Markntel Advisors’ report, Tire (Tyre) Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2029, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the Tire (Tyre) presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

Tire (Tyre) Market Research Report & Market Summary:

The Global Tire Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29. With the emergence of more efficient vehicles and a smoother infrastructure, the market is experiencing rapid growth & changes. The rise in vehicle production in developing countries & increased competition among tire manufacturers are the prime aspects projected to drive the market in the forecast years.

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Tire (Tyre) Market Dynamics:

Key Driver-

Mounting Prevalence of Electric Vehicles – One of the most prominent factors projected to drive the Tyre Market during 2024-29 is the rapidly surging electric vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the Tire Market growth.

Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.

Tire (Tyre) Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

By Vehicle Type

  • Two-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
  • Three-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)
  • Passenger Car- Market Size & Forecast 2019-2029, (Thousand Units)
  • Commercial Vehicle -Market Size & Forecast 2019-2029, (Thousand Units)
    • Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2029, (Thousand Units)
    • Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2029, (Thousand Units)
  • Off-the-Road Vehicle (OTR)-Market Size & Forecast 2019-2029, (Thousand Units)

Passenger Cars are projected to capture a substantial share of the Tire Market during 2024-29. Modern Passenger car tires are made up of different materials like natural rubber (NR), synthetic rubber (SR), and thermoplastic elastomer (TPE). These materials provide better wear resistance than materials used earlier.

By Demand Type

  • OEM - Market Size & Forecast 2019-2029, (Thousand Units)
  • Replacement - Market Size & Forecast 2019-2029, (Thousand Units)

By Tire Type

  • Radial- Market Size & Forecast 2019-2029, (Thousand Units)
  • Bias - Market Size & Forecast 2019-2029, (Thousand Units)

The Tire Market is primarily governed by Radial Tire as it accounts for the largest share and is presumed to be one of the leading tire types in the forthcoming years as well. It is attributed to the narrow gap between the prices of both radial & bias tires, the growing presence of tire manufacturers, and the rising demand for better performance & durable tires.

By Season

  • Summer Tires- Market Size & Forecast 2019-2029, (Thousand Units)
  • Winter Tires - Market Size & Forecast 2019-2029, (Thousand Units)
  • All Season Tires- Market Size & Forecast 2019-2029, (Thousand Units)

By Sales Channel

  • Direct Sales- Market Size & Forecast 2019-2029, (Thousand Units)
  • Dealer Distributor - Market Size & Forecast 2019-2029, (Thousand Units)
  • Online Platform- Market Size & Forecast 2019-2029, (Thousand Units)

By Rim Size

  • Up to 12” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 1” to 15” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 1” to 18” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 18” to 22.5” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 6” to 26” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 1” to 35” - Market Size & Forecast 2019-2029, (Thousand Units)
  • 1” to 47” - Market Size & Forecast 2019-2029, (Thousand Units)
  • Above 47” - Market Size & Forecast 2019-2029, (Thousand Units)

By Price Category

  • Budget- Market Size & Forecast 2019-2029, (Thousand Units)
  • Economy- Market Size & Forecast 2019-2029, (Thousand Units)
  • Premium- Market Size & Forecast 2019-2029, (Thousand Units)

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific.

Asia-Pacific is expecting the largest share of the Tire Market during 2024-29, owing to the burgeoning sales of passenger & commercial vehicles in emerging economies like China & India on account of rapid urbanization & increased industrial activities. As a result, automotive & tire manufacturers are establishing production plants & expanding their presence across the region. Various strategic collaborations between automakers & tire manufacturers in India are also augmenting the regional market growth.

As indicated in the latest market research report published by Markntel Advisors, “Tire (Tyre) Research Report: Forecast (2024-2029)”, this report offers a detailed analysis of the industry, featuring insights into the Tire (Tyre) industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures - https://www.marknteladvisors.com/research-library/global-tire-market.html

Top Companies Operating in the Tire (Tyre) Market:

  • Bridgestone Corporation
  • Continental AG
  • Hankook & Company Co., Ltd.
  • Michelin
  • Nokian Tyres Plc
  • Pirelli & C. S.P.A.
  • Sumitomo Rubber Industries, Ltd.
  • The Yokohama Rubber Co., Ltd.                                            
  • Toyo Tire Corporation
  • MRF Limited
  • CEAT Limited
  • JK Tire & Industries Ltd.
  • Apollo Tires Ltd
  • Zhongce Rubber Group Co., Ltd.
  • Sailun Group Co., Ltd
  •  

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Other Report:

Key Report Highlights:

  • Market Dimensions & Projections
  • Pricing Evaluation,
  • Recent Strategic Moves by Companies,
  • Primary Stakeholders,
  • Analysis of Import and Export Trends,
  • Competitive Landscape Assessment,
  • Emerging Opportunities,
  • Market Trends and Indicators

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Frequently Asked Questions (FAQs)-

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What leading factors would propel and impede the industry across the geography?
  4. How has the industry been evolving in terms of geography & Tire (Tyre) Market adoption?
  5. How has the competition been shaping up across the geography?
  1. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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