Global tyre market

Global tyre market is evaluated to be selling more than 2000 Million tyres annually as of 2020. The tyre market globally is expected to grow to more than 2700 Million tyres by the year 2026.

The Global tyre market is an allied market to the rapidly shifting automotive market. As vehicles are getting more efficient, infrastructure is getting smoother, the tyre market finds itself a suitable pedestal to grow upon.

To assess and study the tyre market globally, the global tyre market has been segmented appropriately aiding in a comprehensive view of the developing and already developed global scenarios. The global tyre market has been segmented on the basis of vehicle types they are used on which include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2 wheeler vehicles, 3 wheelers, and other vehicles including bicycles.

The market is also categorized based on end-use demand which includes demand for replacement tyres and OEM demand for tyres. On the basis of design types, the tyre market is segmented as radial tyres and bias-ply tyres. In order to have a broader understanding of the global landscape of the tyre market, further segmentation has been made based on regions, countries, companies, and the sales channels through which the product is made available to the distributors and customers.

Globally it has been observed that the different regions have different share patterns depending on the stage of the economy and the penetration of the automotive market and its allied tyre market. In highly developed regions in the globe, such as North America and Europe, where vehicle per 1000 inhabitants metric stands relatively higher than the rest of the world.

In regions such as the Asia Pacific, which has become the hub for automotive manufacturing and assembly due to highly competitive labor rates, the productions, as well as sales of tyres, are growing rapidly. Latin America on the other hand is a major avenue for tyre production and assembly of automotive in the western hemisphere.

However, the Latin American markets are a little far from the Asian Pacific market which is poised with suitable demographicsand economic outlook trends.

Prnewswire