What impact have tariffs had on the U.S. rubber tire market?

Posted by Divya586 from the Business category at 09 Apr 2025 06:39:07 am.

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Global Rubber Tire Market Poised to Reach USD 201.35 Billion by 2030

The global rubber tire market, valued at USD 155.08 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 3.8%, reaching approximately USD 201.35 billion by 2030.

This growth is driven by increasing vehicle production and a heightened demand for passenger cars worldwide.

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Competitive Landscape

The rubber tire market is highly competitive, with key players focusing on product innovation, strategic partnerships, and geographical expansion.
Major companies operating in this sector include Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, Continental AG, Sumitomo Rubber Industries, Apollo Tyres Ltd., MRF Ltd., JK Tyre & Industries Ltd., CEAT Ltd., Nexen Tire Corporation, Giti Tire, Nokian Tyres plc, Yokohama Tire Corporation, Hankook Tire, and Pirelli & C. S.p.A.

Regional Insights

Rubber Tire Growth in the United States

The North American tire market was valued at USD 62.1 billion in 2023, primarily driven by the increasing demand for vehicles and advancements in tire technology.

However, the U.S. market has faced challenges due to tariffs imposed on imported tires, leading to increased production costs and higher consumer prices.

Rubber Tire Opportunities in Asia Pacific

Asia Pacific dominated the rubber market with a share of 54.18% in 2019.

The region's growth is fueled by rising vehicle production, increasing demand for fuel-efficient tires, and advancements in tire technology.

Rubber Tire Trends in Europe

In Europe, the rubber tire market is experiencing steady growth, driven by the demand for smart tires and emission-reducing innovations.

Manufacturers are focusing on developing environmentally sustainable practices and advanced technological solutions to meet stringent environmental standards.

Rubber Tire Consolidation in the Middle East and Africa

The Middle East and Africa region is witnessing a balanced interplay between advanced technological needs and environmentally sustainable practices.

Tire manufacturers are under pressure to comply with stringent environmental standards while staying competitive through continuous product innovations.

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Mergers, Acquisitions, and Key Developments
Consolidation in the United States

The U.S. tire market has seen significant consolidation activities.

For instance, Sumitomo Rubber Industries announced the closure of its tire manufacturing plant in Tonawanda, New York, affecting 1,550 jobs.

The decision was part of a strategic move to optimize global production and reduce financial losses.

Expansion in Asia Pacific

In December 2024, CEAT Ltd., an Indian tire manufacturer, acquired the Camso brand from France's Michelin for $225 million.

This acquisition aims to expand CEAT's presence in the off-highway tire segment and enhance profit margins.

Innovation in Europe

European tire manufacturers are investing in smart tire technologies and emission-reducing innovations to meet the region's stringent environmental regulations.

These advancements are reshaping the industry and driving market growth.

Market Entry in the Middle East and Africa

The Middle East and Africa region is witnessing a balanced interplay between advanced technological needs and environmentally sustainable practices.

Tire manufacturers are under pressure to comply with stringent environmental standards while staying competitive through continuous product innovations.

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♦ Market Segmentation: In-Depth Analysis:
by Rim Size
<11’’
12’’-17’’
18’’-21’’
>22’’-25’’
29’’-49’’
51’’-63’’
by Tire Type
Radial
Bias
Solid
by Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Truck & Bus
Construction & Mining Vehicles
Agricultural Tractors
Industrial Vehicle
Motorcycle & Scooters
In 2023, the market share of passenger vehicles was the biggest by vehicle type. Tires for passenger cars are made of rubber because it is elastic, long-lasting, and wear-resistant. Additionally, rubber tires require less effort to overcome friction than steel tires since they have a lower coefficient of friction with the road. Due to the growing purchasing power of society and the resulting increased demand for automobiles, passenger and commercial vehicles are expected to play important roles.
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♦ Market Key Players : In-Depth Analysis:
1.Apollo Tyres Ltd
2. Bridgestone Corporation
3. CEAT Limited
4. Continental AG
5. Hankook & Company Co., Ltd.
6. JK Tyre & INDUSTRIES LTD.
7. Michelin
8. MRF Limited
9. Nokian Tyres PLC
10. Pirelli & C. S.p.A
♦ Note:
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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