Tire Market Current Trends And Future Aspect Analysis to 2028
IMARC Group has recently released a new research study titled “Tire Market Report by Design (Radial Market, Bias Market), End-Use (OEM Market, Replacement Market), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, Off-The-Road (OTR)), Distribution Channel (Offline, Online), Season (All Season Tires, Winter Tires, Summer Tires), and Region 2023-2028”, the global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.
Industry Overview:
A tire is a ring-shaped component that surrounds a wheel's rim to transfer the vehicle's load from the axle through the wheel to the ground, providing traction on the surface traveled over. Constructed from rubber and other materials, tires are designed to cushion the load, resist wear, and withstand environmental and road conditions. They are a critical part of vehicles like cars, bicycles, motorcycles, trucks, and airplanes. Tires are typically pneumatic, meaning they are air-filled, and feature a tread pattern on the outer surface to improve grip and handling. The design and composition of tires vary depending on the vehicle type and its intended use, such as for on-road, off-road, or performance driving. Tires play a vital role in vehicle safety, performance, and efficiency.
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Tire Market Growth Drivers and Trends:
The expansion of the automotive industry represents one of the key factors driving the growth of the market across the globe. As vehicle production increases, so does the demand for tires. This includes not just passenger cars but also commercial vehicles. With rising global income levels, particularly in developing countries, there is a rise in vehicle ownership, which directly increases the demand for tires. Technological innovations leading to the development of more durable, efficient, and environmentally friendly tires drive the market growth. This includes the advent of smart tires equipped with sensors for various functionalities.
The replacement or aftermarket for tires also significantly contributes to market growth. Tires are subject to wear and tear and need to be replaced periodically, which is creating a continuous demand. Increasingly stringent regulations regarding vehicle emissions and fuel efficiency standards push for the development of eco-friendly and fuel-efficient tires, which is stimulating market innovation and growth. The popularity of off-road and specialty vehicles, which require specific types of tires, also propels the market.
Tire Industry 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
Organic Food Companies Covered:
The Michelin Group
Bridgestone Corporation
Continental AG
The Goodyear Tire and Rubber Company
Sumitomo Corporation
Pirelli Tyre S.p.A
Yokohama Tire Corporation
Hankook Tire and Technology Co., Ltd.
Toyo Engineering Corporation
Kumho Tyre (Australia) Pty Ltd.
Tire Market Segmentation:
Breakup by Design Insights:
Radial Market
Bias Market
Breakup by End-Use Insights:
OEM Market
Replacement Market
Breakup by Vehicle Type:
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)
Distribution Channel Insights:
Offline
Online
Season Insights:
All Season Tires
Winter Tires
Summer Tires
Breakup by Region:
North America
Asia Pacific
Europe
Latin America
Middle East and Africa
Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=575&flag=C
Key Highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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