NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) -- IndexBox, a globally recognized research firm, has released an extensive report on the global tyre market, providing a detailed forecast up to the year 2030. This crucial report can be accessed on their website here. In addition, IndexBox is offering trial access to their comprehensive market data through their platform.
Industry Overview by Segment and Region
This report offers a deep dive into the tyre market, segmented by type, application, and region. It emphasizes substantial growth in the market, propelled by diverse applications across various industries. Key regions such as Asia-Pacific, Europe, and North America are identified as significant contributors, with countries like China, the United States, and Germany leading in both production and consumption.
The global tyre market is set to witness considerable growth by 2030. This forecasted expansion is backed by factors like the increasing production of vehicles, advancements in tyre technology, and the rising demand for high-performance and eco-friendly tyres.
Key Growth Drivers and Challenges
Primary growth drivers include the booming automotive industry, the rise in consumer preference for vehicle safety and efficiency, and the growing adoption of electric and hybrid vehicles. Challenges facing the market include environmental concerns related to tyre disposal and the volatility in raw material prices.
Demand for tyres is being shaped by the global surge in vehicle ownership, the expansion of the automotive industry in emerging economies, and the growing focus on sustainable and innovative tyre technologies.
Major Consuming Industries
The automotive industry, including passenger vehicles, commercial trucks, and two-wheelers, is the primary consumer of tyres. The growth of this industry directly influences tyre market dynamics.
Largest Markets and Growth Prospects
The report pinpoints China, the United States, and Germany as the largest markets for tyres, with significant growth prospects driven by their large automotive sectors and ongoing investments in vehicle production and infrastructure.
Leading Companies
1. Bridgestone Corporation
2. Michelin
3. Goodyear Tire & Rubber Company
4. Continental AG
5. Pirelli
Keywords: Tyre Market, Market Forecast, Automotive Industry, Eco-friendly Tyres, Global Market Analysis, Vehicle Safety, Electric Vehicles, Market Research.
About IndexBox
IndexBox is a leading market research firm providing comprehensive data and analysis across various industries. With a vast array of reports and trial access to market data on the IndexBox platform, businesses can make informed decisions and stay ahead of the competition.
