Global Tire Market

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 2.9 Billion Units in 2016 and is further expected to reach 3.6 Billion units by 2022.

A significant rise in the production of tires has been witnessed during 2009-2016 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:

• The major end-uses of tire include passenger car or light truck, commercial tires (trucks) and commercial tires (off-highway). In 2016, passenger car or light truck represented the largest end-use segment with the majority of the market share.
• The global tire market is segmented as OEM and replacement market. The replacement market dominated in 2016 with around a seventh of the share. 
• Region-wise, China dominated the market with a share of nearly half of the total global production in 2016. It was followed by Europe, US, Japan and India.
• Being fragmented in nature, the global tire market is surrounded by a number of players. Some of these players include Bridgestone Corporation, Groupe Michelin France, Goodyear Tyre & Rubber Co., Continental AG Germany, Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Hankook Tyre Co., Yokohama Rubber Corp., Cheng Shin Rubber and Zhongce Rubber Group Co. Ltd.

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

• Passenger Car or Light Truck
• Commercial Tires (Trucks)
• Commercial Tires (Off-Highway)

Market breakup by Segment

• OEM Market
• Replacement Market

Market breakup by Region

• China
• Europe
• US
• Japan
• India

Top players

• Bridgestone Corporation
• Groupe Michelin France
• Goodyear Tyre & Rubber Company
• Continental AG Germany
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries Ltd.
• Hankook Tyre Co.
• Yokohama Rubber Corp.
• Cheng Shin Rubber
• Zhongce Rubber Group Co. Ltd.

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