increasing penetration of TPMS, and the adoption of predictive maintenance of tires,

The report offers extensive research analysis on the Heavy-duty Vehicle Tires Market, with a categorization based on Application, including trucks and buses. It further segments the market by End-user, encompassing aftermarket and OEM. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.

What will be the Size of the Heavy-duty Vehicle Tires Market During the Forecast Period?

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Heavy-duty Vehicle Tires Market: Key Drivers, Trends and Challenges

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Heavy-duty Vehicle Tires Market Driver

One of the key factors driving the heavy-duty vehicle tires market growth is the increasing penetration of TPMS. Fleet managers increasingly use tire pressure monitoring systems (TPMS) to determine tire health and enhance safety. In addition, TPMS offers the schematics of tire health and notifies drivers and tire dealerships about the need for a replacement to ensure minimal waiting time.

Moreover, this system also notifies drivers of significant changes in tire air pressure to avoid running in under-inflated tires that increase fuel consumption. In addition, running in under-inflated tires increases rolling resistance and fuel consumption. Furthermore, fleet managers increasingly demand truck and bus tires equipped with the required sensors to ascertain information on tire health and avoid vehicle breakdown. Hence, such factors are driving the market growth during the forecast period.

Key Heavy-duty Vehicle Tires Market Trends

A key factor shaping the heavy-duty vehicle tires market growth is the adoption of nanotechnology in tire manufacturing. Tire manufacturers are extensively leveraging nanotechnology to reduce the wear and tear of heavy-duty vehicle tires significantly. In addition, nanotechnology products offer stronger grips to winter tires when traversing snow-covered pavements. Furthermore, these tires give superior performance in extreme conditions.

Moreover, neoprene, a high-performance rubber additive, is used with the rubber mixture of the tire tread, which significantly helps reduce wear and tear. In addition, enhancements in rubber technology also impact the grip of tires. Neoprene is currently undergoing extensive tests. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.

Key Heavy-duty Vehicle Tires Market Challenge

Growing preference for 6x2 axles are one of the key challenges hindering the heavy-duty vehicle tires market growth. The increasing preference for fuel efficiency, as well as the rising stringency of vehicle emission systems, fuel the preference for commercial fuel-efficient trucks that do not compromise on load-pulling capacity. In addition, as a result, vehicle manufacturers have resorted to producing more truck models with 6x2 axle driveline configurations.

Moreover, a 6x2 axle driveline reduces the number of axles used in a truck and, as a result, the number of heavy-duty tires required. In addition, conventional commercial trucks are outfitted with 6x4 driveline configurations to improve traction on a variety of terrains. Furthermore, these heavy-duty vehicles have a drivetrain that powers both pairs of rear wheels, allowing them to transport heavy cargo over long distances without putting too much strain on the engine. Hence, such factors are hindering the market growth during the forecast period.

Heavy-duty Vehicle Tires Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Heavy-duty Vehicle Tires Market Customer Landscape

Who are the Major Heavy-duty Vehicle Tires Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mer

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Specialty Tires Market Size 2024-2028

The specialty tires market size is forecast to increase by USD 12.2 billion at a CAGR of 4.83% between 2023 and 2028. The market is experiencing significant growth due to various factors. One key driver is the increasing production of vehicles, particularly sedans, SUVs, and heavy commercial vehicles. This demand leads to an increased need for specialized tires to meet the unique requirements of these vehicles. Another trend is the development of advanced technologies, such as fuel efficiency and urbanization, which necessitate the use of specialized tires. Moreover, industrial activity and manufacturing plants require heavy-duty tires, contributing to the market's growth. The remolding and retreading process, including recap and re-manufacturing, is also gaining popularity due to cost savings and environmental benefits. Raw materials, particularly natural rubber, are becoming more affordable, further boosting the market. Hankook Tire and Kumho Tire are among the key players in this market, utilizing innovative technologies to meet consumer demands. However, challenges remain, such as rising labor costs and increasing competition.

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High-Performance Needs Specialty tires, crafted from rubber, are essential components for various industries and off-road enthusiasts. These tires, designed with unique features, cater to specific requirements in sectors such as agriculture, construction, mining, and off-road adventures. Performance, safety, and durability are the cornerstones of specialty tires. Off-road tires, for instance, boast reinforced sidewalls and aggressive tread patterns to handle rocky terrain and sweltering heat. They ensure safety by providing excellent traction and stability, while their durability comes from the use of robust compounds that can withstand heavy loads and harsh conditions.

