Comprehensive Research Report on Global Tire Market Trends 2023-2028
What is the size of the Tire Market?
The Global Tire Market is expected to grow at a CAGR of 3.85% during the forecast period 2023-2028 and would reach USD318.57 billion by 2028. Reputable research company Markntel Advisors has conducted a thorough analysis of the Tire market, taking into account a variety of factors including current developments, trade laws, import-export analysis, production trends, changes in market laws, value chain optimisation, and market share insights. The study is precisely organised, with well-defined sections, chapters, and sub-categories that make it easy for readers to navigate.
The Tire Market Report also emphasises the importance of domestic and regional market players, developing revenue streams, strategic analysis of market growth, product approvals, the introduction of novel offerings, geographic expansions, and technological advancements. This report's main goal is to give readers a thorough understanding of the market while highlighting the unique characteristics, contributing factors, and other components that can potentially limit market growth.
Market Drivers:
Mounting Prevalence of Electric Vehicles
One of the most prominent factors projected to drive the Global Tire Market during 2023-28 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 global 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 burgeoning EV sales across developed countries, the demand for their tires is also rising significantly, which, in turn, would drive the global tire market in the coming years.
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What specific aspects are encompassed by the segmentation of the Tire Market?
The market segments that make up the Tire market are very diverse. These segments, which cover variations, trends, and market strategies, are precisely defined and clearly discussed. This all-inclusive strategy provides stakeholders with the crucial knowledge needed to take well-informed decisions and fully comprehend the market. The following segments make up the market:
By Vehicle Type
-Two Wheeler
-Three Wheeler
-Passenger Car
-Commercial Vehicle
-Light Commercial Vehicle (LCV)
-Medium & Heavy Commercial Vehicle (MHCV)
-Off-the-Road Vehicle (OTR)
By Demand Type
-OEM
-Replacement
By Tire Type
-Radial
-Bias
By Season Type
-Summer Tires
-Winter Tires
-All Season Tires
By Sales Channel
-Direct Sales
-Dealers & Distributors
-Online Platform
By Rim Size
-Upto 12”
-12.1” to 15”
-15.1” to 18”
-18” to 22.5”
-22.6” to 26”
-26.1” to 35”
-35.1” to 47”
-Above 47”
By Price Category
-Budget
-Economy
-Premium
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
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Who are the key participants in the Tire 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
- Others (Zhongce Rubber Group Co., Ltd., Sailun Group Co., Ltd., etc.)
Obtain a Competitive Advantage Using Our Report on the Tire Market.
- The study on the Tire market offers a full and in-depth analysis of the industry's size, growth rate, competitive environment, and main players. Businesses can acquire a complete picture of the market dynamics and make wise decisions with the aid of this thorough analysis.
- This research also examines current market trends and forecasts for the future, enabling companies to see new opportunities and potential pitfalls. Companies can synchronise their plans and beat the competition by comprehending market forecasts.
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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.
We understand the mounting & diverse needs of our clients. Hence, our analysts focus on emerging industries to provide services that fulfill their assessment of the current & future industry potential, identify white spaces & hotspots, & venture into new geographies or business segments in the future.
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