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Tyre Market Share to Grow Speedily With CAGR Of 5.7% By 2028

Tyre Market

The global tyre market has been witnessing steady growth over the years, driven by factors such as increasing demand for vehicles, rising population, and urbanization. The tyre industry is a significant contributor to the global economy, and it is expected to grow at a good pace during the forecast period of 2023-2028. This post will provide an overview of the global tyre market size, share, industry trends, segmentation, outlook, overview, and forecast analysis for the next five years.

Market Size and Share:

The global tyre market size was valued at USD 312.5 billion in 2022 and is expected to reach USD 464.9 billion by 2028, growing at a CAGR of 5.7% during the forecast period. The market is driven by increasing demand for vehicles, growth in the construction industry, and rising urbanization. Asia-Pacific is the largest market for tyres, followed by Europe and North America. The region is expected to continue dominating the market during the forecast period, owing to the presence of large economies such as China, India, and Japan.

Industry Trends:

The tyre industry is witnessing several trends that are expected to shape its growth in the coming years. The increasing adoption of electric vehicles is expected to drive the demand for specialized tyres that can support the unique requirements of these vehicles. Additionally, the growing trend towards automation in the automotive industry is expected to drive the demand for smart tyres, which can provide real-time information on tyre performance and wear.

Segmentation:

The global tyre market can be segmented by type, vehicle type, and region. By type, the market can be segmented into radial and bias tyres. By vehicle type, the market can be segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.

Outlook:

The global tyre market outlook is positive, with the market expected to grow at a steady pace during the forecast period. The increasing demand for vehicles, growth in the construction industry, and rising urbanization are expected to drive the market growth. Additionally, the adoption of electric vehicles and the trend towards automation in the automotive industry are expected to drive the demand for specialized and smart tyres.

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Overview:

The global tyre market is highly competitive, with several players operating in the market. The market is dominated by major players such as Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, Continental AG, and Pirelli & C. S.p.A. These players are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market position.

Forecast Analysis:

The global tyre market is expected to grow at a CAGR of 5.7% during the forecast period of 2023-2028. The market is driven by factors such as increasing demand for vehicles, growth in the construction industry, and rising urbanization. Asia-Pacific is expected to continue dominating the market during the forecast period, owing to the presence of large economies such as China, India, and Japan. Additionally, the adoption of electric vehicles and the trend towards automation in the automotive industry are expected to drive the demand for specialized and smart tyres.

Conclusion:

The global tyre market is witnessing steady growth, driven by several factors such as increasing demand for vehicles, growth in the construction industry, and rising urbanization. The market is highly competitive, with major players focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market position. The adoption of electric vehicles and the trend towards automation in the automotive industry are expected to drive the demand for specialized and smart tyres, thereby providing growth opportunities for players operating in the market.