Tire Market to Attain Valuation US$ 150 Bn by 2027
LOS ANGELES, June 11, 2020 /PRNewswire/ -- The global tire market value is expected to reach of around US$ 150 Bn by 2027 and is anticipated to grow at a CAGR of around 5%.
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Increase in demand for vehicles is the major drivers for the growth of the tire market. Fluctuations in the availability of raw material and their prices are a major factor expected to restraint the growth of the market.
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A tire consists of components such as sidewall, chain, belts, lining, and rubber. Sidewall protects the carcass from collapse as the walls of a carcass are crack-proof and flexible. Sidewalls mostly cover a variety of layers of loosely woven nylon cords. Such nylon cords are often referred to as sheet stacks, which are covered, both inside and outside the tire by a rubber compound. The cord body has the potential to sustain jolts and shocks and is a semi-rigid structure. Tubeless vessels have two extra layers for the reduction of friction and resistance of nylon cords and rubber. Both these components are found within the tread coating to protect the tire from wear and cuts. This is the exterior component of the tire which comes in contact with the ground surface and has been built with various tread patterns according to the specification or area of application for the tire.
Asia Pacific hold large market share of global tire market which is followed by North America and Europe. In 2018, over 27.8 million vehicles production was in China which leads to the largest automotive industry in the world. The related tire market has also seen strong growth in recent years with the increase in automotive production. The Chinese tire market is experiencing steady growth, primarily due to economic development in the country and consistent growth in OEM tire sales. In the Asia Pacific region, Thailand is the fastest growing market for automotive tires, and more than 35% of the world raw rubber is a produce in this country. Other factors such as steady growth of vehicle manufacturing and growing demand for automotive tires will fuel the global development of the automotive tire market in the region.
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Market dynamics
The major factor driving the growth of tire market is due to increasing demand of tires across the globe which is due the sales of the passenger vehicle is accelerating, particularly in the developing countries. Tires perform several functions, including weight protection for a vehicle, acceleration and brake force transfer, direction change or repairs, and removal of shocks from the road surface to increase the overall performance of the vehicle. In addition, increasing development activities are projected to fuel demand for construction vehicles in both developed and developing countries, consequently enhancing tire sales. In addition, leading companies are interested in producing new products, such as environmentally friendly, flat-function and nitrogen-based tires. For instance, the next generation of tires that give superior fuel efficiency and high friction pressure for significantly reducing deformation of the tires, has been launched by Bridgestone Group, the world's largest tire and rubber company. The measuring of the vehicle still continues, even though the tire is punctured, with the support of the reinforced sidewalls, unlike traditional tires.
The global tire market includes prominent players such as Michelin, Continental AG, The Yokohama Rubber Co. Ltd., Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. S.p.A., The Goodyear Tyre & Rubber Co., Madras Rubber Factory Limited , JK Tyre & Industries Ltd., CEAT Ltd. and others.
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Recent Developments
-- In February 2020, the new smart tyre collection at Auto Expo 2020 has
been launched by leading Indian tire manufacturer JK Tire & Industries
Ltd.
-- In December 2019, Continental launches all-new agriculture tire
application for end customers and dealers
-- In October 2019, Continental shows off intelligent tires
Key Target Audience:
-- Government bodies such as regulatory authorities and policy makers
-- Raw material suppliers
-- Market research and consulting firms
-- Automobile manufacturers
-- Tire manufacturers, suppliers, distributors and other stakeholders
-- Associations, organizations, forums and alliances related to tire
industry
Market Segmentation
Tire Market By Season
-- Winter Tires
-- Summer Tires
-- All Season Tires
-- Other Tires Types
Tire Market By Vehicles Type
-- Passenger Cars
-- Light Commercial Vehicles
-- Heavy Commercial Vehicles
-- Other Vehicles (All-terrain Vehicles, Recreational Vehicles)
Tire Market By Type
-- Radial Tire
-- Bias Tire
Tire Market By Sales Channel
-- OEM
-- Aftermarket
Tire Market By Tube
-- Tubed Tire
-- Tubeless Tire
Tire Market By Material
-- Natural Rubber
-- Synthetic Rubber
Tire Market By Geography
North America
-- U.S.
-- Canada
Europe
-- UK
-- Germany
-- France
-- Spain
-- Rest of Europe
Asia-Pacific
-- China
-- Japan
-- India
-- Australia
-- South Korea
-- Rest of Asia-Pacific
Latin America
-- Brazil
-- Mexico
-- Rest of Latin America
Middle East & Africa
-- GCC
-- South Africa
-- Rest of Middle East & Africa
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