Top Companies in the Tire (Tyre) Market in 2023, Trends, and Growth Factors, and Trend Forecast to 2028

 The Global Tire Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 3.85% between 2023 and 2028, reaching a market value of USD 318.57 Billion by 2028. The industry is currently undergoing rapid growth and transformation due to the emergence of more efficient vehicles and improved infrastructure. The market is expected to be driven by the increasing vehicle production in developing nations and the growing competition among tire manufacturers. Furthermore, the tire industry in the agriculture sector is poised for significant growth as modern farming methods gain popularity and mechanization of farming activities increases.

The outbreak of the Covid-19 pandemic had a severe impact on the global tire market. The import and export of essential raw materials required for tire manufacturing were significantly disrupted, leading to a decline in automobile usage. The production of new vehicles was greatly reduced, and movement restrictions further delayed tire replacements, causing significant upheaval in the industry. However, industry players have implemented new strategies to sustain the market amidst unforeseen circumstances.

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