Asia Pacific Tire Market Share, Size 2022, Demand and Business Outlook by 2027
According to the latest report by IMARC Group, titled “ Asia Pacific Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027 ”, the Asia Pacific tire market size reached 1,170 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 1,520 Million Units by 2027, exhibiting a growth rate (CAGR) of 4.7% during 2022-2027. Industry Overview and Application: Tire refers to a circular automotive component that is made up of natural or synthetic rubber compound, silica, wire, carbon black, steel, etc., and is inflated with compressed air. It is largely available in radial and bias construction variants and numerous sizes. These automotive tire models are custom-built for supporting the weight of a vehicle, absorbing road shocks, and transmitting traction for acceleration and braking. They help maintain and change the direction of travel thereby ensuring passenger safety and a seamless car handling experience. Consequently, t...