Tyre Market 2020: Size, Share, Price, Growth, Industry Trends and Forecast till 2025 | IMARC Group

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Tyre Market 2020: Size, Share, Price, Growth, Industry Trends and Forecast till 2025 | IMARC Group

Tyre Market 2020: Size, Share, Price, Growth, Industry Trends and Forecast till 2025 | IMARC Group

Global Tyre Market Growth Impelled by Advent of Ecological Tires – IMARC Group
The global tyre market is driven by the escalating demand for passenger vehicles, along with the advent of advanced tires.

The global tyre market reached a volume of 3.2 Billion Units in 2019, growing at a CAGR of around 4% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.

Tyres 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:
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.
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.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/tyre-manufacturing-plant/requestsample
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.

View Report TOC, Figures and Tables: https://www.imarcgroup.com/tyre-manufacturing-plant

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