Global Tire Market By Vehicle Type, By Demand Category, By Tire Construction Type, By Region, Competition, Forecast & Opportunity, 2017-2027F

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Global Tire Market by Vehicle Type (Light-Duty Passenger Car, Medium-Heavy-Duty Utility, Two-Wheel, Three-Wheel and OTR), by Demand Category (OEM and Replacement), by Tire Construction Type (radial and bias), by region, Competition, forecast and opportunities, 2017-2027F

New York, Sept. 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Tire Market By Vehicle Type, By Demand Category, By Tire Construction Type, By Region, Competition, Forecast and Opportunities, 2017 -2027F “- https://www.reportlinker.com/p05976887/?utm_source=GNW

Global Tire Market was valued at USD 230.88 Billion in 2021 and is projected to reach USD 353.27 Billion in 2027, registering a CAGR of 7.53%. Escalating automobile sales, growing demand for replacement tires, and advancements in tire technology are driving the growth of the global tire market over the forecast years.
Increase in automobile sales and production
Rising production and sales of passenger and commercial vehicles in all regions are expected to drive tire consumption in the coming years. 2021, which represents a cumulative increase of more than 3% compared to the production of previous years.

More than 17 million motor vehicles, or about 58% of total global production, were produced in the APAC region, followed by North America, Europe, South America, Middle East and Africa. The Asia-Pacific region is the largest market for two-wheelers, and China is a major contributor to the Asia-Pacific region.

Throughout the region, two-wheelers are considered the most important mode of transport, supported by their easy maneuverability and affordable prices. The growing demand for passenger cars and commercial vehicles in the Asia-Pacific region clearly represents huge untapped potential for the sale of such vehicles.

Moreover, the expected increase in the sale of passenger cars and commercial vehicles in the region is expected to further help the global tire market over the forecast years.
Growing concern for energy efficiency and safety
Many countries are enforcing strict tire performance regulations, including fuel economy and reduced braking distance related to wet grip, in response to growing safety concerns. Therefore, tire manufacturing companies have a lot of potential to develop standard-compliant tires.

Due to the increase in technological breakthroughs, suppliers are developing extremely efficient tires that improve the overall fuel efficiency of automobiles. Self-inflating technology and low rolling resistance (LRR) technology are used by tire manufacturers to improve safety and increase fuel efficiency.

To increase energy efficiency, pneumatic tires are becoming popular, pneumatic tires are mainly related to safety and energy efficiency, and in the coming years, a high demand is expected for these tires. Trelleborg, an engineering company focused on polymer technology, recently introduced a new line of tires with attributes such as grip and durability for the North American market.

Thus, it is expected that increased concerns over safety and fuel economy will present significant growth potential for businesses.
Technological advance
Tire manufacturers are developing a system called “Contact Area Information Sensing” (CAIS), which consists of a sensor mounted on the inner wall of the tire and monitors the sensor’s interactions with the road surface. The technology analyzes road conditions to determine whether it is dry, wet, slush, fresh or icy snow, then relays this information in real time to the driver via a digital display.

The ability to exchange data with other vehicles that are similarly networked would allow CAIS technology, which is currently used by tire manufacturers, to become more advanced. This could allow the vehicle to predict the actions of the automobile in front of it.

In the future, CAIS could connect air pressure data to air pressure sensors and provide information on tread wear. To improve performance and productivity on the one hand and to reduce the miner’s exposure to risk, BKT has also implemented automated equipment and monitoring systems.

The SPOTech (Satellite Performance Optimization Technology) monitoring system is designed to take measurements of variables such as average/maximum speed, cycle times, lateral/vertical/longitudinal forces, grade percentage and other relevant data that can be used to optimize the construction of haul roads. and solve tire running problems such as uneven wear, belt contour separations and heat buildup.
Commodity price fluctuation
The global tire market is constrained by fluctuating raw material prices, rising input costs due to lack of availability of natural rubber, and oil prices. Additionally, almost all commodities are derivatives of crude, which makes them dependent on the price of crude oil.

Moreover, the manufacturing cost of tires is mainly represented by the raw materials used in their production, with synthetic and natural rubber serving as the main raw materials. Crude oil prices have risen sharply recently around the world.

As a result, it is predicted that in the coming years the cost of synthetic rubber and other crude derivatives used in tire manufacturing will increase.
Market segmentation
The global tire market is segmented by vehicle type (passenger car, light truck, medium/heavy duty vehicle, two-wheeler, three-wheeler and OTR), by demand category (OEM and replacement), by type of tire construction (radial and bias) . In terms of countries, the tire market in the United States is expected to grow at a rapid rate and is expected to reach around USD 69.98 billion during the forecast period of 2027.
Company Profiles
The major players operating in the global tire market are Michelin Group, Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Sumitomo Rubber Industries, Ltd. Hankook Tire & Technology Co., Ltd., Pirelli & CSpA, The Yokohama Rubber Co., Ltd., Zhongce Rubber Group Co., Ltd., Cheng Shin Rubber Industry Co., Toyo Tire Corporation, Shandong Linglong Tire Co., Ltd ., Giti Tire, Sailun Group Co. Ltd., Madras Rubber Factory Ltd., Kumho Tire Co. Inc., Nokian Tires plc, Nexen Tire Corporation, JK Tire Industries Ltd., Apollo Tires Ltd..etc. The major players are developing advanced technologies to stay competitive in the market and also improving their product portfolio to increase their customer awareness.

Report Scope:

In this report, the global tire market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
• Global tire market, by type of vehicle:
o Passenger car
o Two-wheelers
o Light commercial vehicle
o Medium and heavy utility vehicle
o Three-wheelers
RTO
• Global tire market, by demand category:
o Replacement
OEM
• Global tire market, type of tire construction:
o Radial
o Bias
• Global tire market, by region:
o Asia-Pacific
China
India
Japan
Indonesia
South Korea
Vietnam
Thailand
Malaysia
Taiwan
Pakistan
Australia
Philippines
New Zealand
Sri Lanka
Singapore
Bangladesh
o North America
United States
Mexico
Canada
o Europe
Germany
Russia
France
Spain
Italy
UK
Poland
Czech Republic
Netherlands
Belgium
Slovakia
Austria
Sweden
Swiss
Hungary
Romania
Kazakhstan
Belarus
Uzbekistan
Portugal
Greece
Ireland
Finland
Norway
Denmark
Serbia
Slovenia
Bulgaria
Croatia
Lithuania
Bosnia and Herzegovina
Azerbaijan
Latvia
Armenia
Estonia
Luxemburg
o South America
Brazil
Argentina
Colombia
Chile
Cuba
o Middle East
Turkey
Iran
Saudi Arabia
Algeria
Israel
United Arab Emirates
Kuwait
Qatar
Oman
Bahrain
o Africa
South Africa
Egypt
Morocco
Libya
Nigeria
Kenya
Angola
Zimbabwe
Eritrea
Ethiopia
Sudan

Competitive landscape

Company Profiles: Detailed analysis of the major companies present in the global tire market.

Customizations available:

With the market data provided, we offer customizations based on a company’s specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of other market players (up to five).
Read the full report: https://www.reportlinker.com/p05976887/?utm_source=GNW

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