Projected Rise in Automotive Production and Launch of New Tire Models Drive the Global Tires Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 18, 2014 -- Follow us on LinkedIn – Global market for tires is heavily dependent on the automotive industry, which in turn is a barometer of general economic health in a country. While automobile production trends influence demand patterns in the OEM tire market sector, vehicle population, replacement cycles, and emergence of disruptive technologies influence demand patterns in the replacement tire sector. GDP growth, employment levels, consumer discretionary spends, and average vehicle operating life influence demand in the passenger car tires market. Expansion of commercial vehicle fleets and overall health of public transportation, mining, construction, and agriculture end-user industries, influence demand for truck, bus, aircraft, industrial & utility vehicle, and farm implement tires.
Increase in automobile demand in line with cautiously improving global economy and subsequent rise in automotive manufacturing will drive considerable demand for OEM tires in the short to medium term period. Continued rise in demand for passenger cars in developing markets such as India and China and projected rise in automotive ownership over the next few years in Non-BRIC emerging nations such as Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa will also help sustain growth prospects for OEM tires in the coming years. Replacement tires market on the other hand, is expected to benefit from the rising average vehicle life worldwide. Increase in vehicle age results in greater need for replacements thus translating into higher demand for replacement tires. Additionally, overloading of vehicles, extreme weather conditions and poor road conditions are helping spur replacement demand for tires.
Growth in the tires market will also be driven by technology developments and introduction of new advanced models that promise better performance. Poised to score the highest gains are tires with performance features such as increased grip on wet surfaces, reduced noise levels, higher traction, comfort, and safety levels. Future growth in the world tires market will be driven by ultra high-performance (UHP) tires that offer superior driving control; and run-flat tires that assure safer driving despite a flat tire problem.
As stated by the new market research report on Tires, Asia-Pacific represents the largest and the fastest growing market worldwide. Growth in the region is led by strong demand for automobiles and presence of well established automotive manufacturing industry in countries such as China and India. While Passenger Car tires represent the largest product segment accounting for a majority share in total volume sales, Two-Wheeler tires represent one of the fastest growing product markets with sales waxing at a CAGR of 5.4% over the analysis period.
Major players in the market include Apollo Tyres Ltd., Bridgestone Corporation, Continental AG, Cooper Tire & Rubber Company, Goodyear Tire & Rubber Company, Hankook Tire Co. Ltd., Maxxis International, Michelin, Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Techking Tires Ltd., and Yokohama Rubber Co., Ltd., among others.
The research report titled “Tires: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for OEM & Replacement Tires in Units for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Middle East & Africa, and Latin America. Product segments analyzed in the report include Tires for Passenger Cars, Trucks (Light Trucks, Medium/Heavy Trucks), Buses, Two-Wheelers, Aircraft, and Off-The-Road Vehicles (Industrial & Utility Vehicles, Farm Implements).
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Tires_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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Public Relations, Global Industry Analysts, Inc., http://www.StrategyR.com/, +1 408-528-9966, [email protected]
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