Global Tire Market Share Size, and Future Landscape
MarkNtel Advisors, a leading market research company, presents its latest Global Tire Market Research Report By Tire Type (Radial, Bias), By Season (Summer Tires, Winter Tires, All Season Tires), By Sales Channel (Direct Sales, Dealer Distributor, Online Platform), By Rim Size (Up to 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”) and other forecasts [2024-2029]. This well-curated report contains in-depth information about the industry. In this comprehensive study, we have meticulously compiled every critical detail, catering to the tyre Market’s major and minor elements. Our focus extends to factors influencing market growth, encompassing historical, current, and projected data, emerging trends, technological advancements, key insights, recent developments, potential constraints, and various other factors that could significantly shape the industry’s trajectory in the foreseeable future.
Global Tire (Tyre) Market Insight:
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.
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Competitive Landscape – Global Tire (Tyre) Market
This section provides a comprehensive understanding of market dynamics, highlighting the significant contributions of major companies and their strategies for achieving success and sustainability. By examining the competitive landscape, clients can gain valuable insights into the driving forces behind the growth and evolution of the Tire Industry. Let’s familiarize ourselves with the key players in this competitive landscape: 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 and others.
Global Tire Market Trend
Technological Advancement to be a Trending Aspect in the Market – Numerous technological advancements have been made in the tyre, and nowadays, many manufacturers are launching highly advanced & innovative tyres in the market, thus becoming a trending aspect across the Tire Market in the present years. The introduction of rimless tires, green tires, and the usage of lightweight elastomers & metals such as alloys & carbon fiber or composites like manganese bronze & nickel aluminum bronze to manufacture tyre are some of the technological advancements being done in the industry.
Furthermore, prominent tire manufacturers are integrating nanotechnology and other cutting-edge software & innovations into their tire production processes, resulting in a diverse range of advanced tire options. For instance, Bridgestone Tires, a renowned tire and rubber manufacturer, employs Contact Area Information Sensing (CAIS) technology to gather & assess data regarding the tire’s contact area, enabling the detection of road conditions. Hence, with these advancements the future of transportation would transform completely, thus contributing to encouraging the market growth.
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Segmentation Summary – Tire (Tyre) Market
The summary of Tire market segmentation gives a quick look at different parts of the market. It helps businesses understand what customers like and where they are. By breaking down the market into smaller groups based on things like what people buy and where they live, companies can make better plans to sell their products. This summary is a simple guide to understanding the market better. The segmentations of the market are:
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)
> 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 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)
> 12.1” to 15” – Market Size & Forecast 2019-2029, (Thousand Units)
> 15.1” to 18” – Market Size & Forecast 2019-2029, (Thousand Units)
> 18” to 22.5” – Market Size & Forecast 2019-2029, (Thousand Units)
> 22.6” to 26” – Market Size & Forecast 2019-2029, (Thousand Units)
> 26.1” to 35” – Market Size & Forecast 2019-2029, (Thousand Units)
> 35.1” 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 Tire Type
> Radial- Market Size & Forecast 2019-2029, (Thousand Units)
> Bias – Market Size & Forecast 2019-2029, (Thousand Units)
Based on Type of Tire: 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..
Geographical landscape
On the geographical front, the Tyre Market expands across:
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Of all regions globally, 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.
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Key Questions Addressed in this Tire Market Report:
- What are the emerging trends in the tyre market?
- What are the growth challenges faced by businesses in the Tire Industry?
- How can companies capitalize on opportunities within the market of tyre?
- What are the regulatory factors impacting the growth of the Tire Market?
- What are some of the top Tire companies in the global market?
- What is the current size of the tyre Market and how much is it will grow in the next few years?
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