According to IMARC Group’s latest report, titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a volume of 2,268 Million Units in 2021. A tire refers to a circular and ring-shaped automotive component that contains the wheel rim and is filled with compressed air. It is usually manufactured by using synthetic or natural rubber, fabric, wire, carbon black, chemical compounds, etc. A tire transfers the weight of the automobile from the axle to the ground and offers stability to the vehicle by minimizing vibrations and improving shock absorption. In addition to this, it assists in reducing the rolling resistance and enhancing mileage. Presently, a tire is commonly available in various sizes and variants depending on the type of automobile.
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The expanding automotive sector is primarily driving the tire market. Additionally, the escalating demand for passenger and luxury vehicles, on account of the growing consumer expenditure capacities, is further stimulating the market growth. Besides this, the increasing focus on driver safety and the rising number of fatal road accidents are augmenting the need for premium quality tires that have a longer operational life, enhanced stability and reliability, high puncture resistance, etc.
Tire Market Trends
This, in turn, is catalyzing the global market. Moreover, the leading manufacturers are extensively investing in R&D activities to improve tire design and rubber quality, which is acting as another significant growth-inducing factor. Apart from this, the introduction of airless, lightweight, and biodegradable 3D printed smart concept product variants is anticipated to fuel the tire market over the forecasted period. Looking forward, IMARC Group expects the global tire market to reach 2,665 Million Units by 2027, exhibiting a CAGR of 2.8% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Michelin
- Bridgestone
- Continental
- Goodyear
- Sumitomo
- Pirelli
- Yokohama
- Hankook
- Toyo
- Kumho
Design:
- Radial
- Bias
End-Use:
- OEM Market
- Replacement Market
Vehicle Type:
- Passenger Cars
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Light Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Medium and Heavy Commercial Vehicles
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Two Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Three Wheelers
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
- Off-The-Road (OTR)
- Market Breakup by Rim Size
- Market Breakup by Tire Size
- Price Ranges by Rim Size
Distribution Channel:
- Offline
- Online
Season:
- All Season Tires
- Winter Tires
- Summer Tires
Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Others
- Middle East and Africa
- Turkey
- Saudi Arabia
- Iran
- United Arab Emirates
- Others
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Key highlights of the report:
- 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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