Tire Market: Industry Size, Demand, Share, Statics, Manufactures and Forecast 2023-2028

According to the latest report by IMARC Group, titled "Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

How is the tire industry doing?

The global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.

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Industry Overview:

A tire is a cylindrical rubber structure that is designed to fit around the wheels of vehicles. It serves as the primary point of contact between the vehicle and the road surface, providing traction, stability, and control. It is available in different sizes, types, and designs to accommodate diverse applications and road conditions. It is manufactured from a combination of natural and synthetic rubber compounds, reinforced with layers of fabric, steel, or other materials to enhance strength and durability. It also features tread patterns, which are designed to improve grip by channeling water away from the contact patch and lowering the risk of hydroplaning. It is an essential component of various modes of transportation, including cars, motorcycles, bicycles, trucks, and airplanes.

What are the growth prospects and trends in the tire industry?

At present, the increasing demand for tires, as they provide grip and traction and enable vehicles to accelerate, brake, and steer effectively, represents one of the crucial factors impelling market growth. Besides this, the rising purchases of personal cars to avoid public transportation and travel comfortably are contributing to the growth of the market. In addition, the growing availability of efficient tires, which offer smooth and comfortable rides by absorbing road imperfections and reducing vibrations, is offering a favorable market outlook.

Apart from this, the increasing demand for low-rolling resistance tires and smart tires integrated with built-in sensors is supporting the growth of the market. Additionally, the rising popularity of shared mobility services, such as ride-hailing and car-sharing, is strengthening the growth of the market. Moreover, the increasing number of e-commerce brands selling a wide range of tires for competitive pricing is bolstering the growth of the market.

We are also providing the Tyre Manufacturing Plant Project Report 2023: https://www.imarcgroup.com/tyre-manufacturing-plant-project-report

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• 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

You Can Buy Report Directly and Get Up-To 10% Discount: https://www.imarcgroup.com/checkout?id=575&method=238

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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.

Browse More Related Reports:

Europe Tire Industry Report 2023: https://www.imarcgroup.com/europe-tire-market

Europe OTR Tire Industry Analysis 2023-2028: https://www.imarcgroup.com/europe-off-the-road-tire-market

Saudi Arabia Tire Industry Statics: https://www.imarcgroup.com/saudi-arabia-tire-market

Asia Pacific Tire Market: https://www.imarcgroup.com/asia-pacific-tire-market

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