Tire Industry

A tire is a ring-shaped component that surrounds a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and to provide traction, made in pneumatic form for cars, bicycles, motorcycles, buses, trucks, heavy equipment, and aircraft, and in non-pneumatic form for locomotives, railcars, forklifts, and lawnmowers. As of 2011 the leading manufacturers by volume were Bridgestone with about 190 million tires a year, Michelin with 184 million, and Goodyear with 181 million, followed by Continental and Pirelli as major competitors. Global production exceeds 2.5 billion tires a year, with 2,268 million tires produced in 2021 and output projected to reach 2,665 million by 2027, and the global market was valued at about 126 billion dollars in 2022, expected to exceed 176 billion dollars by 2027. Around 450 tire factories operate worldwide, making the industry one of the largest consumers of natural rubber.