Global Tire Market to Reach $353.27 Billion by 2027 at a CAGR of 7.53%

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DUBLIN, Sept. 23, 2022 /PRNewswire/ — The “Global Tire Market By Vehicle Type, By Demand Category, By Tire Construction Type, By Region, Competition, Forecast and Opportunities, 2017-2027F” report has been added to  ResearchAndMarkets.com’s providing.

The Global tire market stood at USD230.88 billion in 2021 and is estimated to attain USD353.27 billion in 2027, registering a CAGR of 7.53%. Escalating gross sales of cars, rising alternative demand for tire and development in tire expertise are driving the expansion of the worldwide tire market within the forecast years.

Increase in automobile gross sales and manufacturing

Increasing manufacturing and gross sales of passenger automobiles and industrial automobiles throughout all of the areas are anticipated to drive the consumption of tires within the upcoming years. The International Organization of Motor Vehicle Association (OICA) estimated that over 80 million new passenger and industrial automobiles have been produced in 2021, representing a cumulative improve of greater than 3% above the manufacturing within the previous years. Over 17 million motor vehicles-roughly 58% of the world’s complete production-were produced within the APAC area, adopted by North America, Europe, South America, the Middle East and Africa.

Rise in Concern for Fuel Efficiency and Safety

Many international locations are implementing strict tire efficiency laws, together with gas financial savings and moist grip-related braking distance discount, in response to rising security issues. As a consequence, there’s a lot potential for tire manufacturing companies to develop tires that may adjust to requirements. As a consequence of elevated technological breakthroughs, suppliers are growing extraordinarily efficient tires that enhance cars’ total gas effectivity. Self-inflating expertise and Low Rolling Resistance (LRR) expertise are used by tire producers to improve security and improve gas effectivity.

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For rising gas effectivity, pneumatic tires are getting well-liked, pneumatic tires are majorly associated to security and gas effectivity, and within the upcoming years, excessive demand is predicted for these tires. Trelleborg, an engineering firm, centered on polymer expertise, lately launched a new line of pneumatic tires with attributes resembling grip and sturdiness for the North American market. Thus, it’s projected that elevated concern about security and gas economy will current a important progress potential for the businesses.

Technological Advancement

The producers that make tires are growing a system known as “Contact Area Information Sensing” (CAIS), which consists of a sensor mounted to the interior wall of the tire and displays the sensor’s interactions with the street’s floor. The expertise analyzes the state of the street to decide whether or not it’s dry, moist, slushy, contemporary snow, or icy, after which transmits that data in real-time to the motive force by way of a digital display screen. The skill to trade information with different automobiles which can be equally networked would permit CAIS expertise, which is at present used by tire producers, to turn into extra superior. This would possibly allow the automobile to foresee the actions of the automobile in entrance.

In the longer term, CAIS could join air strain information with air strain sensors and supply data on tread put on. To enhance efficiency and productiveness on the one hand and to reduce the miner’s publicity to dangers, BKT has additionally applied automated tools and monitoring programs. The SPOTech (Satellite Performance Optimization Technology) monitoring system is designed to take measurements of variables resembling common/most velocity, cycle instances, lateral/vertical/longitudinal forces, % grade, and different related information that can be utilized to optimize haul street building and resolve issues with tire operation resembling uneven put on, belt contour separations, and warmth buildup.

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Report Scope:

In this report, Global tire market has been segmented into following classes, as well as to the business tendencies which have additionally been detailed under:

Global Tire Market, By Vehicle Type:

  • Passenger Car
  • Two-Wheeler
  • Light Commercial Vehicle
  • Medium & Heavy Commercial Vehicle
  • Three-wheeler
  • OTR

Global Tire Market, By Demand Category:

Global Tire Market, Tire Construction Type:

Global Tire Market, By Region

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Global Tire Production Overview

5. Voice of Customer

6. Impact of Covid-19 on Global Tire Market

7. PESTLE Analysis

8. Porter’s Five Forces

9. Global Tire Market Outlook

10. Asia-Pacific Tire Market Outlook

11. North America Tire Market Outlook

12. Europe & CIS Tire Market Outlook

13. South America Tire Market Outlook

14. Middle East Tire Market Outlook

15. Africa Tire Market Outlook

16. Market Dynamics

17. Market Trends & Developments

18. Supply Chain Analysis

19. Import & Export Analysis

20. Impact of Russia-Ukraine War on Global Tire Market

21. Competitive Landscape

22. Strategic Recommendations

23. About the Publisher & Disclaimer

Companies Mentioned

  • The Michelin Group
  • Bridgestone Corporation
  • Continental AG
  • Goodyear Tire and Rubber Company
  • Sumitomo Rubber Industries, Ltd.
  • Hankook Tire & Technology Co., Ltd.
  • Pirelli & C. S.p.A.
  • The Yokohama Rubber Co., Ltd.
  • Zhongce Rubber Group Co., Ltd.
  • Cheng Shin Rubber Industry Co.
  • Toyo Tire Corporation
  • Shandong Linglong Tire Co., Ltd.
  • Giti Tire
  • Business Overview
  • Apollo Tyres Ltd.
  • Sailun Group Co. Ltd.
  • Madras Rubber Factory Ltd.
  • Kumho Tire Co. Inc.
  • Nokian Tires plc
  • Nexen Tire Corporation
  • JK Tyre Industries Ltd.
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For extra details about this report go to https://www.researchandmarkets.com/r/39fmho

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