The global demand for Wheel & Tire Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XXMN in 2021 with a CAGR of XX% during the period of 2022-2028.
The wheel is a circular block made of durable and hard material most common metal which rotates when acceleration is applied. The tire is a round-shaped component that surrounds the wheel. It is fitted on wheel rims and is filled with compressed air. Wheel and tire in combination provide friction and allow the vehicle to perform its normal operation by reducing transmission of road shocks.
Growing automotive purchase is steering the growth of the market. Rising income middle-class population in a developing nation is propelling the purchase of automotive. As wheel and tire is an essential component of vehicles and other transportation it will cause an increase in growth of market. Among regions, Asia Pacific will offer the best opportunity for increased sale during the forecast period. Ongoing economic growth and industrialization efforts will increase disposable income levels and boost the share of the population that can own motor vehicles. As a result of ownership, rates will increase and opportunities for associated replacement tire sales will rise. Asia Pacific region will account for around two-thirds of global wheel and tire demand. However, due to the maturity of the vehicle market in developed nations growth prospects will be slower comparatively.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of Wheel & Tire.
The entire Wheel & Tire market has been sub-categorized into tire type, rim size, wheel type, end-use and vehicle type. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Tire Type
By Rim Size
- All Season
- All terrain
By Wheel Type
- >21 inches
By End Use
By Vehicle Type
- Carbon Fiber
- Passenger Car
- Construction & Mining
This section covers regional segmentation which accentuates on current and future demand for Wheel & Tire market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Wheel and Tires Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Wheel & Tire market include Bridgestone Corporation, Kumho Tire Co., Iochpe-Maxion, Superior Industries International, Accuride. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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