Tire Cord Fabric Market Share

Regionally, the global tire cord fabric market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific industry is poised to dominate majority revenue share by 2036, propelled by increased demand for vehicles among the population. As per the International Organization of Motor Vehicles, the total production of vehicles in the region was 46,732,785 units in 2021, a rise from 44,276,549 units in 2020. Similarly, the total sales in the region was 42,663,736 units in 2021, a rise from 40,322,544 in 2020. In addition, the presence of major key players and leading exporters and importers of vehicles in the region is expected to offer growth opportunities for the market growth in the forecast period. In 2021, China exported around 402,000 commercial vehicles and 1.6 million passenger vehicles.