Car Tire Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)

The global car tire market is anticipated to grow at a considerable CAGR of 2.2% during the forecast period (2023-2029). Tire makers are turning to green energy in their production as companies are working to achieve carbon neutrality by 2050, with investments in the direction of zero-carbon technology, energy efficiency, and green energy. For instance, in February 2021, Michelin Group announced that it is working toward making its tires 100% sustainable by 2050. For this, Michelin partnered with various organizations like Axens, IFP Energies Nouvelles, Pyrowave, Carbios, Enviro, and BlackCycle.

The automotive high-performance car tires market is expected to witness high growth during the forecast period. The growth is driven by numerous factors, such as the increasing inclination of people toward sports car racing and extreme terrain rallies. OEMs use these events as a platform to market their products and increase brand visibility. The increasing disposable income of customers living in emerging economies is leading to a growth in demand for higher-capacity vehicles such as SUVs and crossover vehicles. Rapid infrastructure development in emerging economies, especially India and China, has caused a growth in sales of commercial vehicles and construction vehicles. The replacement and aftermarket tire market presents a huge opportunity for vehicle manufacturers to generate revenue. Customers are choosing high-performance tires over traditional rubber tires because rubber tires are subjected to wear and tear easily. For instance, in March 2021, Apollo Tires introduced Apterra Cross tires for the compact SUV segment in India. The Apterra Cross tires are an outcome of the company's research to understand the exact usage patterns of CSUV. The new range of tires is being launched in India, with plans to introduce it in the ASEAN and SAARC markets later.

The global car tire market is driven by the increase in vehicle production in developing countries and the rise in competition among tire manufacturers. However, factors such as volatile prices of raw materials and an increase in demand for tire remolding are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency and the rise in the adoption of electric vehicles is expected to create numerous opportunities for the expansion of the market.

In addition, major tire manufacturers are employing nanotechnology and other innovations or software to create a variety of advanced tire types. For instance, Bridgestone Tires, a leading tire, and rubber manufacturer uses Contact Area Information Sensing (CAIS), which collects and analyses the tire contact area to sense road conditions. Shared and autonomous vehicles will shape the future of mobility. 

To Request a Sample of our Report on Car Tire Market:  https://www.omrglobal.com/request-sample/car-tire-market

Market Coverage

•             The market number available for – 2023-2029

•             Base year- 2022

•             Forecast period- 2023-2029

Segment Covered- 

•                 By Tire Type

•                 By Application

•                 By Vehicle Type

•                 By End-User

Regions Covered-

·                  North America

·                  Europe

·                  Asia-Pacific

·                  Rest of the World

•                 Competitive Landscape- Bridgestone Corp., Continental AG, Goodyear, Michelin, Pirelli, and others.

 Car Tire Market Report Segment

By Tire Type 

•                 Winter Tires

•                 Summer Tires

•                 Others

By Application

•                 On-the-Road

•                 Off-the-Road

By Vehicle Type 

•                 Passenger Cars 

•                 Commercial Vehicles

By End-User

•                 OEM

•                 Aftermarket

A full Report of Car Tire Market is Available @  https://www.omrglobal.com/industry-reports/car-tire-market

Car Tire Market Report Segment by Region

North America                                                                                                           

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•       Latin America

•       Middle East and Africa 

Company Profiles 

•                 Apollo Tyres

•                 Bridgestone Corp.

•                 CEAT Limited

•                 Continental AG

•                 Hankook & Co., Ltd.

•                 JK Tyre & INDUSTRIES Ltd..

•                 Michelin, MRF Ltd.

•                 Nokian Tyres PLC

•                 Pirelli & C. S.p.A

•                 Sailun Group Co., Ltd.

•                 Salsons Impex Pvt. Ltd.

•                 Shandong Linglong Group Co. Ltd.

•                 Sumitomo Rubber Industries, Ltd.

•                 The Goodyear Tire & Rubber Company

•                 The Yokohama Rubber Co., Ltd.

•                 Toyo Tire Corporation

•                 Triangle Tire Co., Ltd.

•                 Wanli Tire Co., Ltd.

•                 Zhongce Rubber Group Co., Ltd.

Reasons to buy from us –

1.  We cover more than 15 major industries, further segmented into more than 90 sectors.

2.  More than 120 countries are for analysis.

3.  Over 100+ paid data sources mined for investigation.

4.  Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/car-tire-market

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offer Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

Media Contact:

Company Name: Orion Market Research

Contact Person: Mr. Anurag Tiwari

Email: info@omrglobal.com

Contact no:  +91 7803040404

Comments

Post a Comment

Popular posts from this blog

European Data Backup and Recovery Market Size, Share, Analysis, Industry Report and Forecast 2019-2025

  European Data Backup and Recovery Market are expected to reach $5.7 billion in 2027, growing at a CAGR of 9.5% during the forecast period (2021-2027). Factors responsible for the growth of the market in Europe are well-developed telecommunication infrastructure, high internet penetration, high adoption of cloud-based devices among people and organization. Regulations regarding the data localization such as GDPR by the European Union and countries own data localization and protection act are providing growth to the market. Major economies which are expected to hold a considerable market are UK, Germany, France, Italy, and Spain. These economies are part of the European Union, which covers most of the continent. The aim of the European Union was to increase economic cooperation and encourage free trade among countries. To Request a Sample of our Report on European Data Backup and Recovery Market :   https://www.omrglobal.com/request-sample/european-data-backup-recovery-...
Read more

Insect Repellent Market Is Likely to Experience a Tremendous Growth by 2031

This informative Insect Repellent Market report provides new method and covers foremost regions such as Latin America, Middle East, North America, Europe, Africa and Asia Pacific. Making most out of the consumer insights and market opportunities, market players can boost up the revenue rate of their business. It also permits key organizations to make communication with customers and know their demands for making right investment in the product development. By increasing the product portfolio by referring the important market data provided in this Insect Repellent Market research report, key players can grow and expand their business forward. Continuously developing customer demands are also described in this global report to help new entrants make required changes in the final product launch and then bring into the market. It becomes easy for key players to prioritize the demands and requirements of target audience and have complete understanding of end-user experience with the help o...
Read more

Asia-Pacific Urban Air Mobility Market Growth, Size, Share, Industry Report and Forecast 2019-2025

The Asia-Pacific urban air mobility market is estimated to grow at a CAGR of 12.6% during the forecast period. The Asia-Pacific urban air mobility market is segmented on the basis of component and operation. Based on the component, the market is further segmented into infrastructure and platform. The infrastructure segment is further segmented into charging stations, traffic management, and others whereas, the platform segment is further classified into air taxi, personal air vehicle, air ambulance, and others. The platform segment dominated the global urban air mobility market. To Request a Sample of our Report on Asia-Pacific Urban Air Mobility Market :   https://www.omrglobal.com/request-sample/asia-pacific-urban-air-mobility-market Asia-Pacific is home to several emerging economies and is seen as the potential market for the UAM owing to growing urbanization coupled with increasing traffic congestion and increasing high-income groups in the region. The growth of the As...
Read more