Press release
Tires Market to reach USD 169.06 Bn by 2029, emerging at a CAGR of 4.2 percent and forecast 2023-2029
Tires play a pivotal role in the automotive industry, serving as the critical interface between vehicles and the road. These essential components ensure load-bearing capacity, safety grip, traction, and steering stability. The global automotive landscape has seen a surge in vehicle sales, reaching approximately 88.7 million units in 2019, and this number is expected to further rise by 2029. Consequently, the demand for tires has escalated, with the Asia Pacific region leading in production and sales, notably China, due to its cost-efficient policies and numerous manufacturing hubs.
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Tires Market Dynamics:
Increase in Vehicle Production & Sales: The global tire market is primarily driven by the continuous increase in vehicle production and sales worldwide, encompassing not only passenger cars but also commercial vehicles such as trucks, tractors, and trailers. Consumer demand for lightweight cars, luxury vehicles, and premium automobiles further propels market growth.
Growing Production and Sales of Electric Vehicles: The expanding market for electric vehicles (EVs) is expected to be a significant driver during the forecast period. Heightened awareness of environmental issues, strict emission regulations, and advancements in EV technology have made electric vehicles an appealing choice for consumers, especially in China, the largest EV market.
Tires Market Regional Insights:
In the global market, the United States holds a 28% share and is poised for a 5.4% growth during the forecast period. Europe is projected to reach 593 billion units, with Germany expected to grow at a CAGR of 3.4%. Japan and Canada are forecasted to grow at 2.6% and 3.6%, respectively.
The Asia-Pacific region, accounting for 48% of the global market in 2022, is set to grow at a CAGR of 5.3%. China, India, and Japan accounted for 72% of the Asia tire market in 2022, despite the pandemic's impact. The Asian tire market is expected to rebound with a 3.6% growth during the forecast period.
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Tires Market Segmentation:
by Type
Radial Tires
Bias Tires
Non-Pneumatic Tires
by Vehicle Type
Passenger Cars
Commercial Cars
Off-Road Cars
by Distribution Channel
OEM
Aftermarket
Tires Market Key Players:
1.Apollo Tyres Ltd
2.Avon Tyres
3.Bridgestone Corporation
4.CEAT
5.Cheng Shin Rubber Ind. Co. Ltd
6.Continental AG
7.Cooper Tire & Rubber Company
8.Giti Tire Pte. Ltd
9.Goodyear Tire & Rubber Company
10.Hankook Tire Co., Ltd
11.JK Tyre & Industries Ltd
12.Kumho Tire Co., Inc
13.Maxxis International
14.Michelin
15.MITAS A.S.
16.MRF
17.Nexen Tire Corporation
18.Nokian Tyres Oyj
19.Pirelli & C. S.p.A
20.Shandong Linglong Tire Co., Ltd
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Table of content for the Tires Market includes:
Global Tires Market : Research Methodology
Global Tires Market : Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
Global Tires Market : Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
Key Offerings:
Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size and Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by growth and trend
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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