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IMARC Group has recently released a new research study titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the tire market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

What is the market size of the tire industry?

The global tire market size reached 2,321.3 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 2,741.2 Million Units by 2028, exhibiting a growth rate (CAGR) of 2.88% during 2023-2028.

Report Coverage:

Tire: Uses and Application:

Tire, also known as a tyre, is a round rubber covering fitted around a wheel's rim to provide traction, stability, and support for vehicles. Its characteristics include tread patterns for grip, sidewalls for structural strength, and various sizes to fit different vehicles. Key features include durability, flexibility, and resistance to wear and tear.

Report Sample:  https://www.imarcgroup.com/tyre-manufacturing-plant/requestsample

Tire Industry Growth Drivers and Trends: 

One of the primary drivers influencing the growth of the Tire Market is the mounting demand for cost-effective and high-performance tire solutions. As the global automotive market expands, there is an increasing need for tires that offer superior performance, fuel efficiency, and durability. The tire industry is responding to this demand by continuously innovating and introducing advanced tire technologies to meet the evolving needs of consumers. Advancements in tire technology have significantly contributed to market expansion.

Manufacturers are constantly investing in research and development to enhance tire materials, tread designs, and construction methods. These advancements have led to the production of safer, more reliable, and longer-lasting tires, making them more secure and flexible for various vehicle types. The global shift towards digitization and data-driven solutions is also influencing the Tire Market.

Tire manufacturers are incorporating smart technologies and sensors in tires to collect data on tire performance and provide real-time insights. These digital innovations are transforming the way tires are monitored, leading to improved safety and more efficient tire maintenance.

The rising awareness among consumers and businesses about the benefits of using high-quality tires is propelling the growth of the Tire Market. Consumers recognize the significant impact that tires have on vehicle performance, fuel efficiency, and overall safety. As a result, there is a growing preference for premium and performance-oriented tires, driving the market expansion.

We are also providing the Tyre Manufacturing Plant Project Report 2023: https://www.imarcgroup.com/tyre-manufacturing-plant-project-report

What is included in tire market segmentation?

The report has segmented the market into the following categories:

Breakup by Design:

• Radial
• Bias

Breakup by End-Use:

• OEM Market
• Replacement Market

Breakup by Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two Wheelers
• Three Wheelers
• Off-The-Road (OTR)

Breakup by Distribution Channel:

• Offline
• Online

Breakup by Season:

• All Season Tires
• Winter Tires
• Summer Tires

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

Tire Compnaies/Manufactureres Covered: 

• The Michelin Group
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire and Rubber Company
• Sumitomo Corporation
• Pirelli Tyre S.p.A
• Yokohama Tire Corporation
• Hankook Tire and Technology Co., Ltd.
• Toyo Engineering Corporation
• Kumho Tyre (Australia) Pty Ltd

You Can Buy Report Directly and Get Up-To 10% Discount: https://www.imarcgroup.com/checkout?id=575&method=238

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us                                                                                    

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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