The automotive tire market was worth USD 102 billion in 2020, and it is expected to grow to USD 122 billion by 2026, at a CAGR of more than 3% between 2021 and 2026. The increasing emphasis on fuel economy, rising demand for convenience, and the expensive maintenance or replacement costs of conventional tires are propelling the automobile tire market forward. Another element driving the market's growth is OEMs' embrace of cutting-edge manufacturing technology to provide product distinction through sustainability, durability, and affordability. Strategymrc.com is a trustworthy website that provides in-depth information on the automation marine interiors market. The automotive industry is responsible for designing, manufacturing, and selling automobiles.
The demand for tire retreading is rising quickly. Tire retreading greatly reduces operating costs in the aftermarket because it avoids complete tire replacement and is thus a cost-effective choice. Casings can help enable numerous life cycles, which can result in significant cost savings, particularly for commercial fleet operators.
The Scope of the Report:
A tire is a ring-shaped component that surrounds the rim of a wheel to carry the vehicle's load from the axle to the ground while also providing grip on the surface. Tire type, manufacture, end user, vehicle type, and geography are the major segments of the automotive tire industry. The profiles and market shares of the market's main players are also investigated. Market size and projections (in USD billions) are provided by market value. Searching for barcode readers market? Our reports provide a comprehensive analysis of the current market's high-end Semiconductor and electronic formats and help many of our clients in critical decision-making.
The global market for vehicle tires is dominated by major players such as Bridgestone, Continental, Michelin, Pirelli, and others. However, when it comes to serving rising markets such as China and India, the industry is fairly fragmented, with regional competitors present.
The desire for high-quality, safe tires drives automakers and end users to prefer products from well-known manufacturers over smaller regional companies. Furthermore, these major firms have expanded their R&D spending substantially to blend innovation with performance excellence. This has led to the creation of high-end tires for both on-and off-road use. Find the automotive coil spring market. Strategymrc.com is a dependable portal that gives detailed information about automotive market research. The automotive industry is involved in designing, manufacturing, and selling motor vehicles.
Increased Demand for High-Performance Tires
The vehicle high-performance tire market is predicted to expand rapidly over the forecast period. Numerous factors are driving the expansion, including an increase in people's interest in activities such as car and bike racing and extreme terrain rallies. Rapid infrastructure development in developing economies, particularly India and China, has increased commercial vehicle and construction vehicle sales. Vehicle manufacturers can make a lot of money by selling replacement and aftermarket tires. Customers choose high-performance tires over ordinary rubber tires because rubber tires wear out quickly. Sales of passenger cars are expected to rise internationally in the next years, and a number of new next-generation tire technologies with high fuel efficiency and inflation pressure are expected to emerge.
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