Rising sales across all vehicle categories coupled with expanding automotive fleet to propel demand for tires, globally, through 2023
According to TechSci Research report, “Global
Tire Market By Vehicle Type, By Demand Category, By
Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 –
2023”, the global tire
market is forecast to reach $ 304 billion by 2023 owing to rising demand for
tires from OEMs and growing tire sales in the replacement market across the
globe. In 2018, the passenger car tire segment dominated the market and the segment
is anticipated to continue dominance over the coming years as well.
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Asia-Pacific holds the
largest share in the global tire market, backed by the huge existing fleet of
passenger cars in the region. Two-wheeler tire sales in the region are also growing
at a robust pace, predominantly on account of increasing two-wheeler sales in
China and India. In 2018, the region accounted for the largest fleet of two-wheelers
and second largest fleet of passenger cars, globally, consequently,
establishing the region as a major market for tires. Due to the presence of
automobile production hubs such as China and India, Asia-Pacific is witnessing strong
demand for tires from the automotive OEM segment. Moreover, aftermarket is
being driven by the region’s large and expanding automotive fleet.
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companies such as Bridgestone, Goodyear, Michelin, Continental, Hankook, etc.,
are expected to witness increasing market competition over the next five years.
Collaborations with leading global vehicle manufacturers coupled with strong
sales network across the globe would allow Bridgestone to maintain its
dominance in the global tire market during the forecast period.
“Over the last few years,
the global automobile industry has witnessed a considerable increase in demand
for different vehicles, which is boosting tire sales, globally. This trend is
expected to prevail with continuing growth in tire production and demand over
the next five years”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Region, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the global tire industry.
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