Press release
Tyre Market Size, Share, Growth, Analysis, Price, Trends, Outlook, Segmentation and Forecast 2024-2032
The global tyre market is set for a significant expansion, with Expert Market Research (EMR) forecasting a robust CAGR of 6.3% between 2024 and 2032. This growth is underpinned by a confluence of factors, including the burgeoning automotive industry, increased vehicle ownership, and a rising emphasis on sustainable and high-performance tyre solutions. As the world gears up for mobility transformations, the tyre market is poised to witness substantial advancements and innovations.
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Tyres have evolved beyond their traditional role as mere components of vehicles; they are now integral to enhancing safety, fuel efficiency, and overall driving experience. The market's growth is propelled by a global surge in vehicle production and sales, coupled with an escalating demand for specialized tyres catering to diverse terrains, climate conditions, and performance requirements.
The accelerated urbanization and changing consumer lifestyles worldwide have fueled the demand for personal and commercial vehicles, thereby driving the tyre market's growth. Additionally, the focus on environmental sustainability has led to increased investments in the development of eco-friendly and energy-efficient tyre technologies, contributing to market expansion.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/tire-market
Tyre Market Segmentation
Understanding the nuances of the tyre market requires a detailed analysis of its segmentation based on various parameters such as tyre type, vehicle type, and regional presence.
Market Breakup by Tyre Type
Radial Tyres
Bias Tyres
Market Breakup by Vehicle Type
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Off-road Vehicles
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Tyre Market Competitive Landscape
EMR's report delves into the competitive landscape of the global tyre market, offering insights into market shares, technological advancements, capacity expansions, strategic investments, and mergers and acquisitions. Key players shaping the market include:
Bridgestone Corporation
Michelin Group
Sumitomo Rubber Industries, Ltd
Hankook Tire & Technology
Pirelli & C. S.p.A
Yokohama Tire Corporation
Zhongce Rubber Group Co., Ltd.
Maxxis International
MRF Limited
Others
These industry leaders are driving innovation in tyre technologies, addressing performance, durability, and sustainability challenges to meet the evolving demands of consumers and regulatory standards.
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