DUBLIN, September 23, 2022 /PRNewswire/ — The report “Global Tire Market By Vehicle Type, By Demand Category, By Type Of Tire Construction, By Region, Competition, Forecast & Opportunity, 2017-2027F” has been added to from ResearchAndMarkets.com offer.
The world tire market stands at $230.88 billion in 2021 and is expected to reach $353.27 billion in 2027, registering a CAGR of 7.53%. Escalating automobile sales, growing demand for replacement tires, and advancements in tire technology are driving the growth of the global tire market over the forecast years.
Increase in automobile sales and production
Rising production and sales of passenger and commercial vehicles in all regions are expected to drive tire consumption in the coming years. The International Organization of Motor Vehicle Associations (OICA) has estimated that more than 80 million new passenger and commercial cars were produced in 2021, representing a cumulative increase of more than 3% over years’ production. previous ones. More than 17 million motor vehicles – around 58% of total global production – were produced in the APAC region, followed by North America, Europe, South Americathe Middle East and Africa.
Growing concern for energy efficiency and safety
Many countries are enforcing strict tire performance regulations, including fuel economy and reduced braking distance related to wet grip, in response to growing safety concerns. Therefore, tire manufacturing companies have great potential to develop standard-compliant tyres. Due to the increase in technological breakthroughs, suppliers are developing extremely efficient tires that improve the overall fuel efficiency of automobiles. Self-inflating technology and Low Rolling Resistance (LRR) technology are used by tire manufacturers to improve safety and increase fuel efficiency.
To increase energy efficiency, pneumatic tires are becoming popular, pneumatic tires are mainly related to safety and energy efficiency, and in the coming years, a high demand is expected for these tires. Trelleborg, an engineering company focused on polymer technology, recently launched a new line of tires with attributes such as grip and durability for the North American market. Thus, it is expected that increased concerns over safety and fuel economy will present significant growth potential for businesses.
Technological advance
Tire manufacturers are developing a system called “Contact Area Information Sensing” (CAIS), which consists of a sensor mounted on the inner wall of the tire and monitors the sensor’s interactions with the road surface. The technology analyzes road conditions to determine if it is dry, wet, muddy, snowy or icy, then relays this information in real time to the driver via a digital display. The ability to exchange data with other vehicles that are similarly networked would allow CAIS technology, which is currently used by tire manufacturers, to become more advanced. This could allow the vehicle to predict the actions of the automobile in front of it.
In the future, CAIS could connect air pressure data to air pressure sensors and provide information on tread wear. To improve performance and productivity on the one hand and to reduce the miner’s exposure to risk, BKT has also implemented automated equipment and monitoring systems. The SPOTech (Satellite Performance Optimization Technology) monitoring system is designed to take measurements of variables such as average/maximum speed, cycle times, lateral/vertical/longitudinal forces, grade percentage and other relevant data that can be used to optimize the construction of haul roads. and solve tire running problems such as uneven wear, belt contour separations and heat buildup.
Report Scope:
In this report, the global tire market has been segmented into the following categories, in addition to industry trends which have also been detailed below:
Global tire market, by vehicle type:
- Passenger car
- Two wheels
- Light commercial vehicle
- Medium and heavy utility vehicle
- three wheels
- RTO
Global tire market, by demand category:
Global tire market, type of tire construction:
Global tire market, by region
Main topics covered:
1. Product introduction
2. Research methodology
3. Executive Summary
4. Global Tire Production Overview
5. Voice of the customer
6. Impact of Covid-19 on the global tire market
7. PESTLE Analysis
8. Porter’s Five Forces
9. Global Tire Market Outlook
10. Asia-Pacific Tire Market Outlook
11. North America Tire Market Outlook
12. Europe & CIS Tire Market Outlook
13. South America Tire Market Outlook
14. Middle East Tire Market Outlook
15. Africa Tire Market Outlook
16. Market Dynamics
17. Market trends and developments
18. Supply Chain Analysis
19. Import and export analysis
20. Impact of the Russian-Ukrainian war on the global tire market
21. Competitive landscape
22. Strategic Recommendations
23. About the publisher and disclaimer
Companies cited
- The Michelin group
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Sumitomo Rubber Industries, Ltd.
- Hankook Tire & Technology Co., Ltd.
- Pirelli & CSpA
- Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co.,Ltd.
- Cheng Shin Rubber Industry Co.
- Toyo Tire Company
- Shandong Linglong Tire Co., Ltd.
- Giti tire
- Company overview
- Apollo Tires Ltd.
- Sailun Group Co.Ltd.
- Madras Rubber Factory Ltd.
- Kumho Tire Co. Inc.
- Nokian Tires plc
- Nexen Tire Corporation
- JK Tire Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/39fmho
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