Global Tire Market Size, Growth, Competitive Analysis and Industry Trends 2022-2027

According to the latest report by IMARC Group, titled "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global tire market reached a volume of  2,268 Million units in 2021. Looking forward, IMARC Group expects the market to reach 2,665 Million by 2027, exhibiting a CAGR of 2.80% during 2022-2027.

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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.

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.

Key Market Segmentation:

Breakup by Design:

Radial
Bias

Breakup by End-Use:

OEM Market
Replacement Market

Breakup by Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)

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

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Key Highlights of the Report:

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.