Markntel Advisors, a leading consulting, data analytics, and market research firm, recently published an analytical report description that describes the recent achievements and developments of prominent players including new launching of innovative products, strategic collaborations, or partnerships, that bolster the growth of the Global Tire (Tyre) market. The research report on the Global Tire (Tyre) Market presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts.

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The report further comprises, “Global Tire (Tyre) Market Research Report: Forecast (2024-2029)”,

The Market size is valued at around USD 232 billion in 2023 and is estimated to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29.

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Global Tire (Tyre) Market Challenge:

Volatile Prices of Raw Materials to Impede the Industry Expansion – The volatile raw material prices might restrain the growth of the Global Tire Market during 2024-29. For all the commodities, the prices of raw materials determine the cost of the tire. Hence, pricing is one of the crucial aspects of the sales of the product. The surging prices of butadiene & EPDM rubber due to their limited production are hampering the production & sales of tires.

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, thus hindering the overall market growth, owing to the limited number of buyers.

Global Tire (Tyre) Market Analysis Based On Segment, Geography

The Global Tire (Tyre) market is segmented into significant segments based on:

By Vehicle Type

-Two-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)

-Three-wheeler- Market Size & Forecast 2019-2029, (Thousand Units)

-Passenger Car- Market Size & Forecast 2019-2029, (Thousand Units)

-Commercial Vehicle -Market Size & Forecast 2019-2029, (Thousand Units)

-Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2029, (Thousand Units)

-Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2029, (Thousand Units)

-Off-the-Road Vehicle (OTR)-Market Size & Forecast 2019-2029, (Thousand Units)

By Demand Type

-OEM - Market Size & Forecast 2019-2029, (Thousand Units)

-Replacement - Market Size & Forecast 2019-2029, (Thousand Units)

By Tire Type

-Radial- Market Size & Forecast 2019-2029, (Thousand Units)

-Bias - Market Size & Forecast 2019-2029, (Thousand Units)

By Season

-Summer Tires- Market Size & Forecast 2019-2029, (Thousand Units)

-Winter Tires - Market Size & Forecast 2019-2029, (Thousand Units)

-All Season Tires- Market Size & Forecast 2019-2029, (Thousand Units)

By Sales Channel

-Direct Sales- Market Size & Forecast 2019-2029, (Thousand Units)

-Dealer Distributor - Market Size & Forecast 2019-2029, (Thousand Units)

-Online Platform- Market Size & Forecast 2019-2029, (Thousand Units)

By Rim Size

-Up to 12” - Market Size & Forecast 2019-2029, (Thousand Units)

-12.1” to 15” - Market Size & Forecast 2019-2029, (Thousand Units)

-15.1” to 18” - Market Size & Forecast 2019-2029, (Thousand Units)

-18” to 22.5” - Market Size & Forecast 2019-2029, (Thousand Units)

-22.6” to 26” - Market Size & Forecast 2019-2029, (Thousand Units)

-26.1” to 35” - Market Size & Forecast 2019-2029, (Thousand Units)

-35.1” to 47” - Market Size & Forecast 2019-2029, (Thousand Units)

-Above 47” - Market Size & Forecast 2019-2029, (Thousand Units)

By Price Category

-Budget- Market Size & Forecast 2019-2029, (Thousand Units)

-Economy- Market Size & Forecast 2019-2029, (Thousand Units)

-Premium- Market Size & Forecast 2019-2029, (Thousand Units)

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific.

Read Detailed Index of full Research Study at – https://www.marknteladvisors.com/research-library/global-tire-market.html

Top Companies Essentially Working in Global Tire (Tyre) Market

Bridgestone Corporation, 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, MRF Limited, CEAT Limited, JK Tire & Industries Ltd., Apollo Tires Ltd, Zhongce Rubber Group Co., Ltd., Sailun Group Co., Ltd, Others.

Frequently Asked Questions (FAQs)-

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What leading factors would propel and impede the industry across the geography?
  4. How has the industry been evolving in terms of geography & Global Tire (Tyre) adoption?
  5. How has the competition been shaping up across the geography?

6.       Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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