Car Sharing Market by Vehicle Type, Application 2014-2024 Tire Market Research Report 2023 | Page 2

Tire Market
The tire market is driven by increase in vehicles production and increasing disposable income of people. The
economic growth in the developing countries is resulting into high demand and production of vehicles, which is
driving the demand of tires. The production volume for passenger car and light commercial vehicles (LCV) in
Asia-Pacific accounted for more than 50% of the global production.
Tire is one of the most important parts of any automobile, as it provide grip to the vehicle, resist abrasion, and
carry and transport loads. Product advancement is one of the key strategies executed by the tire manufacturers
to sustain in the global market. In order to do so, the leading players in the automotive tire market are investing
heavily on a continued basis on research and development activities. Green tires with high durability and energy
efficiency are being largely demanded by the consumers and vehicle producers.
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