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According to a new report by EMR titled, ‘Global Tyre Market Report and Forecast 2021-2026’, the global demand for tyres attained almost 3378.96 million units. It is projected to grow further in the forecast period of 2021-2026 at a CAGR of 4%, and is expected to reach a volume of 4111.02 million units in 2026.
The global tyre market is being driven by the expanding production and demand for vehicles due to growing population and increasing disposable incomes. The growing demand for light weight vehicles is coming from emerging economies like China, India and East Europe with South America continuing its recovery after the losses faced by the industry in 2016. China is a leading car market and is one of the largest markets in terms of the demand for passenger vehicles in the country. The robust car industry in the country is aiding its tyre market, making China the largest tyre market in the world in 2017. It accounted for nearly half the industry. India, another major tyre market, is also witnessing a rising demand for automobiles, and is expected to be the third largest automobiles market by 2020. The India tyre industry is expected to see 7-9% growth in demand in the forecast period. It is witnessing a rising demand not just from the domestic market but also from the growing overseas market. Thus, the increase in exports is also driving the India tyre market.
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The growing electric vehicles market is expected to drive the tyre industry in the coming years. Governments, globally, is incentivising the use of electric vehicles by the implementation of stricter emission laws and providing subsidies to both the manufacturers and consumers. By 2030, electric vehicles are expected to account for 15-30% of the total vehicle sales. Their penetration rate in China is expected to be higher due to the New Energy Vehicle (NEV) mandate announced by the government in 2018. According to the scheme, the country aims to sell a minimum of 4.6 million electric vehicles by 2020. The mandate also plans to phase out and eventually, ban cars with traditional internal combustion engines. Major players in the tyre industry like Hankook and Goodyear are taking note of this trend towards e-vehicles and are launching products to combat the faster wear of tyres in e-vehicles because of their high-torque accelerations.
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The key players in the global tyre market are Bridgestone Corporation, Groupe Michelin France, Goodyear Tire & Rubber Co, Continental AG Germany, Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., The Hankook Tire group, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industry Co, Zhongce rubber group Co. Ltd, and Madras Rubber Factory Limited. The EMR report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
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