Global Tires Market Trends, Future Opportunity, SWOT Analysis, Top Key Player, Region by Forecast 2029

[akash Arjun pingale]

Global Tires Market: is anticipated to reach US$ 169.06 Bn by 2029 from US$ 121.64 Bn in 2021 at a CAGR of 4.2% during a forecast period.

Global Tires Market Overview: 

For the global industry's Global Tires Market analysis, a research team did thorough primary and secondary research. Secondary research was carried out in order to supplement existing data, segment the market, estimate overall market size, and anticipate market size and growth rate.

Primary and secondary research is used to identify market leaders, and primary and secondary research is used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers' annual and financial reports. Secondary sources are utilized to generate global market percentage splits, market shares, growth rates, and breakdowns, which are then cross-checked with primary data.

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Global Tires Market Dynamic:

The global tire market is primarily driven by rising vehicle production and sales all over the world. Commercial vehicle sales, such as trucks, tractors, and trailers, are also propelling the market forward. The demand of consumers for low-weight cars, as well as luxury and premium vehicles, is driving the market's growth during the forecast period. Vehicle sales worldwide were about 88.7 million in 2019 and are expected to reach XX million by 2026. As a result of the increased demand for and sale of automobiles across the world, tires are in great demand.

Market Scope:

The study supports an understanding of the Global Tires Market dynamic structure by identifying and evaluating market segments and projecting market size. The study also contains a competitive analysis of major corporations based on price, financial status, application expansion goals, and geographical presence. A PESTLE analysis is also included in the report to assist shareholders in prioritizing their efforts and investments in the Global Tires Market.

External and internal components projected to have a positive or negative impact on businesses have been researched, presenting decision-makers with a clear future picture of the sector. By studying market segments and projecting Global Tires Market size, the study also assists in understanding the dynamic structure of the Global Global Tires Market. The study acts as a reference for investors by offering a comprehensive portrayal of the competitive analysis of significant firms in the Global Global Tires Market based on price, financial status, growth strategies, and geographical presence.

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Global Tires Market Segmentation: 

In comparison to radial tires, bias tires provide a smoother ride over uneven surfaces. Also, bias tires are less costly than radial tires. Radial tires are becoming more popular in the mining and construction industries, which is driving the growth of the segment during the forecast period.

By Vehicle Type, the Passenger Cars Tires segment dominated the market, with market size of US$ xx Bn. in 2021 and expected to grow with a CAGR of 4.3%. The United States dominates the market for the passenger cars segment accounting for 27% of the global sales in 2020. An increase in demand for advanced features, rise in the standard of living, and rise in per capita income of individuals are some of the factors for the growth of the passenger cars tires segment globally. Also, the growing interest of consumers towards safety, premium, luxury, and comfortable vehicles is expected to drive the growth of the passenger cars segment during the forecast period.

Global Tires Market Key Players: The key players are

• Apollo Tyres Ltd
• Avon Tyres
• Bridgestone Corporation
• CEAT
• Cheng Shin Rubber Ind. Co. Ltd
• Continental AG
• Cooper Tire & Rubber Company
• Giti Tire Pte. Ltd
• Goodyear Tire & Rubber Company
• Hankook Tire Co., Ltd
• JK Tyre & Industries Ltd
• Kumho Tire Co., Inc
• Maxxis International
• Michelin
• MITAS A.S.
• MRF
• Nexen Tire Corporation
• Nokian Tyres Oyj
• Pirelli & C. S.p.A
• Shandong Linglong Tire Co., Ltd

Global Tires Market Regional Analysis:

A country-level examination of the Global Tires Market focuses on categories identified as potentially high-growth, countries with the largest market share, and countries with the highest development potential. The regional breakdowns in the Global Tires Market report include North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other countries.

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Key Questions Answered in the Global Tires Market Report are: 

• What will be the Global Tires market's CAGR throughout the projected period?
• Which market category emerged as the market leader in the Global Tires market?
• Who are the key players in the Global Tires market?
• How big will the Global Tires market be in 2027?
• Which firm had the biggest market share in the Global Tires market?

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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