The term "Tyre" describes a rim-shaped, round, air-filled component of a vehicle. It is produced using a variety of synthetic and natural materials, including steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black. It has a bead, bead filler, belts, body ply, inner liner, sidewall, and tread and is widely accessible in tubed and tubeless tires.
It helps to cope with forces that are operating on the vehicle while it is moving, supports the weight of the vehicle, and provides shock-absorbent cushions. It helps to improve a vehicle's performance, mileage, and passenger safety. In addition, it offers grip, enhances vehicle handling on steep routes, and makes shopping easier.
The tire is used in passenger automobiles, two-wheelers, three-wheelers, off-the-road (OTR), and light, medium, and heavy commercial vehicles all over the world because of its accessibility and low rolling resistance.
Tyres Market Dynamics:
Increase in Vehicle Production & Sales
The increasing production and sales of vehicles throughout the globe are the main factors driving the global tire market. Sales of commercial vehicles, including trucks, tractors, and trailers are also advancing the industry. The market will rise over the projected period due to customer desire for luxury and premium automobiles as well as low-weight cars.
Around 88.7 million vehicles were sold globally in 2019, and by 2026, that number is predicted to rise to XX million. Tires are in high demand due to the rise in the sale and demand of cars globally.
Growing Production and Sales of Electric Vehicles:
During the forecast period, the tire market is anticipated to be driven by the expanding market for electric cars. Customers are now increasingly aware of issues with the environment, such as poor air quality, noise pollution, and the depletion of non-renewable natural resources. Manufacturers have been forced to produce and construct ecologically friendly alternatives in automobiles as a result of the introduction of severe rules to prevent excessive emissions.
Thus, electric cars are now a much more desirable alternative for consumers owing to increased range, battery life, dependability, and price. China now has the largest market for electric cars, and by 2026, that market is anticipated to be worth $3.79 billion.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global tire market. A. Some of the companies covered include:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire and Rubber Company
