Global Tire Market
Dublin, May 20, 2022 (GLOBE NEWSWIRE) -- The "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global tire market reached a volume of 2,268 million Units in 2021. Looking forward, the market is projected to reach 2,665 million Units by 2027, exhibiting a CAGR of 2.8% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use sectors. These insights are included in the report as a major market contributor.
Tires form an essential component of the automobile industry. They provide traction between the vehicle and the road while providing a flexible cushion that absorbs shock. They are manufactured using various materials, including natural and synthetic rubber, carbon black, polyester, rayon, steel, silica and vulcanization accelerator. Nowadays, there is a wide variety of tires available in the global market, which caters to the requirement of different kind of vehicles.
One of the leading factors driving the demand for tires across the globe is the accelerating sales of passenger vehicles, particularly in the emerging economies. Tires perform numerous functions, such as supporting the weight of a vehicle, transmitting accelerating and braking force to the ground, changing or maintaining direction, and absorbing shock from the road surface, which help in improving the overall performance of the vehicle.
Along with this, the growing infrastructure activities in both the developed and developing countries are expected to fuel the demand for construction vehicles, which in turn will boost the sales of tires. Besides this, the leading companies are engaging in the development of advanced products, such as ecological, flat-run and nitrogen-based tires, that are environment-friendly.
For instance, Bridgestone Corporation, the world's largest tire and rubber company, has introduced the next-generation fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly. They also continue to support the weight of the vehicle using the reinforced sidewalls even when the tire is punctured, unlike conventional tires.
Key Questions Answered in This Report
What was the size of the global tire market in 2021?
What is the expected growth rate of the global tire market during 2022-2027?
What are the key factors driving the global tire market?
What has been the impact of COVID-19 on the global tire market?
What is the breakup of the global tire market based on the design?
What is the breakup of the global tire market based on the End-use?
What is the breakup of the global tire market based on the vehicle type?
What is the breakup of the global tire market based on the distribution channel?
What is the breakup of the global tire market based on the season?
What are the key regions in the global tire market?
Who are the key players/companies in the global tire market?
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
Some of the leading tire companies include Michelin, Bridgestone, Continental, Goodyear, Sumitomo, Pirelli, Yokohama, Hankook, Toyo, Kumho, etc.
Key Market Segmentation
Breakup by Design:
The market has been categorized based on the design into radial and bias tires. Radial tires currently dominate the market across the globe.
Breakup by End-use:
Based on the End-use, the market has been bifurcated into OEM and replacement tires. At present, replacement segment account for the majority of the market share.
Breakup by Vehicle Type:
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
On the basis of the vehicle type, passenger cars hold the largest market share. Other major vehicle types include light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers and off-the-road (OTR) vehicles.
Breakup by Distribution Channel:
Based on the distribution channel, the market has been classified into online and offline. Presently, tires are majorly distributed through offline channels.
Breakup by Season:
All Season Tires
The market has been divided on the basis of the season into all season, winter and summer tires. Amongst these, summer tires exhibit a clear dominance in the market.
Breakup by Region:
Middle East and Africa
United Arab Emirates
Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/szvd7z
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