The Tire (Tyre) market is anticipated to grow at a CAGR of 3.85% percent between 2023 and 2028. MarkNtel Advisors is continuously keeping track and assessing the studied market scenario. The research includes all significant market contributors and insights together with the necessary figures. The study examines a thorough analysis of the market as well as trends from 2023 to 2028. It analyzes both the supply and demand sides of the industry as well as a number of market growth promoters, inhibitors, and trends in detail. Major companies in the market are covered, along with other significant participants.
By analyzing market segments and projecting Tire (Tyre) Market size, the research aids in understanding market trends and structure. As it clearly demonstrates competitive analysis of major market participants by product/service, pricing, financial status, product portfolio, and displays growth plans and regional presence of the market, the study is of utmost importance to the stakeholder.
Features of the Tire (Tyre) Market Research include:
-Competitive mapping and benchmarking
-Market estimates and projections including CAGR, YOY growth, dominant & prospective growing region, revenue & sales and much more statistical data.
-A thorough examination of market share, present trends, and anticipated future developments in order to identify prospective investment possibilities.
-Important market trends and limitations
-Analysis by region, country, and market segment
-Brand share and market share analysis
-Competitive Analysis and strategy recommendations to outperform in the industry.
-Outlines the pricing, cost structure, and ideal buying techniques.
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On a level, the market for Tire (Tyre) products and services is expanding quickly. The key market players are concentrating their efforts on developing regions in order to expand their presence and draw a sizable number of customers during the anticipated timeframe. Due to a variety of factors, profitable possibilities for leading players in the studied market are anticipated over the projected time (2023-2028).
The market is thoroughly examined in the research, along with all of its key elements. This includes every aspect of the performance of the sector, from major to trivial elements, including current trends, SWOT analysis, value chain analysis, Porter’s five forces analysis, and key market drivers and obstacles. The report looks at the crucial figures of following market players:
-Hankook & Company Co., Ltd.
-Nokian Tyres Plc
-Pirelli & C. S.P.A.
-Sumitomo Rubber Industries, Ltd.
-The Yokohama Rubber Co., Ltd.
-Toyo Tire Corporation
Objective of the Study:
-To evaluate and estimate the size of the Tire (Tyre) market from 2023 to 2028.
-To thoroughly examine a company’s products, pertinent financial data, and strategy of the current leading market players.
-To categorize and forecast the Tire (Tyre) market based on the company, region, and discussed segment.
-To determine the most significant long-term tactics employed by market rivals.
-To identify the dominant region or segment of the Tire (Tyre) market.
-To identify the factors influencing the market under study and those impeding its expansion.
-To investigate recent developments, mergers and acquisitions, product launches, expansions, and competitive events.
-To perform a Tire (Tyre) market pricing analysis.
-To determine and examine the profiles of the top market participants.
Key Driver: Mounting Prevalence of Electric Vehicles
One of the most prominent factors projected to drive the Global Tire Market during 2023-28 is the rapidly surging Electric Vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the global tire market growth.
Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with burgeoning EV sales across developed countries, the demand for their tires is also rising significantly, which, in turn, would drive the global tire market in the coming years.
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In addition to providing growth projections for 2023–2028 at the regional, and national levels, the study analyses major trends in each of the segments along with statistical data. In the provided analysis, the market is divided into following segments:
Market Segmented into, By Vehicle Type
–Light Commercial Vehicle (LCV)
-Medium & Heavy Commercial Vehicle (MHCV)
-Off-the-Road Vehicle (OTR)
Market Segmented into, By Demand Type
Market Segmented into, By Tire Type
Market Segmented into, By Season Type
-All Season Tires
Market Segmented into, By Sales Channel
-Dealers & Distributors
Market Segmented into, By Rim Size
-12.1” to 15”
-15.1” to 18”
-18” to 22.5”
-22.6” to 26”
-26.1” to 35”
-35.1” to 47”
Market Segmented into, By Price Category
Market Segmented into, By Region
-The Middle East & Africa
The market is currently holds the biggest market share and is predicted to maintain its dominance during the forecast period for a number of reasons that are outlined in the report. To help the reader make decisions, the report thoroughly covers all the pertinent information.
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