Global Tire Market to be valued at USD 339.85 Billion by 2027 growing at 6.75%: … – Press Release

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Clifton, New Jersey, April 06, 2023 (GLOBE NEWSWIRE) — The demand for tires is increasing globally due to several factors, including population growth, urbanization, and the expansion of the automotive industry. Tires are in high demand as more people own cars and other vehicles to meet their transportation needs. In addition; the growth of e-commerce and online shopping has also contributed to an increase in demand for tires for delivery trucks and other commercial vehicles. Furthermore, the trend toward more fuel-efficient and eco-friendly vehicles has also had an impact on the tire industry. As vehicle manufacturers strive to improve fuel economy and reduce emissions, they are increasingly using tires that are designed to be more efficient and environmentally friendly. This has led to an increased demand for specialty tires that can help reduce fuel consumption and emissions. Technological advances in tire manufacturing have resulted in more efficient and long-lasting tires. As a result, consumers are increasingly willing to pay a premium for high-quality tires that provide superior performance and last longer.

Key Takeaways:

  • Asia-Pacific leads the tire industry with over 1 Billion units in 2021, with China having 40% of the market share in the region.
  • The Middle East & Africa region is expected to grow with the highest CAGR of 9.98% over the forecast period to be valued at USD 26.64 Billion.
  • There are far more passenger cars on the road than commercial vehicles, which means there is a greater demand for passenger car tires that account for 65.28%.
  • 2-wheeler, 3-wheeler & OTR tires are to be in huge demand in future years due to urbanization, personal mode of transport, and increased use in agriculture of OTR vehicles.
  • Radial tires are expected to be valued at USD 239 Billion by 2027. As a standard for passenger cars for several decades, trucks, buses, and heavy machinery, radial tires are known for their ability to provide a smoother ride due to their flexible…

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