Tire Market to Witness the Highest Growth Globally in Coming Years

The tire market is driven by increase in vehicles production and increasing disposable income of people. The economic growth in the developing countries is resulting into high demand and production of vehicles, which is driving the demand of tires. The production volume for passenger car and light commercial vehicles (LCV) in Asia-Pacific accounted for more than 50% of the global production.

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Tire is one of the most important parts of any automobile, as it provide grip to the vehicle, resist abrasion, and carry and transport loads. Product advancement is one of the key strategies executed by the tire manufacturers to sustain in the global market. In order to do so, the leading players in the automotive tire market are investing heavily on a continued basis on research and development activities. Green tires with high durability and energy efficiency are being largely demanded by the consumers and vehicle producers.

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The use of tires are not limited to new vehicles, but can also be used in old vehicles for replacement purpose, which is also a major market for tires. Passenger car is the largest segment of the global tire market in 2015, accounting for more than 55%. On the other hand, two-wheeler and commercial vehicle tire segments collectively contributed over 30% revenue to the global tire market in 2015.

In 2015, Asia-Pacific was globally the largest market for tire, followed by Europe and North America. Asia-Pacific is further expected to lead the tire market during the forecast period, owing to the increase in the sales and production of vehicles. In 2015, China, India and Japan were the major contributors to tire market in the region.

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Some of the major competitors in the global tire market include Apollo Tyres Ltd, Michelin Group, Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Pirelli & C. SpA, Yokohama Rubber Company, Xingyuan Tire Group, JK Tyre & Industries, and Cooper Tire & Rubber Company.

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This release was published on openPR.