According to the latest report by IMARC Group, titled "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global tire market size was 3.2 Billion Units in 2019. Tires are ring-shaped flexible and pneumatic structures that are placed around the rim of a wheel. They are usually manufactured using wire, rayon, natural and synthetic rubber, carbon black, polyester, steel, silica and a vulcanization accelerator. These structures provide a sturdy gripping surface for traction while transferring the vehicle’s load to the surface. Serving as a cushion for the wheels of a moving vehicle, they absorb shocks and reduce the impact of vibrations while driving, which enhances road feel and improves the overall performance of the vehicle.
Global Tire Market Trends:
The global tire market is primarily driven by the significant growth in the automotive sector. Growing global population, rapid urbanization and rising consumer expenditure capacities have contributed to the escalating demand for passenger vehicles across the globe, especially in developing countries. This, in confluence with the increasing demand for construction vehicles on account of expanding infrastructural development, is significantly catalyzing the growth of the market. Moreover, extensive research and development (R&D) activities undertaken by manufacturers have resulted in the improved tire design and rubber quality. This has consequently led to the advent of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances. Numerous ecological tires have also been introduced in the market, which are gaining widespread popularity, owing to enhanced focus toward sustainable development. For instance, Michelin, a France-based tire manufacturing company, introduced VISION, a biodegradable 3D printed smart concept tire, which is manufactured using sustainable materials. It is airless and equipped with sensors that offer real time updates about the condition of the tire. On account of the aforementioned factors, the market is expected to reach a volume of 4.0 Billion Units by 2025, growing at a CAGR of 3.7% during the forecast period (2020-2025).
Market Summary:
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