DUBLIN, Sept. 23, 2022 /PRNewswire/ — The “Global Tire Market By Vehicle Type, By Demand Category, By Tire Construction Type, By Region, Competition, Forecast and Opportunities, 2017-2027F” report has been added to ResearchAndMarkets.com’s offering.
The Global tire market stood at USD230.88 billion in 2021 and is estimated to reach USD353.27 billion in 2027, registering a CAGR of 7.53%. Escalating sales of automobiles, growing replacement demand for tire and advancement in tire technology are driving the growth of the global tire market in the forecast years.
Increase in automobile sales and production
Increasing production and sales of passenger vehicles and commercial vehicles across all the regions are anticipated to drive the consumption of tires in the upcoming years. The International Organization of Motor Vehicle Association (OICA) estimated that over 80 million new passenger and commercial cars were produced in 2021, representing a cumulative increase of more than 3% above the production in the preceding years. Over 17 million motor vehicles-roughly 58% of the world’s total production-were produced in the APAC region, followed by North America, Europe, South Americathe Middle East and Africa.
Rise in Concern for Fuel Efficiency and Safety
Many countries are implementing strict tire performance regulations, including fuel savings and wet grip-related braking distance reduction, in response to growing safety concerns. As a result, there is much potential for tire manufacturing businesses to develop tires that can comply with standards. As a result of increased technological breakthroughs, suppliers are developing extremely effective tires that improve automobiles’ overall fuel efficiency. Self-inflating technology and Low Rolling Resistance (LRR) technology are used by tire manufacturers to enhance safety and increase fuel efficiency.