According to Stratistics MRC, the Global Passenger Tire Market is growing at a CAGR of 7.0% during the forecast period.
A passenger tire is a type of tire designed specifically for use on passenger vehicles, such as cars, SUVs, and vans. These tires are engineered to provide a balance of performance, comfort, and safety for everyday driving conditions. They typically feature a tread pattern optimized for traction on various road surfaces, including dry pavement, wet roads, and light snow. Passenger tires come in different sizes and speed ratings to accommodate various vehicles and driving preferences. Their construction often includes layers of rubber compounds, steel belts, and other materials to ensure durability, stability, and responsive handling.
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Asia Pacific is expected to witness profitable growth over the projection period, owing to the increasing urbanization and rising disposable income levels. Infrastructural developments, including expanding road networks and improving transportation facilities, further stimulate the market. Moreover, the region’s shifting consumer preferences towards premium and high-performance vehicles contribute to the demand for advanced passenger tire technologies offering superior handling, comfort, and safety features.
Some of the key players in the Passenger Tire Market include Bridgestone Americas Tire Operations, Continental Tire, Falken Tire, Giti Tires, Goodyear Tire and Rubber, Hankook Tire, Kumho Tire, Toyo Tire, Nexen Tire, Nitto Tire, Pirelli, Sumitomo Rubber Industries and Yokohama Tire.
Key Developments:
In February 2024, Toyo Tire has announced partnership with the Los Angeles Dodgers, this collaboration not only underscores the growing synergy between major sports franchises and leading industry brands but also highlights the global appeal of the Dodgers and the strategic international expansion of Toyo Tires.
In August 2023, Sumitomo Rubber Industries, Ltd. announced collaboration with Sumitomo Riko Company Limited and Sumitomo Electric Industries, Ltd. This initiative is designed to further the development of recycling technologies, paving the way for a circular economy.
In January 2023, Pirelli partnered with trek’s mountain bike teams the collaboration between the two companies has grown and now also includes the supply of MTB tyres to the TREK Factory Racing XC, Enduro and Downhill teams.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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