Tire market is anticipated to reach a volume of 3.9 Billion Units by 2024

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Jun 21, 2019, 18:03 ET

NEW YORK, June 21, 2019 /PRNewswire/ -- The global tire market was worth 3.1 Billion Units in 2018, growing at a CAGR of 4.3% during 2011-2018. A tire surrounds a wheel's rim to transfer the vehicle's load on the surface and offers a strong grip between the road and the vehicle. It is a flexible and robust structure that is manufactured using various materials such as wire, fabric, natural rubber, carbon black and synthetic rubber. Tires are strong and flexible and help absorb vibrations. Since they improve the overall performance of the vehicle, they are widely utilized in buses, cars, trucks, bikes, bicycles, wheelchairs, lawn mowers, forklifts, shopping carts and airplanes.

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Various factors such as rapid urbanization, changing lifestyles, mounting income levels and rising population have led to an increase in the sales of both commercial and passenger vehicles. Strong growth in the automotive industry is directly influencing the sales of tires across the globe. Moreover, increasing investments in the construction sector, the thriving tourism industry and rising vehicle motorization rates are positively impacting the production of commercial vehicles, thereby boosting the growth of the market. Apart from this, manufacturers are now engaging in the development of products such as ecological tires, flat run tires and nitrogen-based tires that are environment-friendly. For instance, they are employing orange peel extracts in the production to diminish petroleum usage. According to the analyst, the market is anticipated to reach a volume of 3.9 Billion Units by 2024.

Regional Insights:
India
Japan
Europe
China
Russia
United States
Brazil

On the geographical front, China holds the leading position in the global market. This can be accredited to the flourishing automotive industry in the region supported by increasing population and rapid urbanization.

Competitive Landscape:
The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market. Some of the leading companies include:

Bridgestone Corporation Japan
Groupe Michelin France
Goodyear Tyre & Rubber Co.
Continental AG Germany
Pirelli & C. S.p.A.

Key Questions Answered in This Report:
How has the tire market performed so far, and how will it perform in the coming years?
What are the key regional markets in the global tire industry?
What are the various stages in the value chain of the tire industry?
What are the key driving factors and challenges in the tire industry?
What is the structure of the tire industry and who are the key players?
What is the degree of competition in the tire industry?
What are the profit margins in the tire industry?
What are the key requirements for setting up a tire manufacturing plant?
How is tire manufactured?
What are the various unit operations involved in a tire manufacturing plant?
What is the total size of land required for setting up a tire manufacturing plant?
What are the machinery requirements for setting up a tire manufacturing plant?
What are the raw material requirements for setting up a tire manufacturing plant?
What are the packaging requirements for tire?
What are the transportation requirements for tire?
What are the utility requirements for setting up a tire manufacturing plant?
What are the manpower requirements for setting up a tire manufacturing plant?
What are the infrastructure costs for setting up a tire manufacturing plant?
What are the capital costs for setting up a tire manufacturing plant?
What are the operating costs for setting up a tire manufacturing plant?
What will be the income and expenditures for a tire manufacturing plant?
What is the time required to break-even?

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