Top Players in the Global Tire Market | Research Report by IMARC Group

Tires are essential components of vehicles, designed to provide traction, stability, and a comfortable ride. Typically constructed from a mix of rubber, fabric, and steel, tires come in various types, each tailored to specific driving conditions. These include all-season, summer, winter, and off-road tires, designed to meet the particular demands of consumers and road environments. Recently, eco-friendly tires made from sustainable materials have gained attention, offering lower rolling resistance and thereby better fuel efficiency.

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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Increasing safety concerns and environmental awareness are key drivers in the tire market. Enhanced engineering, such as the use of silica compounds for better wet-surface grip, caters to the safety-focused consumer. Fuel-efficient tire designs appeal to the environmentally conscious, thereby contributing to market growth. In addition, the advent of specialized tires for electric vehicles, which demand lower rolling resistance for extended battery life, is another growth vector for the market.

Premiumization in tires, featuring high-quality materials and engineering, offers enhanced performance and durability. This is particularly attractive to the growing segment of luxury and performance vehicle owners, contributing to market expansion. The rise of e-commerce platforms specializing in automotive parts has also made tires more accessible to a broader audience, thus encouraging market growth.

Ongoing research aims to develop more sustainable and performance-oriented tire options, which is likely to drive future market growth. Government regulations focusing on vehicle safety and emissions are further boosting the demand for advanced, eco-friendly tire technologies. Other factors such as the global growth of the automotive industry, increased consumer spending capacity, and the essential role tires play in both personal and commercial transportation are driving the growth of the market across the globe.

Some of the Top Tire Companies in the World:

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.

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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