IMARC group’s recently published report entitled “Tire Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue” reveals a comprehensive study about various aspects of setting up a tire manufacturing plant along with a detailed insight into the tire market both at a global and regional level. According to the report, population increase, rising standards of living and increasing disposable income have fuelled the purchasing capacity of consumers worldwide, propelling their demand for automobiles. The tire industry and the automobile industry share a symbiotic relationship. The production and sales of vehicles directly affect the dynamics of the tire market.
This multibillion-dollar industry has grown at a CAGR of around 4% during the last five years. Owing to increasing sales of passenger and commercial vehicles in developing countries and a strong demand of replacement tires, the global tire industry is showing a colossal amount of growth and development.
As per the report, on the basis of types, the tire market has been segmented into Original Equipment manufacturing and Replacement manufacturing. The demand of Original Equipment manufacturers depend upon the sales of new vehicles while that of the latter on the usage patterns and the replacement cycles of existing tires.
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On the basis of application, the market has been segmented into Passenger car/light truck, commercial tires (trucks), commercial tires (off-highway). As of 2015, the passenger car/light truck tire had occupied the largest share in the global tire market and is expected to show the highest growth in the years to come.
Key regions covered in the report are China, Europe, United States, Japan, India and Brazil. According to the report, China represents the world’s largest tire market. The automotive industry showed a tremendous growth in the Chinese economy which paved way for the tire market to develop briskly. China is followed by Europe and the United States. The key aspects analysed for each region brings forth all-time market trends, market segmentation and region wise key players.
Some of the global key players covered in the report are Bridgestone Corporation, Groupe Michelin, Goodyear Tyre & Rubber Co., Continental AG Germany, Pirelli & CSpA, Sumitomo Rubber Industries Ltd, Hankook Tyre Co., Yokohama Rubber Corp., Cheng Shin Rubber, Zhongce rubber group co.
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