Global Tire Market to Cross $319 Billion by 2022: TechSci Research Report
Global Tire Market Forecast
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.
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"Global Tire Market"
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.
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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