The agricultural sector relies on farm tires to support investments in modern farming equipment. These tires, engineered for large tractors and heavy machinery, are crucial for maintaining productivity during construction activities and mining activities. The industrial sector also depends on specialty tires for its equipment, such as trailers and construction vehicles. Mining vehicles, in particular, require tires with exceptional durability to handle the heavy loads and rough conditions typical of mining sites. Investments in agriculture, construction, and mining activities continue to grow, leading to the increasing demand for high-performance tires. New machines, designed to optimize productivity and efficiency, require tires that can keep up with their capabilities.

Online shopping platforms have made it easier for businesses and individuals to purchase these tires, ensuring they have the right tires for their specific needs. Off-road adventures seekers also benefit from specialty tires. Tires with aggressive tread patterns and durable compounds enable them to explore diverse terrains with confidence. These tires not only provide superior traction but also ensure safety, allowing off-road enthusiasts to enjoy their adventures without worrying about tire failure. Specialty tires are more than just rubber; they are treaded wonders that cater to the unique needs of various industries and off-road enthusiasts. Their performance, safety, and durability make them indispensable for agriculture, construction, mining, and off-road adventures.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Mining and construction
  Agriculture
  Aircraft
  Others


Geography

  APAC

    China
    India
    Japan


  North America

    US


  Europe

    Germany


  South America



  Middle East and Africa

By Application Insights

The mining and construction segment is estimated to witness significant growth during the forecast period.The market caters to the unique tire requirements of various industries, including cargo and service transportation, industrial equipment, agricultural equipment, trailers, construction vehicles, mining vehicles, and heavy-duty vehicles. In the US, the mining sector primarily focuses on extracting natural resources from the earth, utilizing vehicles such as track-type tractors, loaders, scrapers, motor graders, wheel loaders, and dump trucks. The construction industry, on the other hand, deals with land preparation, repair, and alteration of structures, buildings, and real estate, employing loaders, excavators, backhoes, bulldozers, dump trucks, cement mixers, and cranes. Coal mining is a significant segment within the global mining industry, with countries like the US, China, Australia, Canada, India, Russia, Germany, Poland, Kazakhsta

In 2018, the net sales of Nokian Tyres Oyj generated in the Nordic countries were highest, reaching around 629 million euros. In Russia, the company's net sales amounted to almost 437 million euros.

The company, based in Nokia, Finland, develops and manufactures summer and winter tires for cars, heavy machineries, and bicycles. It operates mainly in the replacement market and produces in Europe, the United States, and Asia.

Global Tire Market was valued at USD 200 Bn in 2023, driven by the increasing vehicle production and sales, the growing demand for replacement Tires and advancements in Tire technology. The rise in disposable income, particularly in developing economies, has also contributed to higher automobile sales, which in turn boosts the Tire market.

The global ultra-high performance (UHP) tire market is expected to attain a valuation of US$ 13.6 billion in 2023 and is projected to reach US$ 39 billion by 2033, anticipated to rise at a CAGR of 11.1% during the forecast period.

Report Attribute	Details
Expected Market Value (2023)	US$ 13.6 billion
Anticipated Forecast Value (2033)	US$ 39 billion
Projected Growth Rate (2023 to 2033)	CAGR of 11.1%

Report Scope

Report Attribute	Details
Market Value in 2023	US$ 13.6 billion
Market Value in 2033	US$ 39 billion
Growth Rate	CAGR of 11.1% from 2023 to 2033
Base Year for Estimation	2022
Historical Data	2018 to 2022
Forecast Period	2023 to 2033
Quantitative Units	Revenue in US$ billion and CAGR from 2023 to 2033
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Tire Type Vehicle Type Sales Channel Region
Regions Covered	North America Latin America Europe Asia Pacific Middle East & Africa
Key Countries Profiled	United States Canada Brazil Mexico Germany United Kingdom France Spain Italy China Japan Malaysia Singapore Thailand Indonesia South Korea Australia New Zealand GCC Countries South Africa Israel
Key Companies Profiled	Continental AG Goodyear Tire & Rubber Company Michelin Group Pirelli & C. S.p.A. Bridgestone KUMHO TIRE Co., Inc. Yokohama Rubber Co., Ltd Nankang Rubber Tire Corp., Ltd. HANKOOK TIRE & TECHNOLOGY Co., Ltd. Toyo Tires Nitto tires NEXEN TIRE The Hercules Tire and Rubber Company Sumitomo Rubber Industries (Dunlop Tires) Chaoyang Tires, LLC Cooper Tire & Rubber Company
Customization & Pricing	Available upon Request