The Automotive Tire Global Market Report 2023 by The Business Research Company, provides automotive tire market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Automotive Tire Global Market Report 2023, the global automotive tire market size will grow from $125.85 billion in 2022 to $134.36 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of automotive tire market is expected to grow to $176.22 billion in 2027 at a CAGR of 7.0%.
Increasing production of vehicles and the growing popularity of electric cars and pickup trucks and similar light commercial vehicles propels the market growth of the automotive tire market.
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The automotive tire market is segmented:
1) By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Season Type: Summer, Winter, All Seasons
Automotive tire companies are focusing on developing airless tires for passenger and commercial vehicles. The zero-pressure tires ensure zero downtime and no loss of productivity for commercial vehicles and ensure greater auto safety and performance. For instance, in November 2021, Goodyear launched its own airless tire to compete with the Uptis from Michelin. The non-pneumatic tyre approach taken by Goodyear and Michelin are pretty comparable. A network of spokes maintains the wheel stiff enough to drive on rather than air pressure keeping the tyre taut and prepared. The system is fairly amazing to see in action; in contrast to conventional tyres, the wheels bend in ways that seem unnatural.
The automotive tire market report table of contents includes:
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Top 5 Major Key Players Are:
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