Global Tire Market Report 2022: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2021 & 2022-2027.
M2 PRESSWIRE-May 18, 2022-: Global Tire Market Report 2022: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2021 & 2022-2027
(C)1994-2022 M2 COMMUNICATIONS
RDATE:18052022
The "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering. The global tire market reached a volume of 2,268 million Units in 2021. Looking forward, the market is projected to reach 2,665 million Units by 2027, exhibiting a CAGR of 2.8% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use sectors. These insights are included in the report as a major market contributor.Tires form an essential component of the automobile industry. They provide traction between the vehicle and the road while providing a flexible cushion that absorbs shock. They are manufactured using various materials, including natural and synthetic rubber, carbon black, polyester, rayon, steel, silica and vulcanization accelerator. Nowadays, there is a wide variety of tires available in the global market, which caters to the requirement of different kind of vehicles.One of the leading factors driving the demand for tires across the globe is the accelerating sales of passenger vehicles, particularly in the emerging economies. Tires perform numerous functions, such as supporting the weight of a vehicle, transmitting accelerating and braking force to the ground, changing or maintaining direction, and absorbing shock from the road surface, which help in improving the overall performance of the vehicle.
Along with this, the growing infrastructure activities in both the developed and developing countries are expected to fuel the demand for construction vehicles, which in turn will boost the sales of tires. Besides this, the leading companies are engaging in the development of advanced products, such as ecological, flat-run and nitrogen-based tires, that are environment-friendly.
For instance, Bridgestone Corporation, the world's largest tire and rubber company, has introduced the next-generation fuel-efficient tire technology that offers superior fuel efficiency and high inflation pressure to mitigate the deformation of tires significantly. They also continue to support the weight of the vehicle using the reinforced sidewalls even when the tire is...
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