Passenger Car Tyre Market

The article provides an in-depth analysis of the global passenger car tyre market, highlighting trends in consumption, production, imports, and exports from 2012 to 2022. It includes forecasts for the period from 2022 to 2030, with anticipated growth rates in both volume and value terms. Key insights include data on the largest consuming countries, market size, per capita consumption levels, and prices. The analysis also covers trends in production, imports, and exports, identifying key players, growth rates, and price variations by country. Overall, the article offers a comprehensive overview of the passenger car tyre market, providing valuable information for industry stakeholders and decision-makers.

Market Forecast

Driven by increasing demand for tyres for motor cars worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 2.4B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $136.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tyres For Motor Cars

Global passenger car tyre consumption dropped slightly to 2B units in 2022, reducing by -3.8% on the year before. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption attained the peak volume of 2.1B units, and then reduced slightly in the following year.

The global passenger car tyre market size rose modestly to $99.1B in 2022, with an increase of 1.8% 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). The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Over the period under review, the global market attained the peak level at $101.7B in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (455M units), the United States (297M units) and India (198M units), with a combined 47% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by India (with a CAGR of +23.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre markets worldwide were the United States ($16.6B), China ($13.9B) and India ($8.5B), together accounting for 39% of the global market.

India, with a CAGR of +17.0%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of passenger car tyre per capita consumption in 2022 were the United States (885 units per 1000 persons), Italy (759 units per 1000 persons) and Germany (701 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +22.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Tyres For Motor Cars

In 2022, production of tyres for motor cars decreased by -3.6% to 2.1B units for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 9.6% against the previous year. As a result, production attained the peak volume of 2.1B units, and then reduced in the following year.

In value terms, passenger car tyre production dropped to $96.2B in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 27% against the previous year. Over the period under review, global production hit record highs at $123.6B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of passenger car tyre production was China (700M units), accounting for 34% of total volume. Moreover, passenger car tyre production in China exceeded the figures recorded by the second-largest producer, India (205M units), threefold. The United States (149M units) ranked third in terms of total production with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +2.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+26.5% per year) and the United States (+1.5% per year).

Imports

World Imports of Tyres For Motor Cars

Global passenger car tyre imports dropped slightly to 899M units in 2022, leveling off at the previous year's figure. The total import volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. As a result, imports attained the peak of 903M units, leveling off in the following year.

In value terms, passenger car tyre imports rose remarkably to $46.9B in 2022. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 20% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, the United States (163M units), distantly followed by Germany (85M units), France (54M units), Mexico (43M units) and the UK (42M units) were the major importers of tyres for motor cars, together creating 43% of total imports. The Netherlands (39M units), Italy (35M units), Spain (27M units), Brazil (22M units), Canada (22M units), Poland (18M units), Belgium (17M units) and Australia (16M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Mexico (with a CAGR of +9.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($9.2B) constitutes the largest market for imported tyres for motor cars worldwide, comprising 20% of global imports. The second position in the ranking was taken by Germany ($4.6B), with a 9.8% share of global imports. It was followed by France, with a 5.4% share.

In the United States, passenger car tyre imports increased at an average annual rate of +1.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-0.6% per year) and France (+0.2% per year).

Import Prices By Country

The average passenger car tyre import price stood at $52 per unit in 2022, rising by 6.6% against the previous year. Over the period under review, the import price, however, recorded a slight curtailment. Over the period under review, average import prices reached the peak figure at $62 per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($68 per unit), while Brazil ($25 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (-0.2%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Tyres For Motor Cars

Global passenger car tyre exports shrank modestly to 933M units in 2022, approximately equating the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 13%. As a result, the exports attained the peak of 934M units, leveling off in the following year.

In value terms, passenger car tyre exports rose to $44.9B in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 17% against the previous year. Over the period under review, the global exports reached the maximum in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, China (251M units) was the key exporter of tyres for motor cars, committing 27% of total exports. Thailand (64M units) took a 6.9% share (based on physical terms) of total exports, which put it in second place, followed by Germany (6.4%). The following exporters - South Korea (36M units), Poland (35M units), Romania (35M units), France (33M units), Indonesia (32M units), Hungary (31M units), Japan (30M units), the Netherlands (27M units), Mexico (25M units) and Spain (25M units) - together made up 33% of total exports.

From 2012 to 2022, average annual rates of growth with regard to passenger car tyre exports from China stood at +5.0%. At the same time, Mexico (+6.9%), Thailand (+5.6%), Hungary (+5.1%), Romania (+5.0%), Indonesia (+3.1%) and Poland (+2.6%) displayed positive paces of growth. Moreover, Mexico emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.9% from 2012-2022. Spain, the Netherlands and France experienced a relatively flat trend pattern. By contrast, Germany (-2.5%), Japan (-6.0%) and South Korea (-9.5%) illustrated a downward trend over the same period. While the share of China (+8.8 p.p.) and Thailand (+2.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-2.6 p.p.), Japan (-3.3 p.p.) and South Korea (-7.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($6.7B), Germany ($4B) and Thailand ($2.8B) appeared to be the countries with the highest levels of exports in 2022, with a combined 30% share of global exports. South Korea, Japan, the Netherlands, Romania, Poland, Hungary, Mexico, Indonesia, France and Spain lagged somewhat behind, together accounting for a further 37%.

In terms of the main exporting countries, Mexico, with a CAGR of +7.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average passenger car tyre export price amounted to $48 per unit, growing by 4.7% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 18%. Over the period under review, the average export prices reached the maximum at $57 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($68 per unit), while China ($27 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform