Latest News- Tire Cord Market: Steel is expected to lead the Material segment during 2024-2028

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

The Tire Cord Market is expected to grow at a CAGR of 2.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 839 million. The global electric vehicle (EV) market experienced substantial growth in 2023, with approximately 14 million units sold worldwide, representing a 35% increase compared to the previous year. China and the US led the way in EV sales, accounting for a significant portion of the global market. In fact, China accounted for over half of the total EV sales, with approximately 7.5 million units delivered. All-electric vehicles accounted for over 60% of global EV sales, with plug-in hybrids making up the remaining share. The EV market is projected to continue its upward trajectory in the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Material
  • Steel
  • Textile
• Geography
  • APAC
    • China
    • Japan
    • Thailand
  • Europe
    • Germany
  • North America
    • US
  • South America
  • 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
• Advancements in tire manufacturing technology

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

• Volatility of raw material prices
• Increased market for used tires
• Price sensitivity towards automotive industry

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Market Scope in Tire Cord Market Research Report

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Research Analysis Overview

The Tire Cord Market encompasses various reinforcement materials used in Automotive Tire Technology, including Steel Tire Cords, Nylon, and Polyester Tire Cords. High-performance materials like Synthetic Tire Cords, Rayon Tire Cords, and Rubber Compound Additives enhance Tire Durability Factors, such as ozone resistance and elasticity. Fiber Reinforcement Technology improves Tire Performance and Manufacturing Technology employs High-Strength Tire Materials for sidewall reinforcement and butadiene rubber performance. Inextensible Cord Applications provide essential strength to vehicle tire components, contributing to tire strength and improved tire elasticity.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile segments, 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 generated by these manufacturers. Key growth drivers in the automotive components and equipment industry include the escalating demand for electronic control units (ECUs) and other electrical components due to the rising sales of EVs, motorcycles, and PCs. Additionally, factors such as high resistance to deformation, excellent adhesion, and high stiffness in tire cords are essential for tire manufacturers to meet the increasing demand for superior vehicle performance and safety.. 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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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/