Global Tire Market is expected to grow at a CAGR of 3.85% during the forecast period 2023-2028 and would reach USD 318.57 Billion by 2028

Comprehensive Research Report on Global Tire (Tyre) Market Trends

The Global Tire (Tyre) Market is projected to grow at a CAGR of around 3.85% during the forecast period, i.e., 2023-28. MarkNtel Advisors recently released a research report on the market, offering an inclusive & unbiased analysis of the industry dynamics. It highlights current market trends & consumer behavior and explores the cause-and-effect relationships between these trends.

Tire (Tyre) Market Size, Share, Trends, Industry Report, Key Player, Major Segments and Forecast

With an extensive analysis substantiated with facts & figures, the report equips stakeholders with valuable insights to make well-informed decisions in order to stay ahead in the competition. The findings of the Tire (Tyre) Market report are derived from a robust research strategy, which includes in-depth interviews with industry stakeholders, thorough secondary research, and reliable data sources, ensuring accuracy and reliability.

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Key Driver: Mounting Prevalence of Electric Vehicles

One of the most prominent factors projected to drive the Global Tire Market during 2023-28 is the rapidly surging Electric Vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the global tire market growth.

Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with burgeoning EV sales across developed countries, the demand for their tires is also rising significantly, which, in turn, would drive the global tire market in the coming years.

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Key Segments & Sub-segments Derived in the Global Tire (Tyre) Market Report

This section of the Tire (Tyre) Market report provides stakeholders with an in-depth analysis of the industry, highlighting the market potential, demand, and growth prospects for each segment to help them tailor their strategies to specific market segments, allowing them to maximize their returns and gain a competitive advantage in the industry.

-By Vehicle Type

• Two Wheeler
• Three Wheeler
• Passenger Car
• Commercial Vehicle

-By Demand Type

• OEM
• Replacement

-By Tire Type

• Radial
• Bias

-By Season Type

• Summer Tires
• Winter Tires
• All Season Tires

-By Sales Channel

• Direct Sales
• Dealers & Distributors
• Online Platform

-By Rim Size

• Upto 12”
• 1” to 15”
• 1” to 18”
• 18” to 22.5”
• 6” to 26”
• 1” to 35”
• 1” to 47”
• Above 47”

-By Price Category

• Budget
• Economy
• Premium

Geographically, the market expands across;

-By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Competitive Projections, as per the Global Tire (Tyre) Research Report

The research report on the Tire (Tyre) Market comprises the notable mergers or acquisitions by the leading players in the industry, along with their recent product launches or services offered. The report compressively illuminates market strategies, profit-loss status, annual reports, and more.

• 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
• Others (Zhongce Rubber Group Co., Ltd., Sailun Group Co., Ltd., etc.)

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭: https://www.marknteladvisors.com/query/request-customization/global-tire-market.html

Factors Shaping the Global Tire (Tyre) Market Through 2028

To cover all the significant points of the research, the study of the Tire (Tyre) Market proposes to cover all the major concerning aspects of the market growth into four sections. First, growth drivers and market trends that are fueling industrial growth and market restraint, which could hinder the market expansion along with possible solutions, the challenges the shareholder or the market is likely to face in coming times depending on various factors, and finally, the growth opportunity emerging from various consumer trend, governmental initiatives, new launches, etc. to provide the stakeholder with tools to propel in the industry.

Key Questions Answered in the Tire (Tyre) Market Research Report

• What are the current size and growth projections for the Tire (Tyre) Market during 2023-28?
• What is the regulatory framework and recent developments in the Tire (Tyre) Market?
• Which segments or regions/countries are anticipated to emerge as an opportunistic area for the Tire (Tyre) Market players?
• Which are the top players to hold the market share in Keyword?
• How big is the Tire (Tyre) Market?

Note: The Global Tire (Tyre) Market research report can be tailored to meet the specific needs of each client, delivering in-depth & valuable information across multiple aspects. This customized approach empowers clients to gain a genuine understanding of the market's opportunities, create impactful strategies, and make informed choices to maintain a competitive edge in the industry.

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