Global Tire Market Revenue, Opportunity, Segment, And Key Trends Analysis To 2017-2027F (Automobiles & Vehicles - Other Auto Ads)

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Global Tire Market Revenue, Opportunity, Segment, And Key Trends Analysis To 2017-2027F

Bharat Book Bureau Provides the Trending Market Research Report on “Global Tire Market By Vehicle Type (Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region, Competition, Forecast and Opportunities, 2017-2027F” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Global Tire Market stood at USD230.88 billion in 2021 and is estimated to reach USD353.27 billion in 2027, registering a CAGR of 7.53%. Escalating sales of automobiles, growing replacement demand for tire and advancement in tire technology are driving the growth of the global tire market in the forecast years.
Increase in automobile sales and production
Increasing production and sales of passenger vehicles and commercial vehicles across all the regions are anticipated to drive the consumption of tires in the upcoming years. The International Organization of Motor Vehicle Association (OICA) estimated that over 80 million new passenger and commercial cars were produced in 2021, representing a cumulative increase of more than 3% above the production in the preceding years. Over 17 million motor vehicles—roughly 58% of the world's total production—were produced in the APAC region, followed by North America, Europe, South America, the Middle East and Africa. Asia-Pacific region is the largest market for two-wheelers, and China is a major contributor to the Asia-Pacific region. In the entire region, two-wheelers are considered the most prominent mode of transportation, backed by their easy maneuverability and affordable prices. Continuously increasing demand for passenger cars and commercial vehicles in the Asia-Pacific region clearly depicts a huge untapped potential for the sale of such vehicles. Additionally, the expected increase in the sale of passenger cars and commercial vehicles across the region is further likely to aid the global tire market over the forecast years.
Rise in Concern for Fuel Efficiency and Safety
Many countries are implementing strict tire performance regulations, including fuel savings and wet grip-related braking distance reduction, in response to growing safety concerns. As a result, there is much potential for tire manufacturing businesses to develop tires that can comply with standards. As a result of increased technological breakthroughs, suppliers are developing extremely effective tires that improve automobiles' overall fuel efficiency. Self-inflating technology and Low Rolling Resistance (LRR) technology are used by tire manufacturers to enhance safety and increase fuel efficiency. For increasing fuel efficiency, pneumatic tires are getting popular, pneumatic tires are majorly related to safety and fuel efficiency, and in the upcoming years, high demand is expected for these tires. Trelleborg, an engineering company, centered on polymer technology, recently introduced a new line of pneumatic tires with attributes such as grip and durability for the North American market. Thus, it is projected that increased concern about safety and fuel economy will present a significant growth potential for the companies.

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Last Update : Sep 21, 2022 12:51 AM
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