Explosive Growth Expected: Tire (Tyre) Market to Expand at 4.11% CAGR Through 2029

2023: Yokohama Off-Highway Tires (YOHT) launched Agri Star II R - I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug.

According to MarkNtel Advisors study, The Global Tire Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29.

Numerous technological advancements have been made in the tires, and nowadays, many manufacturers are launching highly advanced & innovative tyres in the market, thus becoming a trending aspect across the Tire Market in the present years. The introduction of rimless tires, green tires, and the usage of lightweight elastomers & metals such as alloys & carbon fiber or composites like manganese bronze & nickel aluminum bronze to manufacture tires are some of the technological advancements being done in the industry.

Furthermore, prominent tire manufacturers are integrating nanotechnology and other cutting-edge software & innovations into their tire production processes, resulting in a diverse range of advanced tire options. For instance, Bridgestone Tires, a renowned tire and rubber manufacturer, employs Contact Area Information Sensing (CAIS) technology to gather & assess data regarding the tire's contact area, enabling the detection of road conditions. Hence, with these advancements the future of transportation would transform completely, thus contributing to encouraging the market growth.

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Key Findings in Tire (Tyre) Market:

Historical Years - 2019-2022

Base Years - 2023

Forecast Years - 2024-2029

Key Report Highlights

· Market Dimensions & Projections

· Pricing Evaluation,

· Recent Strategic Moves by Companies,

· Primary Stakeholders,

· Analysis of Import and Export Trends,

· Competitive Landscape Assessment,

· Emerging Opportunities,

· Market Trends and Indicators

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Tire (Tyre) Market Key Players:

Bridgestone Corporation, Continental AG, Hankook & Company Co., Ltd., Michelin, Nokian Tyres Plc, Pirelli & C. S.P.A., Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd, Toyo Tire Corporation, MRF Limited, CEAT Limited, JK Tire & Industries Ltd., Apollo Tires Ltd, Zhongce Rubber Group Co., Ltd., Sailun Group Co., Ltd, Others

Market Segmentation Overview:

By Vehicle Type

-Two-wheeler

-Three-wheeler

-Passenger Car

-Commercial Vehicle

--Light Commercial Vehicle (LCV)

--Medium & Heavy Commercial Vehicle (MHCV)

-Off-the-Road Vehicle (OTR)

Passenger Cars are projected to capture a substantial share of the Tire Market during 2024-29. Modern Passenger car tires are made up of different materials like natural rubber (NR), synthetic rubber (SR), and thermoplastic elastomer (TPE). These materials provide better wear resistance than materials used earlier.

The mounting sales & production of vehicles & the growing interest of consumers in luxury vehicles, such as SUVs & CUVs, especially across countries such as India & China, are crucial aspects projected to drive the Passenger Car Tire Market over the forecast years. Moreover, the rise in car rental & sharing services worldwide is leading to the increasing sales of LCVs (Lightweight Commercial Vehicles), viz., minivans, pickup trucks, & buses, which, in turn, is also assisting in enhancing the Tire Market size in the years ahead.

By Demand Type

-OEM

-Replacement

By Tire Type

-Radial

-Bias

By Season

-Summer Tires

-Winter Tires

-All Season Tires

By Sales Channel

-Direct Sales

-Dealer Distributor

-Online Platform

By Rim Size

-Up to 12"

-12.1" to 15"

-15.1" to 18"

-18" to 22.5"

-22.6" to 26"

-26.1" to 35"

-35.1" to 47"

-Above 47"

By Price Category

-Budget

-Economy

-Premium

Read Full Report @ https://www.marknteladvisors.com/research-library/global-tire-market.html

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific.

The Tire (Tyre) Industry Recent Development:

2022: CEAT revealed new WINENERGY X3-R tires, which is specifically designed for electric buses to be used on urban roads.

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