Tire Market Growth Rapidly due to Demands by Acquiring Advancement in their Products

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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According to the World Urbanization Prospects report, 54% of the global population lived in urban agglomerations in 2014, in comparison to 30% in 1950. This is projected to increase further to 66% by 2050. With an increase in the percentage of urbanization, there is an increase in the number of passenger cars per 1,000 people.

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. The increasing domestic automotive production, especially in countries such as India and China, is expected to boost the growth of the Asia-Pacific tire market. Asia-Pacific accounts for more than 55% of the tire manufacturing plants owing to favorable government policies, easy availability of cheap labor and abundant rubber production. The European countries such as Germany, France, U.K., Russia and Spain contributed with high growth to the European tire market in 2015.

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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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