The global tires market to grow at a CAGR of around 4% during 2021-2026, according to a new report by IMARC Group.
Tires represent one of the essential components in the automotive industry. They are strong and flexible, and are manufactured using synthetic, natural rubber and various chemicals. They are attached to the rim of the wheel and serve as a cushion for minimizing the impact of vibrations. They are durable, shock-absorbent and provide traction between the road surface and the vehicle. Currently, tires are available in various sizes and types, depending on the requirement of vehicles.
Global Tyre Market Trends and Drivers:
The boosting sales of automobiles represent one of the key factors driving the global tire market growth. Moreover, the easy availability of raw materials required in the manufacturing of tires provides manufacturers with a constant supply and efficient production.
Furthermore, market players are introducing innovative products in the market. For instance, Hankook Tire, a South Korea-based company, recently introduced a non-pneumatic tire (NPT) that is made using eco-friendly materials. Developments like these are expected to create a positive outlook for the market growth.
For more information about the global tire market, click: https://www.imarcgroup.com/tyre-manufacturing-plant
Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/tyre-manufacturing-plant/requestsample
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.