A recent research study by MarkNtel Advisors, a leading research, consulting, data analytics firm that provides an extensive range of strategic reports on diverse industry verticals, cited that the Global Tire (Tyre) Market is projected to grow at a CAGR of around 3.85% during the forecast period, i.e., 2023-28 The report methodically analyses several aspects that have influenced the market dynamics in the past few years.
Apart from this, the probable factors, based on primary secondary research, which shall shape the Global Tire (Tyre) Market landscape in the future have also been included in the study to make stakeholders well-versed with the industry and help them stay ahead of their competitors. Moreover, to ensure that the analysis is accurate precise, our analysts deeply examine the recent market patterns as well as historical milestones to project lucrative prospects while facilitating exponential growth for businesses.
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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.
Key Offerings from the Global Tire (Tyre) Market Research Report:
- Estimated CAGR of the Global Tire (Tyre) Marketduring 2023-28.
- Detailed insights into factors expected to drive and challenge the growth of the Global Tire (Tyre) Marketin the coming years
- Precise estimation of the size of the Global Tire (Tyre) Market
- Accurate predictions about upcoming trends in the Global Tire (Tyre) Marketand changes in consumer behavior
- Growth of the Global Tire (Tyre) Marketacross different regions
- An in-depth analysis of the Global Tire (Tyre) Market’s competitive dynamics and detailed information about key vendors
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Competitive Benchmarking in the Global Tire (Tyre) Market
The prominent players profiled in the Global Tire (Tyre) Market are
-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
Each company operating in this industry is vetted based on their products’ values, abilities, and other significant characteristics. The study also covers numerous mergers acquisitions, along with the recent products launched by these players, to familiarize the stakeholders with the most recent market trends.
How has the Global Tire (Tyre) Market been segmented?
The report comprehensively analyses each high-performing segment, elucidating the factors contributing to their success and larger market share. It examines their significant impact on the Global Tire (Tyre) Market regarding sales, expansion, job opportunities, and other crucial factors. Categorizing the components as follows:
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)
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”
-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
By Region
-North America
-South America
-Europe
-The Middle East Africa
-Asia-Pacific
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Key Questions Answered in Global Tire (Tyre) Market Report:
- What are the growth projections for the Global Tire (Tyre) Market during 2023-28?
- What are the different patterns, obstacles, trends will affect the growth and scope of the Global Tire (Tyre) Market?
- What are the critical opportunities for each segment sub-segment enlisted in the Global Tire (Tyre) Market research report?
- What are the primary growth tactics used by the leading participants operating in the Global Tire (Tyre) Market?
Note: We also offer customized research services reports tailored to meet our client's specific requirements, including market sizing, demand supply assessment, company profiling, competitive assessment, trend analysis, among others, to help them succeed in today's fast-paced markets.
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