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Tire (Tyre) Market Growth Forecast: 3.85% CAGR Anticipated by 2028, Examining Size, Share, Demand, and Challenges

MarkNtel Advisors has recently published "Tire (Tyre) Market Analysis Share, Growth, Demand, Forecast  2028," a comprehensive research report that provides in-depth analysis of various factors driving the industry's growth across different geographic regions.

MarkNtel Advisors has recently published "Tire (Tyre) Market Analysis Share, Growth, Demand, Forecast  2028," a comprehensive research report that provides in-depth analysis of various factors driving the industry's growth across different geographic regions. This report offers reliable insights into the historical, current, and projected trends, in the Tire (Tyre) Market, presented through detailed explanations, tables, and figures. It equips stakeholders with valuable knowledge of the industry dynamics, enabling them to strategize effectively before making investment decisions.

The report indicates that the Tire (Tyre) Market is anticipated to experience a CAGR of approximately 3.85% during the period of 2023-2028. Our analysis encompasses a thorough examination of various environmental factors, economic and social issues, technological advancements, and other relevant aspects that are crucial for stakeholders during decision-making processes. In order to provide a reliable, accurate, and comprehensive understanding of the industry, our analysts have conducted extensive research utilizing tools such as SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis and Porter's Five Forces Analysis.

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Market Dynamics

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.

Recent Developments

  • In August 2022, Ceat revealed new WINENERGY X3-R tires specifically designed for electric buses to be used on urban roads.
  • In 2021, Goodyear introduced a new ElectricDrive all-season tire along with two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The product primarily targets crossover utility vehicles & commuter touring sedans, fundamentally equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Also, the tire demonstrates excellent handling capabilities in different weather scenarios owing to its asymmetric tread pattern. In 2022, the brand announced its plans to further expand its product portfolio with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.
  • In the same year, Michelin unveiled its latest Agribib 2, TrailXbib, and Spraybib CFO agricultural tires. With a self-cleaning hinge enabling maximum tensing power in wet conditions and downsized tire stubble, the Agribib 2 offers up to 18% higher load-carrying capacity. Engineered with Central Tire Inflation System (CTIS), The Spraybib CFO makes a better choice for lower pressure usage, achieving improved flotation and traction.
  • Bridgestone is all set to bring expansion and modernization to its Brazilian tire plant. It is a follow-up plan for sustainable growth frameworks involving Brazil that aims to introduce innovative manufacturing technologies, along with Industry 4.0 concepts, comprised of Artificial intelligence systems within the Tire plant.
  • Intending to fulfill the growing global demand for off-road tires, Yokohama introduced a Tire production unit at its third off-road tire plant in Visakhapatnam, primarily dedicated to agricultural, forestry, industrial, and construction machinery.
  • Citing construction vehicle needs, Continental developed a new LD-Master L5 Traction radial tire that can fit with integrated tire sensors ex-works. Using ContiConnect 2.0 offers a real-time monitoring facility of temperature and pressure, demonstrating enhanced efficiency.

Segmenting Success: Unveiling Opportunities in the Tire (Tyre) Market 2023-2028

The Tire (Tyre) Market, characterized by its fragmented nature and numerous subdivisions, is thoroughly examined in the report. We provide detailed insights on each segment and geographical location, empowering stakeholders and industry leaders to comprehend the market dynamics and devise new strategies and investments. Furthermore, by gaining a deeper understanding of the ebb and flow within each segment, investors can make well-informed decisions and expand their production and revenue streams in the coming years. The report focuses on key market dynamics, including recent developments, trends, demand and supply chain analysis, purchase patterns, and product/service pricing, among others, within the following segments:

Based on Vehicle Type

- Two Wheeler

- Three Wheeler

- Passenger Car

- Commercial Vehicle

-- Light Commercial Vehicle (LCV)

-- Medium & Heavy Commercial Vehicle (MHCV)

- Off-the-Road Vehicle (OTR)

Based on Demand Type

- OEM

- Replacement

Based on Tire Type

- Radial

- Bias

Based on Season Type

- Summer Tires

- Winter Tires

- All Season Tires

Based on Sales Channel

- Direct Sales

- Dealers & Distributors

- Online Platform

Based on 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”

Based on Price Category

- Budget

- Economy

- Premium

Geographically, the Tire (Tyre) Market expands across the following:

- North America

- South America

- Europe

- The Middle East & Africa

- Asia-Pacific

Immerse Yourself in the Complete Report: Explore Extensive Research, Market Segmentation, and Competitive Landscape Analysis - https://www.marknteladvisors.com/research-library/gcc-hvac-rental-market.html

Unveiling the Competitive Landscape: Insights into Key Players in the Tire (Tyre) Market 2023-2028

The report provides a comprehensive competitive analysis, highlighting a key aspect of the industry—the existing players. Each player is extensively profiled, covering vital aspects such as business overview, demand and supply chain, key strategies, latest news, product launches, pricing catalog, recent developments, revenue generation, stakes and investments, and trends. These insights aim to assist stakeholders in diversifying and strategizing their investments and participation in the Tire (Tyre) Market, ultimately seeking substantial revenue generation over the forecasted years.

- 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.)

About MarkNtel Advisors

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals. Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

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