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We have a report with market insights for global tire industry published on November 2015 by Freedonia.
The demand for tires worldwide is predicted to increase by 4.1%/per year to 3 billion units in the year 2019. The tire sales is forecasted or predicted to increase by 7.1 % per annum which is actually $258 billion. The increase in demand for tires is due to the below mentioned reasons:
- Rise in income level as far development regions of the world are concerned. Rise in income will increase the utilization of vehicles and also fueling demand for the tires.
- Rise in economic activity will also raise the vehicle mileage annually, which actually increases the tire replacement frequency.
According to the research, the motor vehicle market will continue to be the hot zone for the demand of tires. Statistics show us that the tire demand in this particular market will be 2 billion units in the future. If we go region wise then in that case North America and Western Europe can be termed as areas having high tire demand, these two areas cover about 40% tire demand of the world, whereas the remaining 10 percent is being held in other markets around the globe.
According to the report, the demand for the motorcycle tires is forecasted to outstrip the global average, the demand is predicted to reach up to 990 million in the year 2019. The tire sales in other different applications such as tractors, industrial vehicles and tractors show a healthy future and it is predicted that there sales will increase as utilization of such vehicles is increasing day by day.
In 2019 it is predicted that the demand for tires will upsurge severely in the Asia Pacific region. If we take the example of China alone we find that one fourth of the tire demand globally comes from this country. It is also predicted that the marketplace of tires in China will continue to increase drastically. However, only China alone is not in the race, other countries of Asia such as Indonesia, Vietnam, Thailand and India are also good prospects of high tire demand. Forecasters also say that developed countries particularly those in Middle East, South America and Africa will also show increase in the tire sales in 2019.
This upcoming study related to tire market or world tires basically contains data from years 2014, 2009 and 2004 respectively. The report also contains forecasts related to 2014 and 2019, however these forecasts are related to the demand and supply in the market of majorly six regions of the world and 25 countries. The report has kept into consideration the environment factors related to the market, evaluation of market shares and different profiles of industry players. The study is rich with information and will surely provide a lot of insights to the readers and will serve as a good piece of information for them.
I hope you find this useful, and can see that there is a lot of useful information available through the portal about the automotive industry. If you have any additional needs or questions about our reports, please feel free to contact us.