Global Tire Market to Cross $319 Billion by 2022
Anticipated
increase in vehicle sales coupled with expanding vehicle fleet size to drive
global tire market through 2022
According to TechSci Research report, “Global Tire Market Forecast and Opportunities, 2022’’, global tire market is forecast to surpass
$ 319 billion by 2022. On the basis of vehicle type, the global tire market is
broadly classified into six categories – passenger car tire, light commercial
vehicle (LCV) tire, medium and heavy commercial vehicle (M&HCV) tire,
two-wheeler tire, three-wheeler tire and the OTR tires. During 2012-2016, both
automobile production and sales grew at sluggish pace in majority of regions,
which led to slow growth in the tire market globally. The global automobile
production and sales grew at a CARG of 1.75% and 2.32%, in the volume terms,
during 2012-2016, respectively. Backed by slow growth in automobile sector, the
global automobile fleet (excluding two-wheeler and three-wheeler) exhibited a
CAGR of 3.66% during the same period.
In 2009, Europe suffered one of the
worst economic meltdowns in the recent history, commonly referred to as the
Eurozone Crisis. Though the crisis impacted the entire region, Portugal, Italy,
Ireland, Greece and Spain were among the most severely affected countries. The
European economy suffered a slump, and multiple public as well as private banks
declared bankruptcy, which impacted various sectors including automotive,
consequently restraining growth in Europe’s automobile and tire market over the
last five years. However, the region witnessed signs of revival in 2013 due to
several bailout packages offered by the European Union and the International
Monetary Fund (IMF). During the forecast period, the tire market in the region
is expected to exhibit significant growth, which is expected to boost global
tire market over the course of next five years. APAC, South America and MEA are
also expected to witness higher sales of tires in the coming years.
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In 2016, Bridgestone continued as the leader
player in the global tire market, followed by Michelin and Goodyear. Japanese
company Bridgestone is expected to continue dominating the global tire market
during the forecast period as well on account of large product portfolio and
widespread dealership network. “The global tire market is poised to grow at a significant
pace over the next five years, backed by anticipated growth in the global
automotive sector. Increasing per-capita income across developed as well as
developing geographies is expected to augment demand for automobiles and
increase consumer spending, and consequently, drive the global tire market in
the coming years.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global
Tire Market Forecast and Opportunities, 2022” has analyzed the potential of tire market, and provides
information and statistics on market structure, dynamics and trends. The report
would provide the intending clients with cutting-edge market intelligence and
help them in taking sound investment decisions. The report also identifies and
analyzes emerging trends along with essential drivers and key challenges faced
by the industry.
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