A tire refers to a ring shaped component that surrounds a wheel rim that transfers a vehicles' load from the axle via the wheel to the ground. It provides traction the surface over which the wheel travels. Most of the tires are pneumatically inflated structures that helps in providing flexible cushion for absorbing shocks as tires usually run on rough surfaces. The tires also provide footprint that is designed to match the vehicles' weight with the bearing strength of the surface. The materials used in tires are synthetic rubber, natural rubber, fabric and wires.
MARKET DYNAMICS
The rising demand from the OEMs on the back of incrementing production of vehicles drives the market for tires globally. Also, the shifting demand towards better lifespan, lightweight and environmental friendly tires drive the growth of the market. However, the increase vulnerability to abuse when overloaded or under-inflated and poor transport handling restricts the fruitful development of the tires market. An upsurge in the focus of manufactures to produce better quality tires and the expanding automotive industry are expected to bolster well the market growth of tires in the near future.
MARKET SCOPE
The "Global Tires Market Analysis to 2028"? is a specialized and in-depth study of the Chemicals and Materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the tires market with detailed market segmentation by product type, vehicle type, design and geography. The global tires market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading tires market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global tires market is segmented on the basis of product type, vehicle type and design. On the basis of product type, the tires market is segmented into racing tires, truck tires, aircraft tires and others. As per vehicle type the market is broken into passenger cars, commercial vehicles, OTR vehicles and others. The market on the basis of design is divided into radial tire and bias tire.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global tires market based on various segments. It also provides market size and forecast estimates from the year 2020to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The tires market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the tires market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the tires market in these regions.
MARKET PLAYERS
The reports cover key developments in the tires market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from tires market are anticipated to lucrative growth opportunities in the future with the rising demand for tires market in the global market. Below mentioned is the list of few companies engaged in the tires market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the tires market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Hankook Tire and Technology Co.,Ltd.
- Kumho Tire Co., Inc.
- Michelin
- Pirelli and C. S.p.A
- Sumitomo Rubber Industries, Ltd.
- Toyo Tire U.S.A. Corp
- Yokohama
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.