Posted on 23 Jan 2019
Tire is part of a vehicle in the shape of a ring which covers the rim of the wheel. It is manufactured mainly with rubber, carbon black and other chemical compounds. Majority of the tires are pneumatic tires which are filled with compressed air to form an inflated cushion and are used in various types of vehicles such as bicycles, cars, bikes, trucks, buses, heavy equipment and aircraft. They provide a flexible cushion to absorb shock along with protection and enhancement of the vehicle to give better performance.
Currently, many varieties of tires are available in the market which include high performance tires, mud tires, all-season tires, all-terrain tires, light trailer tires, run-flat tires, off the road tires, etc. According to a new report by Expert Market Research, the global tire market reached a volume of 3.1 Billion Units in 2018 and is further expected to reach 3.8 Billion units by 2024.
A significant rise in the production of tires has been witnessed during 2014-2018 as a result of the growing automobile industry. The sales of commercial and passenger vehicles have majorly increased in the developing countries. The rising demand for high performance and low-profile tires, low rolling resistance tires, technology advanced smart tires, and eco-friendly tires with better fuel economy have also stimulated the tire market. Moreover, urbanization, rising population, increasing disposable incomes, changing lifestyles along with a strong demand from emerging markets are some of the other factors that have facilitated the market growth.
Key findings from the report:
To view the report summary and Table of Contents, click on: https://www.expertmarketresearch.com/reports/tire-market-report
Expert Market Research has analysed the global tire market according to end-use, segment, major regions and top players:
Market breakup by End-use
Market breakup by Segment
Market breakup by Region
Expert Market Research (EMR) is a market research and consultancy firm providing syndicated and custom research along with consultancy services to a wide clientele base which includes Fortune 1000 companies as well as small and medium enterprises. With our tailored approach, the clients gain valuable and unbiased insights that help to improve their competitive edge and realize sustainable growth.
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