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Get detailed insights regarding the impact of COVID-19 on the market.
The global tire market reached a volume of 2,268 Million Units in 2021.
We expect the global tire market to exhibit a CAGR of 2.8% during 2022-2027.
The growing adoption of sport utility vehicles (SUVs), along with rising popularity of automobile tires
with a high safety quotient, is currently driving the global tire market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in temporary closure of numerous
manufacturing units for vehicles, thereby limiting the overall demand for tires.
Based on the design, the global tire market can be segregated into radial and bias, where radial tires
currently account for the majority of the global market share.
Based on the end-use, the global tire market has been divided into OEM market and replacement
market. Currently, replacement market exhibits a clear dominance in the market.
Based on the vehicle type, the global tire market can be categorized into passenger cars, light
commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, Off-
The-Road (OTR). Among these, passenger cars currently hold the majority of the total market share.
Based on the distribution channel, the global tire market has been segmented into offline and
online. Currently, offline channel represents the largest market share.
Based on the season, the global tire market can be bifurcated into all season tires, winter tires, and
summer tires. Among these, summer tires currently account for the majority of the total market
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global tire market include Michelin, Bridgestone, Continental,
Goodyear, Sumitomo, Pirelli, Yokohama, Hankook, Toyo, Kumho, etc.
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