MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Tire (Tyre) Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Tire (Tyre) Market: 2024-2029
The Global Tire (Tyre) 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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What are the primary factors driving the growth of the Tire (Tyre) Market?
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.
Tire (Tyre) Market Segmentation:
The Tire (Tyre) Market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
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)
- Passenger Cars are projected to capture a substantial share of the Tire Market during 2024-29.
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
Geographical Analysis into the Tire (Tyre) Market:
- North America: US, Canada, Mexico
- Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
- Asia-Pacific: China, India, Japan, South Korea, Australia, Rest of Asia-Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of MEA
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Competitive Landscape and Tire (Tyre) Market Share Analysis:
The competitive landscape of the Tire (Tyre) Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
The report features major players including:
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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Questions Addressed in this Study
- What factors are driving the Tire (Tyre) Market growth?
- How is the Tire (Tyre) Market expected to grow over the next five years?
- What are the key insights into the current trends in the Tire (Tyre) Market?
- What is the current size of the Tire (Tyre) Market, and how is it projected to change in the future?
- What is the future outlook for the Tire (Tyre) Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, 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 14.8 diverse industrial verticals.
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