Tire Market to Surpass $ 300 Billion Mark by 2025
Increase in automotive
production & sales across different vehicle and rise in competition among
tire manufacturers to drive the global tire market growth through 2025.
According to TechSci Research report, “Global
Tire Market By Vehicle Type, By Demand Category, By
Radial Vs Bias, By Region, Competition, Forecast & Opportunities, 2013 –
2025F”, the global tire
market is forecast to cross $ 300 billion by 2025. Major factors that are
expected to drive the market include rising demand for tires from OEMs due to
various technological advancements in automotive industry in terms of better
lifespan of tires, light weight, environment-friendly tires, imposed strict
safety regulation by governments of various countries across the globe coupled
with growing tire sales in the replacement market, globally. Rising
industrialization activities has also led to an increase in sales of commercial
vehicles, boosting the demand for tires. Also, introduction of electric
vehicles and decrease in prices of vehicle parts across all segments are likely
to accelerate the global tire market growth. However, volatile prices of raw
materials that includes rubber, petroleum reinforcing materials, steel wire,
carbon black, etc. might hinder the global tire market growth.
The global tire market is broadly classified in
terms of vehicle type, demand category, and radial vs bias segments. Global tire market report has also covered the
preferred tire sizes of 80 countries and major tire plant locations with their
production capacities across the world. In terms of vehicle type, the global
tire market is classified into – passenger car tire, light commercial vehicle
(LCV) tire, medium & heavy commercial vehicle (M&HCV) tire, two-wheeler
tire, three-wheeler tire and OTR tire segments. As of 2019, the passenger car
tire segment dominated the global tire market with a majority market share and
the segment is anticipated to continue its market dominance over the course of
next five years as well.
In terms of demand category, replacement market
is dominating the global tire market with over two-third market share and is
expected to maintain dominance during the projected period as well. Through
2021-2025, it is expected that the market share of OEM will continue to escalate
owing to rise in production of vehicles and technological advancements in
automotive industry across the globe. In terms of technology type, the market
is largely grabbed by radial tires and the segment is expected to witness
increase in market share in the coming years.
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Tire Market" https://www.techsciresearch.com/report/global-tire-market/3057.html
Asia-Pacific holds the largest
share in the global tire market, backed by the huge existing fleet of passenger
cars in the region coupled with growing two-wheeler tire sales in the region on
the back of increasing two-wheeler sales in several countries across the region.
Also, the region accounted for the largest fleet of two-wheelers globally, which
has helped in generating the maximum tire sales from the region. Due to the
presence of automobile production hubs in China and India, Asia-Pacific is
witnessing strong demand for tires from the OEM segment as well.
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Leading companies such as Bridgestone,
Goodyear, Michelin, Continental, Hankook, etc., are expected to maintain their
dominance over the next five years. “Over the last few years, the global
automobile industry has witnessed a considerable increase in demand for
passenger cars, two-wheelers, commercial vehicles, three-wheelers and OTR
vehicles, which has boosted the tire sales, globally. This trend is expected to
prevail with continuing growth in tire production and demand over the next five
years”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Tire Market
By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition,
Forecast & Opportunities, 2013 – 2025F”, has analyzed the potential of tire market across the globe, and provides
statistics and information on market size, shares and trends. The report will
suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the global tire industry.
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