The global automotive tire market size accrued earnings worth approximately USD 129.62 Billion in 2023 and is predicted to gain revenue of about USD 215.12 Billion by 2032, is set to record a CAGR of nearly 5.79% over the period from 2024 to 2032.
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An automotive tire, sometimes known as a car tire, is a specialised rubber component meant for usage in vehicles, especially cars, to provide best traction, support, and stability when driving on the road. The goal is a cylindrical construction made of rubber layers and other materials including steel and cloth. During driving and braking, automotive tires help the weight of the vehicle, reduce shocks and transfer forces.
Tires are very important for improving traction and manoeuvrability, which greatly influences the general vehicle performance and safety. A tire’s main purpose is to provide a point of contact between the road surface and the vehicle so enabling safe and efficient mobility. Consumers can select the most appropriate tire for their personal needs and the specifications of their vehicles by means of the several sizes, tread patterns, weight capacities, and speed ratings of automotive tires.
Remoulding, sometimes known as retreading, is the process of repairing worn tires by tread modification. Known as recap or remould as well as a tyre reproduction technique, it is This process reduces a lot of material compared to the production of new tires, so the components for this approach are less costly.
Besides, compared to building a new one, it saves significant money on tyre and material expenses. Retreading is environmentally beneficial and far less expensive than buying new tires given reduced labour and prices. Retreading one tyre up to ten times increases its service life, saves a lot of manufacturing process time and energy, and lowers landfill waste and carbon emissions.
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The Global Automotive Tire Market is segmented based on product, application and region
Global Automotive Tire Market: Product Segment Analysis
● Passenger Cars
● LCV (Light Commercial Vehicles)
● HCV (Heavy Commercial Vehicles)
Global Automotive Tire Market: Application Segment Analysis
● OEM
● Aftermarket
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The Global Automotive Tire market profiles key players such as:
● The Goodyear Tire & Rubber Company (USA)
● Pirelli & C.S.p.A. (Italy)
● Apollo Tyres Ltd. (India)
● CEAT Ltd. (Italy)
● China National Tire & Rubber Co. Ltd. (China)
● Cooper Tire & Rubber Co., Ltd. (UK)
● Giti Tire (Singapore)
● Bridgestone Corporation (Japan)
● Continental AG (Germany)
● Michelin (France)
● Sumitomo Rubber Industries, Ltd. (Japan)
● Toyo Tire & Rubber Co., Ltd. (Japan)
● Yokohoma Tire Corporation (Japan)
● Maxxis International (Taiwan)
There are great prospects in the Europe automotive tyre industry over the next years. Within the projected timeframe, the Europe automotive tyre market is expected to increase at a double-digit CAGR. The growing number of cars all throughout the region is driving a notable need for tires. Therefore, the demand is finally controlled by car manufacture, which adds value to the expansion of the automotive tyre industry.
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