The Global tire market is profoundly dependent on the wellbeing of the

automotive industry because of its close relation to automobile sector it is

characterized as a volatile one. but also to other factors such as raw materials,
their availability and their unstable prices. Owing to the huge demand generated
from cars, buses and trucks coupled with increasing demand for low resistance
tires, the global tire market is projected to reach heights in the upcoming future

The Global Tire Market is mainly classified based on vehicle type, demand
category, radial vs. bias, and regions.  Based on the vehicle type, the market is
bifurcated into passenger car tire, light commercial vehicle (LCV) tire, medium
& heavy commercial vehicle (M&HCV) tire, two-wheeler tire, three-wheeler
tire and OTR tire segments. Passenger car tires accounted for the largest share
and the segment is poised to grow at an impressive rate during the projected
period as well, as the demand for passenger cars have been increasing in all the
regions across the globe. In terms of the demand category, replacement market
has dominated the Global Tire Market with an estimated market share of over
70% and is expected to continue its dominance through 2025. However, in the
future years, it is expected that the market share of OEM will rise owing due to
the rising production of vehicles and technological advancements in the
automotive industry across the globe. In terms of technology type, the market is
largely accounted for by radial tires and the segment is forecast to hold its
dominance during forecast period.