PRESS RELEASE
Published May 8, 2023
Markntel Advisors has recently released a research report on the Tire (Tyre) market Size, Share, Analysis future & forecast 2023-2028. The research is an in-depth study of the industry with an unbiased, steady, and special focus on the analysis of global market trends. With the aim to provide the stakeholders with an overview of the market, the report is made in a precisely descriptive manner, with a format to provide the reader with a maximum understanding of the industry and showcasing relevant data and the cause & effect relationships of market trends, global trends, social trends, and consumer behavior, perspective affecting the flow of the market across various economies.
Geography of the Tire (Tyre) market
The Tire (Tyre) market is expanded over North America, South America, Europe, The Middle East & Africa, Asia-Pacific. Through the regional analysis section, the report aims to provide an overview and forecast of the market depending on different regional, cultural, regulatory, political, economic, social, technological, and other differences and variations in the industry, including the presence and absence of major market players, consumers, manufacturing sites and more.
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Market and Competitors Dynamics:
To cover all the major points of the research, the study of the market proposes to cover all the major concerning points of the market growth into four sections. Growth Drivers and Market Trends are fueling industrial growth and Market restraint, which could hinder the market expansion along with possible solutions, the challenges the shareholder or the market is likely to face in coming times depending on various factors, and finally, the growth opportunity emerging from various consumer trend, governmental initiatives, new launches, etc to provide the stakeholder with tools to propel in the industry.
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.
Possible Restraint: Volatile Prices of Raw Materials
The volatile raw material prices might restrain the growth of the Global Tire Market during 2023-28. As for all other commodities, the prices of raw materials determine the tire cost. The surging prices of butadiene & EPDM rubber due to their limited production are hampering the production & sales of tires. Consequently, the lack of a constant raw material supply has caused tire prices to rise uniformly, with replacement costs becoming unaffordable for many prospective buyers.
Furthermore, though tire manufacturing companies are constantly investing in developing sustainable materials, the amount of waste produced by tires is also increasing substantially. Due to this, governments of various countries worldwide have imposed stringent guidelines for tire manufacturers to adopt sustainable waste management solutions, which would lead to additional costs and, in turn, hinder the overall market growth, owing to the limited number of buyers.
The research report provides information about all the leading key market players, including their activities such as market strategies, profit-loss status, annual reports, new launches, and more. The market players covered in this research report are: –
-Pirelli & C. S.P.A.
-Sumitomo Rubber Industries, Ltd.
-The Yokohama Rubber Co., Ltd.
-Toyo Tire Corporation
-MRF Limited
-CEAT Limixted
-JK Tire & Industries Ltd.
-Apollo Tires Ltd
The report focuses on detailed information about the companies, including company profiles, components, services offered, financial information, key developments, and more.
To review full table of contents, click here- https://www.marknteladvisors.com/research-library/global-tire-market.html
Segment-Division of the Industry
The report aims to provide detailed information about the nooks and crannies of the industry and scrutinize all the industry’s features, factors, and elements that promise fluctuations to the market growth, including possible restraints points and more. By dividing and bifurcating the sector based on varying segments, the reports help breaks down the market into sections to help shareholders point out their focus of attention and figure out the most profitable quarter. The following is the breakdown of the Tire (Tyre) industry:
Market Breakdown 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 Breakdown into, By Demand Type
-OEM
-Replacement
Market Breakdown into, By Tire Type
-Radial
-Bias
Market Breakdown into, By Season Type
-Summer Tires
-Winter Tires
-All Season Tires
Market Breakdown into, By Sales Channel
-Direct Sales
-Dealers & Distributors
-Online Platform
Market Breakdown 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”
Market Breakdown into, By Price Category
-Budget
-Economy
-Premium
For A Customized Copy of the Report
The analysts provide customization offers, so the stakeholder can customize and personalize the report to their needs and wants. The analysts focus on the required elements and sculpt the study according to the wishes of the stakeholders. Additionally, the research report focuses on the systematic organization of data, with each section divided into chapters and further classifications to present an easy, time-saving, and smoothly navigable study. The elements surrounding and shaping the Tire (Tyre) industry, including the industry’s profit-loss cycle, major and minor acquisitions and external factors, current trends, and more, are included in the study report.
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About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals. Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.
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