Overview Global Tire Market 2018, Demand by Regions, Share and Forecast to 2023

In recent years, the global tire market has witnessed a moderate growth. Burgeoning sales of commercial and passenger vehicles, particularly in the developing countries, have increased the demand for tires.

According to the latest report by IMARC Group, titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global tire market reached a volume of more than 3 Billion Units in 2017, exhibiting a CAGR of around 4.4% during 2010-2017. A tire refers to a strong, flexible, pneumatic structure which is primarily manufactured with natural and synthetic rubber, wire, fabric, carbon black and other chemical compounds. It encircles a wheel’s rim so as to offer a strong grip between the vehicle and the road. Moreover, tires assist in protecting as well as enhancing the overall performance of a vehicle by providing a flexible cushion that reduces vibrations and absorbs shocks. Owing to this, tires are installed in automobiles like buses, trucks, tractors, industrial vehicles like forklifts, and common conveyances such as wheelchairs, motorcycles, bicycles, and shopping carts.

An increase in the sales of commercial and passenger vehicles, especially in the developing economies like India and China, is boosting the growth of the tire industry. This can be accredited to rising population, rapid urbanization, altering lifestyles and inflating purchasing power of the consumers. Apart from this, a rise in R&D investments by the manufacturers and adoption of advanced technologies, such as eco tires, flat run tires and nitrogen-based tires, are also providing a thrust to the market growth.

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