Tires Market Navigating Business with CAGR of 4.2 percentage with Revenue of USD 176.15 Billion by 2030

Forecast Increase in Revenue:

Tires Market is anticipated to reach USD 176.15 Bn by 2030 from USD 132.07 Bn in 2023 at a CAGR of 4.2% during a forecast period.

Tires Market Overview:

The global tire market plays a critical role in the automotive industry, serving as the crucial point of contact between vehicles and the road. Tires are designed to bear the vehicle's load, ensure road grip, provide traction, and maintain steering stability. With vehicle sales reaching approximately 88.7 million units in 2019, the demand for tires is set to grow in tandem with the expanding automotive sector. The Asia-Pacific region, led by China, is the largest market for tires, primarily due to its cost-effective manufacturing and extensive production capabilities.

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐬: 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐘𝐨𝐮𝐫 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨𝐝𝐚𝐲:https://www.maximizemarketresearch.com/request-sample/112589/

Drivers in the Tires Market:

The global tire market is primarily driven by the rising production and sales of vehicles worldwide. The demand spans across commercial vehicles such as trucks and tractors, as well as luxury and premium vehicles. Consumers' growing preference for lightweight cars and enhanced vehicle features is boosting the market. Additionally, the increasing popularity of electric vehicles due to environmental concerns and stringent emission regulations is further propelling the demand for tires, especially in markets like China, where electric vehicle sales are expected to see significant growth.

Tires Market Trends:

A significant trend in the tire market is the shift towards radial tires, which are increasingly favored in industries like mining and construction due to their durability and performance. Additionally, the passenger car segment continues to dominate, driven by rising consumer interest in safety, luxury, and comfort. The ongoing growth in Original Equipment Manufacturer (OEM) demand, supported by stable automobile production, and increasing consumer focus on road safety are other key trends shaping the market.

𝐘𝐨𝐮 𝐜𝐚𝐧 𝐫𝐞𝐚𝐜𝐡 𝐨𝐮𝐭 𝐟𝐨𝐫 𝐢𝐧𝐪𝐮𝐢𝐫𝐢𝐞𝐬 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭:https://www.maximizemarketresearch.com/inquiry-before-buying/112589/

Tires Market Opportunities:

The expansion of electric vehicles presents a notable opportunity for the tire market. As electric vehicles become more prevalent, the need for specialized tires that cater to their unique performance requirements-like lower rolling resistance and increased durability-will grow. Additionally, the aftermarket segment is expected to benefit from the increasing average vehicle lifespan, which drives demand for tire replacements. Emerging markets in Asia-Pacific, particularly in countries like China and India, offer significant growth potential due to their expanding automotive industries and rising consumer purchasing power.

What is Tires Market Regional Insight?

The Asia-Pacific region is set to remain the largest and fastest-growing market for tires, with a projected CAGR of 5.3% during the forecast period. In 2023, this region accounted for 48% of the global tire market, driven by strong demand in China, India, and Japan. Despite the impact of COVID-19, the market is recovering and is expected to see steady growth. The U.S. also holds a significant market share, particularly in the passenger car segment, while Europe is projected to witness moderate growth, led by Germany.

𝐊𝐞𝐞𝐩 𝐈𝐧𝐟𝐨𝐫𝐦𝐞𝐝: 𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨𝐝𝐚𝐲:https://www.maximizemarketresearch.com/request-sample/112589/

Segmentation Analysis of the Tires Market:

by Type

Radial Tires
Bias Tires
Non-Pneumatic Tires

by Vehicle Type

Passenger Cars
Commercial Cars
Off-Road Cars

by Distribution Channel

OEM
Aftermarket

Who is the largest manufacturers of Tires Market worldwide?

1. Cooper Tire & Rubber Company (U.S)
2. Goodyear Tire & Rubber Company (U.S)
3. Avon Tyres (U.K)
4. Continental AG (Germany)
5. MITAS A.S. (Czech Republic)
6. Michelin (France)
7. Nokian Tyres Oyj (Finland)
8. Pirelli & C. S.p.A (Italy)
9. Apollo Tyres Ltd (India)
10. MRF (India)
11. CEAT (India)
12. JK Tyre & Industries Ltd (India)
13. Madras Rubber Factory Ltd. (India)
14. Bridgestone Corporation (Japan)
15. Toyo Tire & Rubber Co., Ltd. (Japan)
16. Sumitomo Corporation (Japan)
17. Yokohama Tire Corporation (Japan)
18. Giti Tire Pte. Ltd (Singapore)
19. Cheng Shin Rubber Ind. Co. Ltd (Taiwan)
20. Maxxis International (Taiwan)
21. Hankook Tire Co., Ltd (South Korea)
22. Kumho Tire Co., Inc (South Korea)
23. Nexen Tire Corporation (South Korea)
24. Zhongce Rubber Group Co., Ltd. (China)
25. Sailun Group Co. Ltd. (China)
26. Shandong Linglong Tire Co., Ltd (China)

𝐀𝐜𝐜𝐞𝐬𝐬 𝐈𝐧-𝐃𝐞𝐩𝐭𝐡 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐟𝐫𝐨𝐦 𝐎𝐮𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:https://www.maximizemarketresearch.com/market-report/global-tires-market/112589/ 

Key Offerings:

Past Market Size and Competitive Landscape
Tires Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Tires Market Segmentation - A detailed analysis by Product
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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