Insights into the Tire Market Growth Trajectory from 2023 to 2028
MarkNtel Advisors presents a comprehensive research analysis on the Global Tire Market, i.e., set to register around CAGR 3.85% during 2023 -28. It comprises an extensive examination of the various aspects affecting the industry dynamics, such as growth drivers, opportunities, restraints, challenges, key trends, & recent developments, among others.
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With this report, our domain-specific experts & dedicated analysts intend to inform stakeholders about the constant fluctuations in the Tire Market and what to expect from the industry in the forthcoming timeline so that they can make strategic moves to yield significant profits in the coming years. All data presented in the report is based on the following parameters:
- Historical Period: 2018 -21
- Base Year: 2022
- Forecast Period: 2023 -28
Major Offerings in the Tire Market Report
- Business strategies & shares
- Demand upsurge & falls
- Gross margins
- Investment & revenue generation opportunities
- Leading companies and their profiling, mergers, & acquisitions
- High-growth segments & geographies
- Trends & developments, among others
The report incorporates detailed information on the major factors influencing the Tire Market dynamics across different geographies, along with the competitive analysis, Covid-19 impact analysis, ongoing trends, latest developments, and various strategies adopted by industry players for revenue generation.
Tire 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.
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Tire Market Segmentation & Regional Dynamics
The Tire Market is highly fragmented, and the following are its key segments:
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
Geographically, the Tire Market extends across:
By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
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Tire Market Competitive Landscaping: A Detailed Assessment
The report provides a comprehensive analysis of the leading participants in the Tire Market, based on their market share, developments, financials, revenue generation strategies, partnerships, mergers, & acquisitions. The following parameters have been taken into consideration while profiling companies:
- Key Performance Indicators
- Latest Trends & Developments
- Product/Service Offerings
- Risk Analysis
- SWOT Analysis
The top companies in the Tire Market include:
- 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.)
Key Questions Addressed in the Tire Market Report
- What is the expected compounded annual growth rate (CAGR) of the Tire Marketduring 2023-28?
- What are the higher-growth segments/sub-segments in the Tire Market?
- What the latest trends and recent mergers & acquisitions in the Tire Market?
- What are the key strategies adopted by leading companies operating in the Tire Market?
- Which region/country would emerge as an area of opportunity for the Tire Market?
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Company Name: MarkNtel Advisors
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San Francisco, CA 94131
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