A tire refers to a strong, flexible, pneumatic structure which is primarily manufactured with natural and synthetic rubber, wire, fabric, carbon black and other chemical compounds. It encircles a wheel’s rim so as to offer a strong grip between the vehicle and the road. Moreover, tires assist in protecting as well as enhancing the overall performance of a vehicle by providing a flexible cushion that reduces vibrations and absorbs shocks. Owing to this, tires are installed in automobiles like buses, trucks, tractors, industrial vehicles like forklifts, and common conveyances such as wheelchairs, motorcycles, bicycles, and shopping carts.

According to the tire market report by IMARC Group, the market reached a volume of 3.1 Billion Units in 2018, exhibiting a CAGR of 4.3% during 2011-2018.

Market Trends:

An increase in the sales of commercial and passenger vehicles, especially in the developing economies like India and China, is boosting the growth of the tire industry. This can be accredited to rising population, rapid urbanization, altering lifestyles and inflating purchasing power of the consumers. Apart from this, a rise in R&D investments by the manufacturers and adoption of advanced technologies, such as eco tires, flat run tires and nitrogen-based tires, are also providing a thrust to the market growth.

Additionally, as re-tread tires are more cost-effective in nature and help in preventing the complete replacement tires, they are contributing to the sales of tires worldwide. Further, the emerging trend of individualization and diversification of tire sizes, depending on the vehicle model, are anticipated to spur the growth of the tire market in the upcoming years. Looking forward, the market is projected to reach a volume of 3.9 Billion Units by 2024.

Browse full report on global tire market with Table of Contents: https://www.imarcgroup.com/tyre-manufacturing-plant

Global Tire Market Segmentation:

Market Breakup by Segment

1. OEM Market
2. Replacement Market

Market Breakup by Application

1. Passenger Car/ Light truck
2. Commercial Tires (Trucks)
3. Commercial Tires (Off- Highway)

Performance of Key Regions

1. India
2. Japan
3. Europe
4. China
5. Russia
6. United States
7. Brazil

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