iCrowdNewswire Jan 25, 2021 2:00 AM ET
The global tires market to grow at a CAGR of around 4% during 2021-2026, according to a new report by IMARC Group.
Tires represent one of the essential components in the automotive industry. They are strong and flexible, and are manufactured using synthetic, natural rubber and various chemicals. They are attached to the rim of the wheel and serve as a cushion for minimizing the impact of vibrations. They are durable, shock-absorbent and provide traction between the road surface and the vehicle. Currently, tires are available in various sizes and types, depending on the requirement of vehicles.
Global Tyre Market Trends and Drivers:
The boosting sales of automobiles represent one of the key factors driving the global tire market growth. Moreover, the easy availability of raw materials required in the manufacturing of tires provides manufacturers with a constant supply and efficient production.
Furthermore, market players are introducing innovative products in the market. For instance, Hankook Tire, a South Korea-based company, recently introduced a non-pneumatic tire (NPT) that is made using eco-friendly materials. Developments like these are expected to create a positive outlook for the market growth.
For more information about the global tire market, click: https://www.imarcgroup.com/tyre-manufacturing-plant
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Summary:
- On the basis of the design, the market has been bifurcated into radial and bias tires, wherein radial represents the most preferred segment.
- Based on the end use, the OEM segment dominates the market, followed by the replacement segment.
- On the basis of the vehicle type, the market has been divided into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR). Among these, passenger cars exhibit a clear dominance in the market.
- Based on the distribution channel, the market has been bifurcated offline and online, wherein the offline segment dominates the market.
- On the basis of the season, the market is segmented into all season, winter and summer tires. Currently, all season tires account for the majority of the total market share.
- On the geographical front, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), Middle East and Africa (Turkey, Saudi Arabia and others). At present, Asia Pacific holds the leading position in the market.
- The competitive landscape of the market has been analyzed in the report with the detailed profiles of the key players operating in the market. Some of the leading companies include Manufacture Francaise de Pneumatiques Michelin, Bridgestone Corporation, Continental Tire the Americas, LLC, Goodyear Tire & Rubber Company, TBC Corporation, Pirelli & C. S.p.A., Yokohama Tire Corporation, Hankook Tire Co., Ltd., Toyo Tire Holdings of Americas Inc., and Kumho Tire Company.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/tyre-manufacturing-plant/requestsample
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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Keywords: tire, tire market, tire market report, global tire market, tyre industry report, tyre industry analysis, tyre industry growth,
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