A recent research report published by MarkNtel Advisors projects the changing dynamics of the Tire (Tyre) Market. Analysts have rigorously conducted studies to bring accurate, reliable, and unbiased insights on the key drivers, opportunities, challenges, restraints, trends, and developments, among other factors, influencing the market expansion across different geographies.
The report exhibit data from the historic years 2018-21 while considering the base year as 2022 for stakeholders to examine these aspects and make informed decisions strategies before investing in the market to gain the highest profits. It further sheds light on the leading companies their profiling to help stakeholders know about their key marketing strategies, contributions, product/service portfolio, key trends, recent developments, and mergers acquisitions.
The report covers the following major market participants:
-Continental Ag
-Hankook Company Co., Ltd.
-Michelin
-Nokian Tyres Plc
-Pirelli C. S.P.A.
-Sumitomo Rubber Industries, Ltd.
-The Yokohama Rubber Co., Ltd.
-Toyo Tire Corporation
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According to the report, the Tire (Tyre) Market is anticipated to grow at a CAGR of 3.85% during the forecast period, i.e., 2023-28. This market research report is a powerful source of information decision-making that encompasses a detail-driven evaluation of each segment its further bifurcations to bring out utmost knowledge to investors.
Market Dynamics:
Key Driver: Mounting Prevalence of Electric Vehicles
One of the most prominent factors projected to drive the Global Tire Market during 2023-28 is the rapidly surging Electric Vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the global tire market growth.
Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight provide better torque. Hence, with burgeoning EV sales across developed countries, the demand for their tires is also rising significantly, which, in turn, would drive the global tire market in the coming years.
Segmentation Regional Analysis:
The “Tire (Tyre) Market Analysis, 2023” research study further incorporates detailed insights into all segments their expansion across different geographic locations. This section mentions a comprehensive analysis of the overall size volume, demand sales, along with fluctuations in the market during the historic forecast years. The report also mentions data about stakeholders’ developments distribution mapping and their potential growth in the coming years, based on the ebb flow of the following market segments:
Market Divided into, By Vehicle Type
-Two Wheeler
-Three Wheeler
-Passenger Car
-Commercial Vehicle
--Light Commercial Vehicle (LCV)
--Medium Heavy Commercial Vehicle (MHCV)
-Off-the-Road Vehicle (OTR)
Market Divided into, By Demand Type
-OEM
-Replacement
Market Divided into, By Tire Type
-Radial
-Bias
Market Divided into, By Season Type
-Summer Tires
-Winter Tires
-All Season Tires
Market Divided into, By Sales Channel
-Direct Sales
-Dealers Distributors
-Online Platform
Market Divided into, By Rim Size
-Upto 12”
-12.1” to 15”
-15.1” to 18”
-18” to 22.5”
-22.6” to 26”
-26.1” to 35”
-35.1” to 47”
-Above 47”
-By Price Category
-Budget
-Economy
-Premium
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On the geographical front, the Tire (Tyre) Market expands across the following regions/countries:
North America, South America, Europe, Middle East, Russia CIS, Africa, Asia Pacific
Scope of the Report:
-This research study is a comprehensive description of the Tire (Tyre) Market, including all the essential data associated with the key trends, recent developments, growth factors, restraints, opportunities, challenges, among others.
-It also entails details of key investments in the industry, participation contribution of companies, and the role of the governing bodies, across regions, elucidating the market expansion.
-The highly fragmented interface of the Tire (Tyre) Market across various regions further instigates the analysts to present information on the market expansion across each segmentation and geographies.
-The analysis also covers the dynamic industry structure with challenges encountered by the industry players over the years and their strategies for sustainability and massive expansion, entwined with the changing inclinations of governments.
-The competitive landscape section in the report incorporates complete company profiling of the prominent players in the Tire (Tyre) Market and their role contribution to the industry through financial investments, key alliances, strategic initiatives, among others.
-Our research analysts have used tools like SWOT analysis, PESTEL analysis, and Porter's Five Forces Model to examine different external environment factors influencing the growth trajectory of the market during 2023-28.
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