Global Tires Market worth $276 billion by 2017.
Dallas, TX (PRWEB) January 16, 2014
World demand for tires is forecast to rise 4.3 percent per year to 2.9 billion units in 2017. In value terms, sales of tires are projected to increase 7.9 percent annually to $276 billion in 2017. Global growth in the tire market will continue to be led by developing countries in the Asia/Pacific region, particularly China and India. Worldwide demand for tires will also be supported by improved economic conditions in advanced countries in Western Europe and North America, but gains in these regions will continue to trail the global average.
Asia/Pacific region to claimtwo-thirds of total growth
The Asia/Pacific region will be responsible for the bulk of global tire demand gains, accounting for two-thirds of total growth through 2017. China is the largest market for tires in the the world, representing 25 percent of global demand in 2012. Growth in demand for tires in China will not be able to match the especially rapid gains posted over the 2007-2012 period, as expansion of both motor vehicle production and motor vehicle usage will decelerate. However, the market for tires in China will continue to be among the fastest growing in the world. Other major national markets for tires in the Asia/Pacific region include Japan and India, which ranked as the world’s third and fourth largest, respectively, in 2012. Sales of tires in Japan are forecast to decline through 2017, a function of a shrinking population and falling motor vehicle exports. India will post strong growth in demand for tires through 2017, and is expected to surpass Japan as the world’s third largest tire consumer by that year.
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Gains in North America, Western Europe to lag
The markets for tires in North America and Western Europe will show improvement relative to the 2007-2012 period, but gains will remain below two percent per annum in both regions through 2017. Stronger economic environments will result in advancements in both new vehicle production and vehicle usage, supporting growth in demand for tires. However, slow population growth and mature rates of personal motor vehicle usage will serve to constrain market gains. In addition, the losses in new vehicle production that occurred in both regions between 2007 and 2012 will not be fully recovered, as significant production capacity was permanently transferred to lower-cost developing countries. The US will continue to be the world’s second largest market for tires, accounting for 13 percent of global demand in 2017.
Motorcycle, other tires to outpace motor vehicle market
Motor vehicles represented the largest market for tires in 2012, and will account for 73 percent of global demand in 2017. Gains through 2017 will be stimulated by increases in motor vehicle usage in developing countries, spurring demand for tires in both original equipment manufacturing (OEM) and replacement applications. The market for motorcycle tires is forecast to expand at an above average rate through 2017. Relative to motor vehicles, usage of motorcycles is especially concentrated in faster-growing developing regions, allowing the market for motorcycle tires to be less constrained in the aggregate by weaker performances in advanced economies. Industrial, agricultural, and aircraft tires will post the fastest growth through 2017, although these will remain a very small portion of overall tire sales.
Company Profiles for 32 global industry players such as Bridgestone,Continental, Goodyear, Hankook, Michelin, Pirelli and Sumitomo.
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