Tires are the most integral part of an automobile and in addition to acting as a load bearer of the weight of a vehicle, they also provide grip on the surface of the road for keeping the vehicle moving in the direction intended. Additionally, tires present a high amount of influence on the stability as well as the safety of a vehicle. Due to the soaring demand for tires in buses, trucks, and cars as factory fitments, the global tires market is largely dependent on the state of the automotive industry.
The demand for tires within passenger cars is majorly impacted by the increasing average operating life of a vehicle, employment levels, and the overall growth in GDP. The expansion of industrial, specialty, and commercial vehicle fleets, as well as the improving overall health of the industries of mining, public transportation, cargo, trade, freight, agriculture, and construction, favorably impacts the demand for utility vehicle, industrial, bus, and truck tires.
A number of stringent fuel efficiency norms have also brought tires to the forefront in the global automotive industry. OEMs are focusing on the performance and efficiency of tires for adding value to automobiles. A number of innovations are also taking place in the global tires market and features such as streamlined lugs, blocks, ribs, and lightweight tires have boosted the growth of the global tire market. The use of tires with low rolling resistance has the potential to reduce the fuel consumption of the vehicle by approximately 10% to 15%. The increasing demand for lightweight nano-fiber materials is predicted to further augment the growth of the global tires market. The launch of technologically modified green tires having better durability and grip is also driving the development of the global tires market.
The global tires market is also predicted to rise exponentially due to the rising demand for tires in motorcycles and a number of other applications. The sale of tires is majorly seen in the most swiftly developing regions, where there is heavy usage of motorcycles in place of cars owing to the low cost of motorcycles. The sales of tires within other applications such as industrial vehicles, aircraft, and tractors will also rise at a high pace due to the increasing deployment of such vehicles globally.
QYResearchReports.com has provided extensive information on a number of markets within the global tire industry. Some of the markets covered include the global tubeless tire market, the global agriculture tires sales industry, the India aircraft tire industry, and the global and China electric car tire industry, among others. These reports present an in-depth review of the key market drivers, trends, mergers and acquisitions, challenges, and other strategic industry activities of the prime companies globally.
These comprehensive publications by QYResearchReports.com also provide information on the most promising markets and the lucrative segments within these markets. This information will aid upcoming vendors in the market in making better decisions. Furthermore, the state of these markets in all the major geographical segments has also been encapsulated in this study. The key product segments evaluated in the majority of these reports include tires for trucks, medium or heavy vehicles, passenger cars, off-the road vehicles, two wheelers, and buses, amongst others.