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% year-over-year increase. Notably, China and the US led the charge in this growth, with China accounting for over half of the global EV sales. All-electric vehicles accounted for over 60% of these sales, with plug-in hybrid vehicles making up the remainder. In terms of geography, China dominated the market with over seven million units delivered, followed by the US and Europe. The trend towards electric mobility is expected to continue, with significant growth projected 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
• Type
  • Radial
  • Bias
• Application
  • Passenger Cars
  • Commercial Vehicles
  • Aerospace
  • Two-Wheelers
• 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 the production and application of various cord types, including those with enhanced adhesion, tension control, and specific diameters, twists, densities, and moduli. Cord elongation, fatigue resistance, heat resistance, moisture resistance, and chemical resistance are crucial factors. Manufacturing processes like twisting, crimping, calendaring, coating, impregnation, sizing, inspection, testing, and quality control ensure product excellence. Innovation, technology, sustainability, recycling, and the supply chain shape market trends and dynamics, shaping the industry outlook and future.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, 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 manufacturers of these components and equipment. Key growth drivers for the automotive components and equipment market include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the rising sales of EVs, motorcycles, and PCs in recent years. Additionally, the adoption of advanced tire reinforcement technologies, including radial tires reinforced with steel cord, nylon cord, polyester cord, and aramid cord, which offer high tensile strength, further propels market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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