Global Tire Market to Reach $353.27 Billion by 2027 at a CAGR of 7.53%

DUBLIN, Sept. 23, 2022 /PRNewswire/ -- The "Global Tire Market By Vehicle Type, By Demand Category, By Tire Construction Type, By Region, Competition, Forecast and Opportunities, 2017-2027F" report has been added to  ResearchAndMarkets.com's offering.

The Global tire market stood at USD230.88 billion in 2021 and is estimated to reach USD353.27 billion in 2027, registering a CAGR of 7.53%. Escalating sales of automobiles, growing replacement demand for tire and advancement in tire technology are driving the growth of the global tire market in the forecast years.

Increase in automobile sales and production

Increasing production and sales of passenger vehicles and commercial vehicles across all the regions are anticipated to drive the consumption of tires in the upcoming years. The International Organization of Motor Vehicle Association (OICA) estimated that over 80 million new passenger and commercial cars were produced in 2021, representing a cumulative increase of more than 3% above the production in the preceding years. Over 17 million motor vehicles-roughly 58% of the world's total production-were produced in the APAC region, followed by North America, Europe, South America, the Middle East and Africa.

Rise in Concern for Fuel Efficiency and Safety

Many countries are implementing strict tire performance regulations, including fuel savings and wet grip-related braking distance reduction, in response to growing safety concerns. As a result, there is much potential for tire manufacturing businesses to develop tires that can comply with standards. As a result of increased technological breakthroughs, suppliers are developing extremely effective tires that improve automobiles' overall fuel efficiency. Self-inflating technology and Low Rolling Resistance (LRR) technology are used by tire manufacturers to enhance safety and increase fuel efficiency.

For increasing fuel efficiency, pneumatic tires are getting popular, pneumatic tires are majorly related to safety and fuel efficiency, and in the upcoming years, high demand is expected for these tires. Trelleborg, an engineering company, centered on polymer technology, recently introduced a new line of pneumatic tires with attributes such as grip and durability for the North American market. Thus, it is projected that increased concern about safety and fuel economy will present a significant growth potential for the companies.

Technological Advancement

The manufacturers that make tires are developing a system called "Contact Area Information Sensing" (CAIS), which consists of a sensor mounted to the internal wall of the tire and monitors the sensor's interactions with the road's surface. The technology analyzes the state of the road to determine whether it is dry, wet, slushy, fresh snow, or icy, and then transmits that information in real-time to the driver via a digital screen. The ability to exchange data with other vehicles that are similarly networked would allow CAIS technology, which is currently used by tire manufacturers, to become more advanced. This might enable the vehicle to foresee the actions of the automobile in front.

In the future, CAIS may connect air pressure data with air pressure sensors and provide information on tread wear. To improve performance and productivity on the one hand and to lessen the miner's exposure to risks, BKT has also implemented automated equipment and monitoring systems. The SPOTech (Satellite Performance Optimization Technology) monitoring system is designed to take measurements of variables such as average/maximum speed, cycle times, lateral/vertical/longitudinal forces, percent grade, and other relevant data that can be used to optimize haul road construction and resolve problems with tire operation such as uneven wear, belt contour separations, and heat buildup.

Report Scope:

In this report, Global tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Tire Market, By Vehicle Type:

• Passenger Car
• Two-Wheeler
• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle
• Three-wheeler
• OTR

Global Tire Market, By Demand Category:

• Replacement
• OEM

Global Tire Market, Tire Construction Type:

• Radial
• Bias

Global Tire Market, By Region

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Global Tire Production Overview

5. Voice of Customer

6. Impact of Covid-19 on Global Tire Market

7. PESTLE Analysis

8. Porter's Five Forces

9. Global Tire Market Outlook

10. Asia-Pacific Tire Market Outlook

11. North America Tire Market Outlook

12. Europe & CIS Tire Market Outlook

13. South America Tire Market Outlook

14. Middle East Tire Market Outlook

15. Africa Tire Market Outlook

16. Market Dynamics

17. Market Trends & Developments

18. Supply Chain Analysis

19. Import & Export Analysis

20. Impact of Russia-Ukraine War on Global Tire Market

21. Competitive Landscape

22. Strategic Recommendations

23. About the Publisher & Disclaimer

Companies Mentioned

• The Michelin Group
• Bridgestone Corporation
• Continental AG
• Goodyear Tire and Rubber Company
• Sumitomo Rubber Industries, Ltd.
• Hankook Tire & Technology Co., Ltd.
• Pirelli & C. S.p.A.
• The Yokohama Rubber Co., Ltd.
• Zhongce Rubber Group Co., Ltd.
• Cheng Shin Rubber Industry Co.
• Toyo Tire Corporation
• Shandong Linglong Tire Co., Ltd.
• Giti Tire
• Business Overview
• Apollo Tyres Ltd.
• Sailun Group Co. Ltd.
• Madras Rubber Factory Ltd.
• Kumho Tire Co. Inc.
• Nokian Tires plc
• Nexen Tire Corporation
• JK Tyre Industries Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/39fmho

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SOURCE Research and Markets