The Tire Global Market Report 2023, provides comprehensive information on the tire market 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.
Learn More On The Tire Market’s Growth:
https://www.thebusinessresearchcompany.com/report/tire-global-market-report
As per The Business Research Company’s Tire Global Market Report 2023, the market size is expected to grow from $194.32 billion in 2022 to $203.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. 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 global tire market size is expected to reach $241.37 billion in 2027 at a CAGR of 4.3%.
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Technological advancements are a key trend gaining popularity in the tire market. Major companies operating in the tire sector are focused on developing new technologies to strengthen their market position. For instance, in February 2023, Zhongce Rubber Group, a China-based tire manufacturer, introduced a new set of tires called the EV Pro line-up for EV passenger cars that included Zuper Silent technology, which reduces tire noise by utilizing all-season noise-absorbing compounds, three-dimensional silent bolts, and a special soundproof chamber. Furthermore, the EV PRO features BPOT technology, which delivers outstanding handling thanks to a 5% larger contact area at high speeds, and Mixing Technology, which optimises grip and stability. Moreover, the Gen II Hybrid Silane Compound improves EV PRO mileage while the DMOT Design Theory improves rolling resistance.
The tire market is segmented:
1) By Type: Bias Tire, Radial Tire, Belted Bias
2) By Distribution Channel: Online, Offline
3) By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
4) By End-Use: Replacement Tires, OEM Tires
Asia-Pacific was the largest region in the tire market in 2022.
The table of contents in TBRC’s tire market report includes:
1. Executive Summary
2. Tire Market Characteristics
3. Tire Market Trends And Strategies
4. Tire Market – Macro Economic Scenario
5. Tire Market Size And Growth
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26. Africa Tire Market
27. Tire Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tire Market
29. Tire Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire and Rubber Company
- Sumitomo Corporation
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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