DUBLIN, Feb. 17, 2023 /PRNewswire/ — The “Global Four-Wheeler Tires Market, By Tire Type, By Operation Type, By Application, By Weight, By Distribution Channel, Estimation & Forecast, 2017-2030” report has been added to ResearchAndMarkets.com’s offering.
The global four-wheeler tires market held a market value of USD 167.59 billion in 2021 and is estimated to reach USD 320.76 billion by the year 2030. The market is projected to list a CAGR of 6.8% during the forecast period.
The advent of numerous cutting-edge technology, rising car sales, and replacement cycles have all impacted demand trends in the sector. The safety, effectiveness, and total mileage of a vehicle are greatly influenced by the tyres.
The development of sophisticated tyres that aid in better grip and durability as a result of increased R&D investments has increased demand. Unfavorable weather, road conditions, and vehicle overloading are also anticipated to increase market demand throughout the projection period.
The increasing strategic activities of companies fuels the growth rate of the market. For instance, Apollo Tires launched a new product in cross-ply technology for the commercial vehicle (CV) segment in India in April 2021.
In addition to that, JK Tire established a cooperation with JBM Auto in April 2021 to supply radial tyres for JBM Auto’s CITYLIFE CNG and ECOLIFE electrified buses. Also, Nokian Tyres PLC announced in March 2021 that it will increase its passenger car tyre production capacity at its Finnish facilities by roughly 30%.
Rapid infrastructure development in developing economies, particularly India and China, has resulted in an increase in commercial vehicle and construction vehicle sales. Vehicle manufacturers can make significant money from the replacement and aftermarket tyre industry. Customers prefer high-performance tyres to ordinary rubber tyres because rubber tyres wear and break readily.
Growth Influencers:
Government investments in logistics & transportation
As…
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