Tire (Tyre) Market Achieves USD 232 billion in 2023, Braces for 4.11% CAGR Elevate Until 2029

 

In-Depth Analysis of the Global Tire (Tyre) Market: 2024-2029 Forecasts

According to the latest findings by MarkNtel Advisors, The Global Tire (Tyre) Market size was valued at USD 232 billion in 2023 and is estimated to grow at a CAGR of around 4.11% during the forecast period, i.e., 2024-29. The report provides an in-depth analysis of crucial aspects such as market trends, size, forecasts, growth factors, challenges, and competitor assessments. Conducting a thorough examination of the Tire (Tyre) Market, the report offers insights into recent developments and presents an overview of the market landscape.

Tire (Tyre) Market Segmentation Analysis:

Our research report meticulously explores the Tire (Tyre) Market, breaking it down into these key segments: y Type of Vehicle (Two Wheeler, Three Wheeler, Passenger Car, [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 (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”), By Price Category (Budget, Economy, Premium). Each segment, along with its subdivisions, undergoes a detailed breakdown to offer a comprehensive understanding of the market dynamics.

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Geographical Coverage:

Our research report on the Tire (Tyre) Market offers comprehensive coverage across different regions, including North America, South America, Europe, The Middle East & Africa, Asia-Pacific. It provides detailed information on growth potential in each country and region, offering valuable insights for market stakeholders to strategically plan future operations and investments.

Global Tire (Tyre) Market Driver:

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 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 the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.

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Competitive Landscape of Tire (Tyre) Market

The Tire (Tyre) market witnesses’ fierce competition driven by the participation of both foreign and domestic companies. Considerable investments in Research and Development (R&D) have led to multiple innovations in the market. Companies with a global reach exert significant influence over the Tire (Tyre) market, and it is anticipated that several international players will expand their global presence in the coming years. To maintain competitiveness amidst rivals, vendors must prioritize the development of new technologies and strive to stay ahead of imminent breakthroughs. The report underscores key players in the market, namely:

• 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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Common Queries:

1. What is the current trajectory of cost and profit estimations in the Tire (Tyre) Industry?
2. How do factors like supply and consumption shape the landscape of the industry?
3. In what ways do import and export considerations impact the dynamics of the Tire (Tyre) Industry?
4. Which technological advancements are anticipated to shape the future of the Tire (Tyre) Market?
5. Who are the noteworthy players highlighted in the Tire (Tyre) Market research report?
6. What are the anticipated USD valuations and the CAGR for the forecasted years?

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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