Markntel Advisors recently released a report on Tire Market that provides trustworthy, objective, and precise insights into the market with the addition of accurate and reliable data explaining and briefing about the elements of the industry. The diverse fragmentation of the industry is handled by investigating each element, segment-wise, region-wise, and more, to comprehend a detailed and systematic report to provide the stakeholder with all the various tools and details of the industry.
The market is studied in three fragments or periods, that is, the historical period (2018-21), Base Year (2022), and the forecasting period (2028). The analysts at Markntel Advisors study the historical data and analyze its implication on base year and further branching of the industry to provide a detail-driven, accurate, and exhaustive compilation of information to cater to the required statistics and knowledge to predict the future ventures of the industry.
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What are the principal essential elements this study envelops?
The researcher deeply analyses the competitors and critical market participants in the industry to methodically procure systematic data and provide the stakeholder with all the significant direction-changers of the flow of the market. Through this competitor’s analysis, the study covers all the major profit strategies, tactics, market mergers and acquisitions, product launches, profit-loss cycle, marketing strategies, consumer reactions, and more. This section equips the stakeholder with the industry’s history, which has placed the industry at its position in the base year and could further shape its forecasting years. The report covers the following major market participants:
-Bridgestone
-Michelin
-Goodyear
-Continental
-Pirelli
-Sumitomo
-Hankook
-Yokohama
-Cheng Shin
-Zhongce Rubber
-GITI
-Toyo
-Kumho
-Apollo
-CEAT
-MRF
-Others
The report is compiled systematically and methodically, with each section neatly covering its essence and influence in the market. Likewise, the report provides a credible selection of market dynamics consisting of the following major pillars of the industry’s study.
Key Driver: Mounting Prevalence of Electric Vehicles
One of the most prominent factors projected to drive the Global Tire Market during 2023-28 is the rapidly surging Electric Vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the global tire market growth.
Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with burgeoning EV sales across developed countries, the demand for their tires is also rising significantly, which, in turn, would drive the global tire market in the coming years.
The Tire industry is branched out and spread across depending on diversifying bifurcations. These divisions are further studied to annunciate the industry’s essential growing, profit-making branches or segments. The sector is made up of diverse fragmentations; these segmentations are:
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Market Segmented into, By Type of Vehicle
-Two Wheeler
-Three Wheeler
-Passenger Car
-Light Commercial Vehicle (LCV)
-Medium & Heavy Commercial Vehicle (MHCV)
-Off the Road Vehicle (OTR)
Market Segmented into, By OEM Vs Replacement
-By Radial Vs Bias
Market Segmented into, By Season
-All Season
-Summer
-Winter
Market Segmented into, By Sales Channel
-Exclusive Stores
-Authorized Dealers or Distributors
-Others
Market Segmented into, By Price Category
-Budget
-Economy
-Premium
Market Segmented into, By Rim Diameter
Upto 12”
12.1” to 15”
15.1” to 18”
18” to 22.5”
22.6” to 26”
26.1” to 35”
35.1” to 47”
Above 47”
On similar lines, the market is branched across the region depending on geographic diversifications. These regional sections are further studied to provide the stakeholder with the regional factors affecting the market sales, influence, and fluctuations. The Tire Market, based on region, is spread across:
-North America
-South America
-Europe
-Russia & CIS
-Middle East
-Africa
-Asia Pacific
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Why choose Tire Market research report by Markntel Advisors?
-The analysts provide you with customization offers, so the stakeholder can customize and personalize the report to their needs and wants. The analysts focus on the required elements and sculpt the study according to the wishes of the stakeholders.
-The research report focuses on the systematic organization of data, with each section divided into chapters and further classifications to present an easy, time-saving, and smoothly navigable study.
-The elements surrounding and shaping the Tire industry, including the industry’s profit-loss cycle, major and minor acquisitions and external factors, current trends, and more, are included in the study report. To know further, kindly reach out to Markntel Advisors.
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