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Global Online Tire Market Size Study, By Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, Three-Wheelers), and Regional Forecasts 2024-2032

Global Online Tire Market Size Study, By Vehicle Type (Passenger...

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Global Online Tire Market Size Study, By Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, Three-Wheelers), and Regional Forecasts 2024-2032
Global Online Tire Market Size...
Report Code
RO10/103/1710

Publish Date
06/Nov/2024

Pages
200
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The Global Online Tire Market is expected to witness substantial growth, expanding at a CAGR of over 7% during the forecast period from 2024 to 2032. This growth is driven by increasing internet penetration, rising vehicle sales, competitive pricing, and the convenience offered by e-commerce platforms. With the growing number of consumers using the internet for purchases, the online tire market has benefitted from the convenience of comparing prices and products across multiple platforms, making tire shopping easier and more cost-effective. E-commerce has revolutionized the retail landscape, allowing consumers to access a broader range of products without the need for physical stores, reducing overhead costs that translate into savings for customers.

Moreover, the growing OEM investments in online platforms, fueled by the increasing penetration of the internet, is expected to drive the market further. With 43% of the global population using the internet as of 2015, e-commerce for tires has become a rapidly growing sector. Online retailing allows tire manufacturers and distributors to reach a larger audience, thus significantly expanding their market presence. Furthermore, e-commerce eliminates the geographical constraints of traditional tire retailing, making it easier for customers to access tires, especially in areas where physical tire stores may be limited. The market is also expected to benefit from the low pricing strategies and multiple offers provided on online platforms, creating a competitive edge over brick-and-mortar stores. Consumers can easily compare specifications and prices across different brands, further facilitating the buying process.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific region is currently the fastest-growing and dominating region in the online tire market. This rapid growth is driven by several key factors. Firstly, the region has seen a significant increase in vehicle ownership, fueled by rising disposable incomes and a growing middle class. Countries like China, India, and Japan are leading the charge with robust automotive industries and a large population of tech-savvy consumers who are increasingly turning to online platforms for their purchases. Additionally, the expansion of e-commerce infrastructure, along with improved internet penetration, has made it easier for consumers to access a wide range of tire options online. Moreover, the convenience of online shopping, coupled with competitive pricing and the availability of detailed product information and customer reviews, has further accelerated the shift towards online tire purchases. Major tire manufacturers and retailers are also investing heavily in their online presence and digital marketing strategies to cater to this growing demand, thereby solidifying the region's dominance in the market.

Major market players included in this report are:
Michelin
Bridgestone
BF Goodrich
Goodyear
Hankook
Pirelli
Toyo Tires
Sumitomo
Triangle Tires
Continental
Dunlop
Kumho Tire
Yokohama
Cooper
CEAT
The detailed segments and sub-segments of the market are explained below:
By Vehicle Type:
Passenger Cars
Commercial Vehicles
Two-Wheelers
Three-Wheelers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East
Saudi Arabia
South Africa
Rest of Middle East and Africa
Years considered for the study:
Historical year - 2018-2023
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand-side and supply-side analysis of the market.

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