According to the latest report by IMARC Group, titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global tire market reached a volume of 3.1 Billion Units in 2018, exhibiting a CAGR of 4.3% during 2011-2018. A tire refers to a strong, flexible, pneumatic structure which is primarily manufactured with natural and synthetic rubber, wire, fabric, carbon black and other chemical compounds. It encircles a wheel’s rim so as to offer a strong grip between the vehicle and the road. Moreover, tires assist in protecting as well as enhancing the overall performance of a vehicle by providing a flexible cushion that reduces vibrations and absorbs shocks. Owing to this, tires are installed in automobiles like buses, trucks, tractors, industrial vehicles like forklifts, and common conveyances such as wheelchairs, motorcycles, bicycles, and shopping carts.
An increase in the sales of commercial and passenger vehicles, especially in the developing economies like India and China, is boosting the growth of the tire industry. This can be accredited to rising population, rapid urbanization, altering lifestyles and inflating purchasing power of the consumers. Apart from this, a rise in R&D investments by the manufacturers and adoption of advanced technologies, such as eco tires, flat run tires and nitrogen-based tires, are also providing a thrust to the market growth. Additionally, as re-tread tires are more cost-effective in nature and help in preventing the complete replacement tires, they are contributing to the sales of tires worldwide. Further, the emerging trend of individualization and diversification of tire sizes, depending on the vehicle model, are anticipated to spur the growth of the tire market in the upcoming years. Looking forward, the market is projected to reach a volume of 3.9 Billion Units by 2024.
- Based on segments, the market has been bifurcated as OEM and replacement. At present, the OEM segment holds the dominant market share due to the increasing sales of both passenger and commercial vehicles.
- On the basis of applications, passenger car/light truck represents the largest segment, accounting for the majority of the market share. It is followed by commercial tires (trucks) and commercial tires (off highway).
- Region-wise, the market has been divided into India, Japan, Europe, China, Russia, United States and Brazil. Amongst these, China accounts for more than one-third of the total global market as the automotive industry is growing at a tremendous pace in the region.
- The competitive landscape of the market has also been examined with some of the key players being Bridgestone Corporation Japan, Groupe Michelin France, Goodyear Tyre & Rubber Co., Continental AG Germany, and Pirelli & C. S.p.A.
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