Tyre Market Overview:
The tire or tyre surrounds the wheel to transfer load and is a crucial part in a vehicle. Its wide usage in automobile industry has increased demand of the product. It supports whole bead of car and coordinates the wheel in various directions. The global automotive tire market was valued at USD 233.15 Bn and is expected to reach USD 306.44 Bn, at a CAGR of 3.8% over the forecast period 2018 to 2025
Tyre Market Drivers and Restraints:
Today, the automotive consumers are more focused enhancing fuel efficiency of their existing vehicles and with an objective to do so, the consumers are increasingly preferring technologically advanced tires, thereby, projecting a good growth rate of automotive tire market.
Increase in vehicle production will surge automotive tire market in near future. The industry is one of the major contributors in economy and revenue generation.
The restraint that the market is facing is environmental challenges such as impact of climate change. Economic challenges including shortage of resources, changing customer demand, mobility, urbanization, strict policies and ease availability of public transportation are certain factors impacting the product and hence affecting the market growth.
The tire manufacturers are also offering their tires through online distribution channel & outlets, by their own website or by collaborating with other e-commerce websites, to facilitate the consumers to procure and install desired tires from their location.
Regional Insights of Tyre Market:
More than half of all tires are sold in the Asia Pacific region, and this region is expected to grow fastest among others. China, which accounted for almost one-fourth of global tire demand, will remain one of the fastest growing national markets for tires. Several other countries in the Asia Pacific region are also projected to achieve good gains in tire demand, particularly India, Indonesia, and Thailand.
The developing countries in Middle East and Africa region and Central and South America will post above average gains in tire sales, although each of these regions will remain below six percent of the global tire market. Growth in demand for tires in North America and Western Europe will post high gains of about one percent annually every year. Replacement tire markets in these regions are average, as vehicle ownership rates are already very high.
The Major Players Profiled in this Tyre Market report include:
Detailed Segmentation Analysis of Tyre Market:
Tyre Market – By Product: This report displays the sales volume, revenue (Million USD), product price, market share and growth rate of each type, primarily split into-
Tyre Market By End users/applications: This report focuses on the status and outlook for major applications/end users, sales volume, market share and growth rate of Tyre for each application, including-
Tyre Market - By Regions:
- Central & South America
- Middle East & Africa
The global automobile market is expected to grow at a good pace over the next five years, backed by anticipated stabilization of crude oil prices and growth in the global economy, which is expected to grow demand for automobiles and increasing consumer spending, and consequently, boost sales of tire in the coming years. But factors such as shortage of resources, changing customer demand, mobility, urbanization, strict policies can hurdle the market.