Tire Market Growth, Outlook, Demand, Keyplayer Analysis and Opportunity 2023-2028

Author: Elena Anderson

Marketing Manager

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Global Tire Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled “ Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global tire market reached a volume of 2,321.3 Million Units in 2022.

Tires are ring-shaped flexible and pneumatic structures that are placed around the rim of a wheel. They are manufactured using wire, rayon, natural and synthetic rubber, polyester, steel, silica, carbon black and a vulcanization accelerator. These structures provide a sturdy gripping surface for traction while transferring the vehicle’s load to the surface. Tires also absorb shocks and reduce the impact of vibrations while driving as they serve as a cushion for the wheels of a moving vehicle. This enhances the road feel and improves the overall performance of the vehicle..

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Global Tire Market Trends:

The global tire market is primarily driven by the rapid growth of the automotive sector. The rising global population, rapid urbanization and increasing consumer expenditure capacities have escalated the demand for passenger vehicles across the globe, especially in developing countries. Besides this, with the increasing demand for construction vehicles due to expanding infrastructural development, is significantly catalyzing the market growth. Moreover, several leading manufacturers are extensively investing in research and development (R&D) activities to improve tire design and rubber quality.

This has led to the advent of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances. Besides this, with the growing environmental concerns, numerous ecological tires have also been introduced in the market, which is gaining widespread popularity owing to their enhanced focus toward sustainable development. They are also introducing biodegradable 3D printed smart concept tires, manufactured using sustainable materials, which are airless and equipped with sensors that offer real-time updates about the condition of the tire.

Looking forward, the market is expected to grow at a CAGR of 2.88% during 2023-2028

View Report TOC, Figures and Tables: https://www.imarcgroup.com/tyre-manufacturing-plant

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Key Market Segmentation

The research report includes the following segments:

Breakup by Design:

• Radial

• Bias

Breakup by End-Use:

• OEM Market

• Replacement Market

Breakup by Season:

• All Season Tires

• Winter Tires

• Summer TiresOffline

• Online

Breakup by Distribution Channel:

• Offline

• Online

Breakup by Season:

• All Season Tires

• Winter Tires

• Summer Tires

Breakup by Region:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

Competitive Landscape with Key Players:

• The Michelin Group

• Bridgestone Corporation

• Continental AG

• The Goodyear Tire and Rubber Company

• Sumitomo Corporation

• Pirelli Tyre S.p.A

• Yokohama Tire Corporation

• Hankook Tire and Technology Co.

• Ltd.

• Toyo Engineering Corporation

• Kumho Tyre (Australia) Pty Ltd.

1. What was the size of the global tire market in 2022?

2. What is the expected growth rate of the global tire market during 2023-2028?

3. What are the key factors driving the global tire market?

4. What has been the impact of COVID-19 on the global tire market?

5. What is the breakup of the global tire market based on the design?

6. What is the breakup of the global tire market based on the end-use?

7. What is the breakup of the global tire market based on the vehicle type?

8. What is the breakup of the global tire market based on the distribution channel?

9. What is the breakup of the global tire market based on the season?

10. What are the key regions in the global tire market?

11. Who are the key players/companies in the global tire market?

Click here to visit the complete table of content with list of figures and tables: https://www.imarcgroup.com/tyre-manufacturing-plant/toc

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