Tire Market Overview, Dynamics, Key Players, Application and Forecast to 2024

BROOKLYN, N.Y. - Aug. 20, 2019 - PRLog -- As per the latest report by IMARC Group, titled "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024", the global tire market size reached 3.1 Billion Units in 2018, exhibiting a CAGR of 4.3% during 2011-2018. Tires refer to ring-shaped, pneumatically inflated structures which are attached to the rim of a wheel. They are primarily manufactured using natural or synthetic rubber, wire, fabric, carbon black and other chemical compounds. Tires help in providing a gripping surface for traction and serve as a cushion for the wheels of a moving vehicle. They efficiently transfer the vehicle's load to the ground and can withstand the tractive force between the surface of the road and the vehicle. They also aid to reduce the impact of vibrations and absorb shocks, thereby enhancing the overall performance of the vehicle. They are widely installed in various vehicles such as cars, buses, trucks, tractors, forklifts, aircraft, bicycles, motorcycles, wheelchairs, shopping carts and perambulators.

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Global Tire Market Trends:

A thriving automotive industry is one of the key factors driving the market growth. Rapid urbanization, increasing population growth and mounting disposable income levels have led to an increase in the demand for passenger and commercial vehicles which, in turn, is proliferating the sales of tires across the globe. Apart from this, manufacturers are continually engaging in research and development (R&D) activities to improve rubber quality and tire design. This has resulted in the launch of new product variants in the market that offer greater mileage and improved performance even in extreme weather conditions. Manufacturers are also investing heavily in the development of non-pneumatic tires (NPT) or airless tires, which are not supported by air pressure, and hence will not deflate under any circumstances. These tires are also projected to offer lower rolling resistance for higher fuel economy and superior handling. Furthermore, the development of green and eco-tires, along with growing awareness about their benefits, is also expected to catalyze the market growth. Looking forward, the market volume is anticipated to reach 3.9 Billion Units by 2024.

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