Tue, 26 Jan 2021

The new report by Expert Market Research titled, 'Global Tyre Market Price. Trends, Growth, Outlook, Report and Forecast 2020-2025′, gives an in-depth analysis of the global tyre market, assessing the market based on its segments like designs, end uses, vehicle types, distribution channels, seasons, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.

Get a Free Sample Report with Table of Contents -https://www.expertmarketresearch.com/reports/tire-market/requestsample

The key highlights of the report include:

Market Overview (2015-2025)

  • Historical Market Size (2019): 3249 Million Units
  • Forecast CAGR (2020-2025): 4%
  • Forecast Market Size (2025): 4201 Million Units

The global tyre market is being aided by the rising production and the rising demand for vehicles. The increasing demand for light weight vehicles is coming mostly from the emerging economies like China, India, and East Europe, with South America continuing its recovery after the losses faced by the industry in 2016. The expanding disposable incomes in emerging economies is expected to lead to an increase in the number of vehicles, thus, catalysing the growth of the tyre industry. The rising middle class population in countries undergoing industrialisation is also projected to aid the tyre market, with an increasing vehicle ownership leading to the rising demand for light weight vehicles tyres.

Read Full Report with Table of Contents -https://www.expertmarketresearch.com/reports/tire-market

Industry Definition and Major Segments

Tyre is athickrubber ring that is placed over the rim of the wheel of the vehicle after being inflated. It helps the vehicle travel over the road by providing the automotive traction. Tyres can be made of natural rubber or synthetic materials, such as synthetic rubber, steel wires, fabric, and carbon black.

Based on tyre design, the market is segmented into:

  • Radial
  • Bias

The end uses of tyres in the industry are:

  • Replacement
  • OEM

The vehicle types can be broadly classified into:

  • Passenger Cars
  • Light Commercial Vehicle
  • Medium and Heavy Commercial Vehicle
  • Two Wheelers
  • Three Wheelers
  • Off-The-Road

Passenger cars are the major contributors to the tyre demand.

The main distribution channels for the tyre market include:

  • Online
  • Offline

The market, on the basis of season, can be divided into:

  • All Season Tyres
  • Winter Tyre
  • Summer Tyre

All season tyres are key contributors to the demand in the industry.

The regional markets include:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

The Asia Pacific is the largest automotive tyre market.

Market Trends

The automotive tyre market is witnessing a surge in demand due to the improvement in the average lifespan of a vehicle owing to technological advancements. The growing demand in the Asia market is expected to drive the industry growth in the coming year. The tyre industry in Asia is being driven by the growth in the automobile industry, along with the reduced production costs. The lower production costs can be attributed to the lower labour costs and reduced natural rubber content in tyres. With the rising automotive production in Latin America and the Middle East regions, the market is expected to witness a robust growth in the two regions.

Key Market Players

The major players in the market are Michelin Group (EPA: ML), Goodyear Tire & Rubber Company (NASDAQ: GT), Bridgestone Corporation (TYO: 5108), Pirelli & C. S.P.A (BIT: PIRC), Sumitomo Rubber Industries, Ltd. (TYO: 5110), Continental Corporation (ETR: CON), and Hankook Tire & Technology Co. Ltd. (KRX: 161390), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients' needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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Informes de Expertos (https://informesdeexpertos.com), the Spanish variant of Expert Market Research, is a platform that offers market research and consultancy services to a broad clientele base across Spanish-speaking countries. With our primary focus on the Latin America and Spain markets, our research experts provide relevant and actionable insights into the markets and track major trends, economic developments, and global trade data.

Determined to bring client satisfaction, we make sure that our tailored approach meets the client's unique market intelligence requirements. Our syndicated and customized research reports cover a wide spectrum of industries ranging from pharmaceuticals and food and beverage to packaging, logistics, and transportation.

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