Passenger Tire Market Size - Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Passenger Tire Market 

Passenger Tire Market size is speculated to record stellar growth from 2024 to 2032, on account of the surging preference for electric vehicles to counter the escalating toxic carbon emissions from IC engine vehicles. As per IEA (International Energy Agency), in February and March 2023, the sales of electric cars surged, surpassing sales in February 2022 by nearly 60% and exceeding March 2022 sales by more than 25%.
 

Rapid technological proceeds in the field of space along with the rising penetration of AI and machine learning (ML) for analyzing several conditions of tires in passenger cars has also compelled several companies to invest in highly advanced tire mechanism developments for enhancing passenger experience. Moreover, the emerging trend of deploying green tires in passenger vehicles to provide improved tire energy efficiency will also bolster the product demand. As per the International Council on Clean Transportation research, the enhancements in tire energy efficiency can bring down the global fuel consumption from passenger vehicles by 5%.
 

Passenger Tire Market Trends 

The escalating passenger car sales and production worldwide is another notable trend for the industry development. As per the OICA statistics, the passenger vehicle sales exceeded 53 million units, further generating increased demand for tires.  However, the onset of the Russia-Ukraine war led to supply chain disruptions and raw material shortages across multiple sectors, including automotive. These operational and manufacturing limitations along with the rising rate of inflation worldwide are expected to negatively impede the passenger tire industry growth to some extent.

Passenger Tire Market Analysis

Based on source, the passenger tire industry from the synthetic polymer-sourced segment will gain momentum through 2032. The growth can be attributed to the robust ability of synthetic polymers for enhancing the overall performance of the tires when combined with natural rubber. The increasing prominence of halogenated polyisobutylene rubbers will also add positive impetus to the market expansion.
 

Asia Pacific passenger tire industry is likely to expand considerably between 2024 and 2032, due to the outgrowing passenger vehicle production and sales, mainly in Japan and China. The expanding urbanization and the subsequently improving disposable incomes and standard of living have resulted in the higher sales of passenger vehicles. The strong presence of leading tire manufacturers will also result in the surging industry demand.

Passenger Tire Market Share

Prominent participants operating across the passenger tire industry include:

• Goodyear Tire and Rubber Company
•  Bridgestone
•  Roadbot
• Micheline
•  Continental
• Pirelli

These firms are focusing on strategic initiatives like mergers, acquisitions, as well as partnerships and are coming up with novel solutions to attain a secure position in the global marketplace.

Passenger Tire Industry News

• In 2021, Nokian unveiled One, its all-season passenger tire featuring an aramid sidewall to withstand pothole strikes and other road hazards, with increased puncture resistance.
   
• In March 2023, Continental Tires India commercially rolled out Intelligent tyres to meet the requirements of the commercial vehicle sector.
   
• In February 2024, the EU Commission approved the foundation of a joint venture between Pirelli Tyre SpA and Saudi Arabia's Public Investment Fund (PIF) under the EU's 'merger regulation’.

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