The Online Tires (Tires E-commerce) Market is valued at USD 2.268 million in 2022 and is expanding at a CAGR of 3.8% over the forecast period of 2022-2030 rising at a significant growth.
Online Tires (Tires E-commerce) Market- Overview
A tyre is defined as a ring-shaped, circular auto part, which houses a wheel rim and is inflated with compressed air.
The wire, silica, carbon black, steel, natural, synthetic rubber among other materials are used in its production. By lowering vibrations and boosting shock absorption, the tyre distributes the car’s weight from the axle to the ground and gives the car stability.
Additionally, the tyre also enhances the vehicle’s performance, mileage, passenger safety, and wear and tear. Also depending on the type of automobile, it is currently frequently offered in a variety of sizes and versions.
Key market trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rise in vehicle production as well as sales over the forecast period.
This is because of the sales of commercial vehicles, such as trucks, tractors, and trailers that are advancing the industry. The market has also seen a rise over the forecast period because of the customer desire for luxury and premium vehicle and low-weight cars.
Another factor that has fuelled the market growth over the forecast period is the Increasing production and sales of electric vehicles. Also, during the forecast period, the tyre market is projected to be driven by the expanding market for electric vehicles. Customers are now increasingly aware of issues with the environment, such as poor air quality, noise pollution, and the depletion of non-renewable natural resources.
This is the reason why manufacturers have been forced to produce and construct ecologically sustainable alternatives in automobiles as a result of the adoption of severe rules to prevent excessive emissions. Thus, electric vehicles are now a much more desirable option for consumers because of increased range, battery life, reliability, and price.
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Segmental analysis of the market
Based on Type
- Radial
- Bias
The radial segment has dominated the market growth over the forecast period.
Based on Function
- Summer
- Winter
- All season
- Track
- Performance
- Others
The all season segment has dominated the market growth over the forecast period.
Base on Vehicle Type
- Passenger vehicles
- Light commercial vehicles
- Medium and heavy commercial vehicle
- Buses and trucks
- Off the road
- Two wheelers
- Three wheelers
- Others
The passenger vehicles segment has dominated the market growth over the forecast period.
Based on sales channel
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- Others
Based on Tire/Rim size
- Forest management
- Logging management
- Map work harvester
- Inventory and logistics management
- Others
The logging management segment has dominated the market growth over the forecast period.
Asia Pacific is anticipated to amplify at a considerable CAGR
The online tires (Tires E-Commerce) Market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, South America, and Middle East and Africa. Among these, Asia Pacific is anticipated to dominate the market growth over the forecast period because of the largest revenue generated by the region.
Competitive Landscape
Some of the prominent companies operating in the market are
- CEAT
- Continental
- Cooper
- Dunlop
- Goodyear
- Hankook
- JK Tyre
- Kumho Tire
- Michelin North America Inc.
- Pirelli
- Sumitomo
- Tire Rack
- TireConnect
- Tire-Easy
- Triangle Tires
- Tyre World Kenilworth LTD
- com
- Tyresnmore
- Tyrewaale
- Yokohama
Major questions answered in this report
- What is the growth rate of The Online Tires (Tires E-commerce) Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The Online Tires (Tires E-commerce) Market is projected to expand at a CAGR of 3.8% over the forecast period.
- The rise in production and sales is aiding market progression.
- The passenger vehicles segment is poised to expand significantly over the forecast period.
- Asia Pacific has dominated the regional market sphere over the forecast period.
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