Tyre Market Overview:
The tire or tyre surrounds the wheel to transfer load and is a crucial part in a vehicle. Its wide usage in automobile industry has increased demand of the product. It supports whole bead of car and coordinates the wheel in various directions. The global tyre market was valued at USD XX Mn and is expected to reach USD XX Mn, at a CAGR of XX % over the forecast period 2018 to 2025
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Tyre Market Drivers and Restraints:
Today, the automotive consumers are more focused enhancing fuel efficiency of their existing vehicles and with an objective to do so, the consumers are increasingly preferring technologically advanced tires, thereby, projecting a good growth rate of automotive tire market.
Increase in vehicle production will surge automotive tire market in near future. The industry is one of the major contributors in economy and revenue generation.
The restraint that the market is facing is environmental challenges such as impact of climate change. Economic challenges including shortage of resources, changing customer demand, mobility, urbanization, strict policies and ease availability of public transportation are certain factors impacting the product and hence affecting the market growth.
Regional Insights of Tyre Market:
More than half of all tires are sold in the Asia Pacific region, and this region is expected to grow fastest among others. China, which accounted for almost one-fourth of global tire demand, will remain one of the fastest growing national markets for tires. Several other countries in the Asia Pacific region are also projected to achieve good gains in tire demand, particularly India, Indonesia, and Thailand.
Some of the Key players in Tyre Market: BRIDGESTONE, HANKOOK, GOODYEAR, MICHELINContinental
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