Latest News- Tire Cord Fabrics Market: Replacement is expected to lead the Application segment during 2025-2029

The Tire Cord Fabrics Market is being driven by Rising number of automobile buyers

The Tire Cord Fabrics Market is expected to grow at a CAGR of 1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 135.2 million. The global electric vehicle (EV) market experienced robust growth in 2023, with deliveries surpassing seven million units. This significant increase was driven primarily by China and the US, along with select European countries. Notably, all-electric vehicles accounted for over 60% of global EV sales. Geographically, China led the way with the highest number of EV deliveries, followed closely by Europe and the US. The surge in EV sales can be attributed to the increasing global demand for more sustainable transportation solutions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Replacement
  • OEM
• Geography
  • APAC
    • China
    • Japan
    • Thailand
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising number of automobile buyers
• Performance advantages of tire cord fabrics
• Advancements in tire manufacturing technology

However, the market also witnesses some limitations, which are as follows:

• Volatility of raw material prices
• Supply chain disruptions
• Increased market share for used tires

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Market Scope in Tire Cord Fabrics Market Research Report

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Research Analysis Overview

The Tire Cord Fabrics market refers to the production and supply of textiles used as reinforcement in tire manufacturing. These fabrics, made from materials like nylon, polyester, and rayon, provide strength and durability to tires, ensuring optimal performance and safety. The market's growth is driven by increasing automobile production and the demand for fuel-efficient and high-performance tires.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue of automotive component and equipment manufacturers. Key growth drivers for this market include the rising demand for electronic components in automobiles, fueled by the escalating sales of EVs, motorcycles, and PCs. This trend has significantly boosted the need for electronic control units (ECUs) and other electrical components over the past decade. Furthermore, the radial tire cord fabric segment, specifically those made from high-performance materials like nylon and aramid, will experience notable growth due to their increased usage in tire design for improved durability and performance in various vehicle applications. The recycled nylon segment is also expected to gain traction as manufacturers seek sustainable solutions to reduce their environmental footprint.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/