This comprehensive Tire Market report by “MarkNtel Advisors: Leading Market research Company” offers valuable insights into the current and future market landscape, providing clarity on potential challenges and strategies for optimal brand positioning. It features detailed market segmentation, in-depth analysis of key market players, emerging trends in consumer behavior and supply chain dynamics, and opportunities in new geographical markets. With the insights from this report, you can manage your marketing strategies for goods and services more effectively.
According to recent market analysis report, the Global Tire Market which size was USD 232 billion in 2023, expected to grow at a CAGR of 4.11% during the forecast period of 2024 to 2029.
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Driving Force Behind the Growth of the Tire Market through 2029
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 Tyre 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.
Market Segment Highlights:
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)
By Demand Type
OEM - Market Size & Forecast 2019-2029, (Thousand Units)
Replacement - Market Size & Forecast 2019-2029, (Thousand Units)
By Tyre Type
Radial- Market Size & Forecast 2019-2029, (Thousand Units)
Bias - Market Size & Forecast 2019-2029, (Thousand Units)
The Tyre Market is primarily governed by Radial Tyre as it accounts for the largest share and is presumed to be one of the leading tyre types in the forthcoming years as well.
By Season
Summer Tyres- Market Size & Forecast 2019-2029, (Thousand Units)
Winter Tyres - Market Size & Forecast 2019-2029, (Thousand Units)
All Season Tyres- 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)
Tire Market Regional Outlook:
North America
South America
Europe
The Middle East & Africa
Asia-Pacific.
Asia-Pacific is expecting the largest share of the Tyre 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.
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Tire Market Competition Analysis:
Some of the top Tire companies operating in the market are 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, Others.
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