Tires Market Report Scope and Research Methodology :
Our rigorous research methodology ensures that this report provides a detailed and accurate analysis of the global tires market. The analysis is based on extensive data, and complex insights are presented in a clear and accessible language to cater to the needs of all stakeholders.
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Tires Market Dynamics:
1. Increase in Vehicle Production & Sales: The global tire market is being propelled by the upsurge in vehicle production and sales worldwide. Notably, commercial vehicle sales, including trucks, tractors, and trailers, are driving market growth. The growing demand for lightweight vehicles, as well as luxury and premium vehicles, is fostering market expansion. In 2019, global vehicle sales reached approximately 88.7 million, and this figure is expected to climb even higher, boosting the demand for tires worldwide.
2. Growing Production and Sales of Electric Vehicles: The thriving electric vehicle market is set to fuel the tire industry in the forecast period. Heightened awareness of environmental issues and stringent regulations to reduce emissions have led to the development of eco-friendly vehicle alternatives. As electric vehicles become more appealing due to improved range, battery life, reliability, and affordability, the market for electric vehicle tires is expanding. China, the largest electric vehicle market, is projected to reach a market value of 3.79 million by 2026.
Tires Market Regional Insights:
- United States: The U.S. tire market currently commands a 28% share and is anticipated to grow at a CAGR of 5.4% throughout the forecast period.
- Europe: Europe is poised to reach 593 billion units during the forecast period. Germany is expected to grow at a CAGR of 3.4%, while Japan and Canada are forecasted to grow at 2.6% and 3.6%, respectively.
- Asia-Pacific: The Asia-Pacific region is projected to grow at a CAGR of 5.3% during the forecast period. In 2022, the Asia-Pacific region held 48% of the global market, with China, India, and Japan accounting for 72% of the market share. Despite the impact of COVID-19 on tire sales in 2020, the Asian tire market is expected to grow by 3.6% during the forecast period.
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Tires Market Segmentation:
by Type
Radial Tires
Bias Tires
Non-Pneumatic Tires
by Vehicle Type
Passenger Cars
Commercial Cars
Off-Road Cars
by Distribution Channel
OEM
Aftermarket
Tires Market Key Players:
North America
Cooper Tire & Rubber Company (U.S)
Goodyear Tire & Rubber Company (U.S)
Europe
Avon Tyres (U.K)
Continental AG (Germany)
MITAS A.S. (Czech Republic)
Michelin (France)
Groupe Michelin (France)
Nokian Tyres Oyj (Finland)
Pirelli & C. S.p.A (Italy)
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Table of content for the Tires Market includes:
- Global Tires Market : Research Methodology
- Global Tires Market : Executive Summary
- Market Overview and Definitions
- Introduction to the Global Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Tires Market : Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size and Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by growth and trend
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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