According to the latest report by IMARC Group, titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global tire market exhibited moderate growth during 2015-2020. 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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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 (RD) 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 around 4% during the forecast period (2021-2026).
Market Summary:
- On the basis of the design, the market has been bifurcated into radial and bias tires, wherein radial tires represent the most preferred segment.
- Based on the end use, the OEM segment dominates the market, followed by replacement tires.
- On the basis of the vehicle type, the market has been divided into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR) vehicles. Among these, passenger cars exhibit a clear dominance in the market.
- Based on the distribution channel, the market has been bifurcated offline and online, wherein tires are majorly distributed through offline channels.
- On the basis of the season, the market is segmented into all season, winter and summer tires. Currently, all season tires account for the majority of the total market share.
- On the geographical front, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others), Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been analyzed, with the key players being Manufacture Francaise de Pneumatiques Michelin, Bridgestone Corporation, Continental Tire the Americas, LLC, Goodyear Tire Rubber Company, Sumitomo Corporation Group, Pirelli C. S.p.A., Yokohama Tire Corporation, Hankook Tire Co., Ltd., Toyo Tire Holdings of Americas Inc., and Kumho Tire Company.
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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