TechSci Research’s report titled “Tire Market –Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” states that the global tire market is expected to grow at a robust rate of 7.53% by value during the forecast period and reach USD 353 billion by 2027. The increased manufacturing and demand for replacement tires are the key factors driving this growth. China, which is the largest tire producer and market in the world, is expected to grow at a CAGR of 7.52% by volume during the forecast period. To boost the production of electric vehicles, the Chinese government plans to provide subsidies on each purchase of electric vehicles.
The global tire market is classified based on vehicle type, demand category, tire construction type, and region. The market for passenger car tires is surging due to the increase in sales of passenger cars because of the huge population and disposable income. Original equipment manufacturers (OEM) are the fastest growing segment in the forecast years, as tire manufacturers adopt new technologies. The replacement rate of tires will increase, which will escalate the demand for tires, and the market will continue to grow sustainably.
The market is segmented into radial tires & bias tires based on tire construction type. The radial tires have better performance characteristics, especially in heavy commercial vehicles, such as minimal rolling resistance, rapid heat dissipation, and prolonged life. These qualities make radial tires more flexible, and as a result, peoples are preferring radial tires instead of bias tires. Hence, radial tires hold a major share in the global tire market in the tire construction segment.
Asian and European countries are the leaders in the mainstream market as they produce and sell the majority of automobiles. China, the US, and Germany are the three largest tire producers and markets in the world, respectively. China and the US will grow at a CAGR of 7.52% and 5.90% in terms of volume, respectively, and will help boost the market in the forecast period.
Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of tires in the end of the first quarter and substantially in the second quarter fell in most of the countries affecting current year’s performance. Nevertheless, in most of the regions across the globe, the market rapidly recovered in the end of the second quarter and the third quarter.
In 2021, the Michelin group dominates the market due to its remarkable dealership network, which offers a wide range of economical yet qualitative products, which withstand government’s safety norms.
Browse over 395 market data Figures spread through 660 Pages and an in-depth TOC on“Global Tire Market”- https://www.techsciresearch.com/report/global-tire-market/3057.html
Some of the major companies operating in the Global Tire Market include:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
- Cheng Shin Rubber Industry Co.
- Toyo Tire Corporation
- Shandong Linglong Tire Co., Ltd.
- Giti Tire
- Sailun Group Co. Ltd.
- Madras Rubber Factory Ltd.
- Kumho Tire Co.
- Nokian Tires plc
- Nexen Tire Corporation
- JK Tyre Industries Ltd.
- Apollo Tyres Ltd.
Customers can also request for 10% free customization on this report.
“The demand for tires is anticipated to increase globally in the coming years, on account of increased adoption of new tire technologies.”, thus making the market grow in the forecast time period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“Tire Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region”, has evaluated the future growth potential of global tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Tire Market.
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