New York, June 26, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tire Global Market Report 2023" - https://www.reportlinker.com/p06464004/?utm_source=GNW
Ltd., Toyo Engineering Corporation, Kumho Tyre Pty. Ltd., Yokohama Tire Corporation, Giti Tire, Maxxis International, Nexen Tire Corporation, and MRF Limited.
The global tire market is expected to grow from $194.32 billion in 2022 to $203.83 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tire market is expected to reach $241.37 billion in 2027 at a CAGR of 4.3%.
The tire market consists of the sale of touring tires, track and competition tires, all-terrain, and specialty tires.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A tire is a circular-shaped component usually made of rubber that is fitted around the outer rim of a vehicle’s wheel, enabling the vehicle to attach to the ground. Its primary purpose is to provide smooth traction on the surface over which the wheel travels.
Asia-Pacific was the largest region in the tire market in 2022. The regions covered in tire report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of tires are bias tire, radial tire, and belted bias.Bias tire refers to a tire that is manufactured using layers of cord ply that run perpendicular to the tread’s center line.
These are sold through both online and offline distribution channels, and are used in several applications, including cars, bicycles, motorcycles, buses, trucks, heavy equipment, aircraft, and others. It is used as replacement tires and OEM (original equipment manufacturer) tires.
The growing vehicle production is expected to propel the growth of the tire market going forward.Vehicle production refers to the process of mass-producing identical models of passenger cars, heavy and light trucks, pickups, vans, and sport utility vehicles in large quantities.
Tires are an important component of a vehicle’s suspension and steering system.Its primary functions is to support the vehicle load, transmit traction and braking forces to the road surface, absorb road shocks, and change and maintain the direction of travel.
For instance, in March 2022, according to a report published by the European Automobile Manufacturers’ Association (ACEA), the main lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. in 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, growing vehicle production drives the growth of the tire market.
Technological advancements are a key trend gaining popularity in the tire market.Major companies operating in the tire sector are focused on developing new technologies to strengthen their market position.
For instance, in February 2023, Zhongce Rubber Group, a China-based tire manufacturer, introduced a new set of tires called the EV Pro line-up for EV passenger cars that included Zuper Silent technology, which reduces tire noise by utilizing all-season noise-absorbing compounds, three-dimensional silent bolts, and a special soundproof chamber.Furthermore, the EV PRO features BPOT technology, which delivers outstanding handling thanks to a 5% larger contact area at high speeds, and Mixing Technology, which optimises grip and stability.
Moreover, the Gen II Hybrid Silane Compound improves EV PRO mileage while the DMOT Design Theory improves rolling resistance.
In June 2021, Goodyear Tire & Rubber Company, a US-based tire company, acquired Cooper Tire & Rubber Company for $2.8 billion. Through the acquisition, Goodyear Tire & Rubber Company intends to strengthen its global leadership and increase investments in new mobility and fleet solutions. Cooper Tire & Rubber Company is a US-based tire manufacturer.
The countries covered in the tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tire market research report is one of a series of new reports that provides tire market statistics, including tire industry global market size, regional shares, competitors with a tire market share, detailed tire market segments, market trends and opportunities, and any further data you may need to thrive in the tire industry. This tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464004/?utm_source=GNW
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