The Global Market for Tires is Forecast to Reach 2.6 Billion Units by 2024
Developments in Modern Tire
Engineering Including Innovations in Tire Tread Pattern Technology to Drive
Growth in the Global Tires Market, According to a New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Tires market. The global market for Tires is forecast to reach 2.6 billion
units by 2024, driven by continuous
developments in tire engineering particularly innovations surrounding tire
tread technology.
Serving as the only point of contact
between the road and the vehicle, tires represent the most important part of an
automobile that influences safety, performance and ride experience. A
deceptively simple looking vehicle component, the humble tires are in reality
complex to design and engineer, requiring significant R&D to develop high
performing safe tires. The science and technology behind tires is continuously
evolving with several breakthroughs achieved in performance, size,
construction, ability to withstand structural stress, use of innovative
materials for tire skin, and design of the tire cord, among others.
Given the ever-increasing demand placed
on tires by modern vehicles, manufacturer R&D and product innovation
efforts are continuously shed on improving performance, safety, abrasion
resistance, rolling resistance, and developing innovative materials that help
achieve major design goals of safety, performance, and eco-friendliness. In
addition, safety and emission standards step up the quality aspects of tires
and increase the technical burden and know-how for tire manufacturers. Few of
the major factors poised to spur growth in the market include safety
regulations, production trends of passenger and commercial, vehicles;
replacement cycles, adoption of preventive maintenance strategies and the
resulting opening up of opportunities in the aftermarket; and technology
innovation in “Green Tire”
construction, among others. Poised to score the highest gains in the market in
the coming years will be premium and specialty tires with high speed, low
rolling resistance, high insulation to reduce road noise, additional
cushioning, and innovative tread grooves and patterns.
Defined as the rubber around the
circumference of the tire that makes most contact with the road, a tire tread
play a key role in providing traction to the vehicle. Wet weather tire
typically tend to feature higher tread to void ratio for improved wet traction
and braking ability. Important functions a tire tread include influence braking
efficiency; maximize fuel efficiency, influence tire grip with the road
especially when the vehicle turns or corners; and provides the ability to drive
in all terrains wet, muddy, and rocky, among others; enables the vehicle to run
smoothly and quietly; provides wear resistance; and resistance to hydroplaning,
among others.
There are a wide variety of tread
patterns in the market each design to offer unique and special capabilities to
the tire such as directional tire tread, asymmetrical tire tread, symmetrical tire tread, directional/asymmetrical
tire. Given the importance of tire tread to the performance of a tire,
significant R&D dollars are being injected into the development of
innovative tread designs, and patterns. A key noteworthy development in this
space is the development of flexible polyurethane blocks designed to
independently move according to the surface shape of the road. Tilt tread
represents another revolutionizing innovation where tire treads are widely
partitioned to create a tilting system that maximizes the tread area of the
tire to offer unrivalled grip and cornering.
As stated by the new market research
report on Tires, Asia-Pacific
represents the largest and the fastest growing market with a CAGR of 6.1% over
the analysis period led by factors such as growing population, transportation
needs and a parallel rise in vehicle PARC; robust growth of the logistics
industry and the resulting expansion of transport vehicle fleet; growing per
capita car ownership among the expanding base of middle class population; strong
aftermarket opportunities fed by bad road conditions in emerging Asian
economies and the increased risk of punctures; falling oil prices, increase in
vehicle miles travelled and wear and tear of tires and robust replacement
demand; continued trend towards Radialization of commercial vehicle and
passenger car tires in most emerging southeast Asian countries; growing
stringency of safety regulations and consumer awareness over the fact that
healthy tires equals safe rides and the resulting demand for smart new tires upgrades;
growing importance proactive maintenance and replacements; and rise in
environmental awareness and emerging demand for green tires.
Major players in the market include Apollo
Tyres Ltd., Bridgestone Corporation, Continental AG, Cooper Tire & Rubber
Company, Giti Tire Pte. Ltd., Goodyear Tire & Rubber Company, Hankook Tire
Co., Ltd., Kumho Tire Co., Inc., Maxxis International, Michelin, Nexen Tire
Corporation, Nokian Tyres Oyj, Pirelli & C. S.p.A., Sumitomo Rubber
Industries, Ltd., Techking Tires Ltd., Toyo Tire & Rubber Co., Ltd.,
Yokohama Rubber Co., Ltd., and Zhongce Rubber Group Co., Ltd. (China) among
others.
The
research report titled “Tires: A Global Strategic
Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The
report provides market estimates and projections for all major geographic
markets such as the USA, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of
Latin America). The report provides market estimates and projections for major
segments such as OEM Tires and Replacement Tires.
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enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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