Tyres, also spelled "tires" in American English, are ring-shaped components that surround a wheel's rim. They are designed to transfer a vehicle's load from the axle through the wheel to the ground, providing traction on the surface traveled over. Tyres are essential for vehicle mobility and safety, as they influence handling, ride comfort, and fuel efficiency. They are typically made from rubber and various other materials, including synthetic compounds, fabric, and wire, and are filled with air or other materials to provide cushioning and grip.

Tyres Market Overview

Tyres Market is Expected to reach a high CAGR By 2031

The two-wheeler segment dominates the tire market, driven by the increasing launches and expanding product portfolios of tractors. The demand for agricultural tractor tires is expected to see significant growth, primarily due to the expanding replacement market. Replacement tires lead the agricultural tractor tire market across all regions.

As industrialization and urbanization rise, agricultural land usage decreases, and farm mechanization increases, driving growth in the tire market. The Asia-Pacific region holds the largest share of the global tire market, accounting for over 50%, followed by North America and Europe.

The Asia-Pacific region is anticipated to be the fastest-growing market during the forecast period, fueled by the rising demand for agricultural machinery, particularly in India, which has extensive irrigated land. For example, in 2019, Trelleborg AB announced plans to expand the second phase of its research and testing center in Hefei, China, to strengthen its market position.

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Tyres Market Trends

The demand for tires is closely linked to the market for agricultural equipment such as tractors, trailers, sprayers, combine harvesters, and loaders. Rapid economic growth in developing nations is driving the agriculture sector towards greater efficiency and productivity, leading to increased sales of agricultural machinery and related products.

The rising demand for food due to expanding populations and technological advancements in agricultural equipment are key factors fueling the tire market. Tractor sales in developing countries are likely to increase as national governments place greater emphasis on the agricultural sector.

In developed nations, the demand for replacement machinery may influence the sales of farm automation equipment. While Western Europe and North America are expected to experience below-average growth in 2017, the tire market in these regions could be bolstered by technological advancements, as farmers focus on cost-saving equipment.

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Tyres Market is segmented

By Construction:  Bias Tyres, Radial Tyres

By Application:  Four-Wheeler, Two-Wheeler, Three-Wheeler, Passenger Car, Bus and Truck, Golf Carts, Industrial Vehicles, Railway Equipment Wheels, Heavy Machinery, Others

By Material:  Natural Rubber, Synthetic Rubber, Others), By End User (Original Equipment Tyres, Replacement/Aftermarket

By Region:  North America, Latin America, Europe, Asia Pacific, Middle East, and Africa

Tyres Market Company Profiles

·         Trelleborg Wheel Systems

·         Michelin

·         Apollo Tyres Ltd

·         Balkrishna Industries Limited

·         The Yokohama Rubber Company, Limited

·         Xuzhou Armour Rubber Company Ltd

·         Titan International

·         Bridgestone Corporation

·         HANKOOK TIRE & TECHNOLOGY CO., LTD.

·         Nokian Tyres plc

·         Pirelli & C. S.p. A.

·         The Goodyear Tyre & Rubber Company

·         Camso

·         Continental Group

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