Report pegs global tyre market to be worth $287.5 billion by 2020
Published On 06-Jun-2016 21:38:17
According to the report called "World Pneumatic Tire- Market Opportunities and Forecasts, 2014-2020" released by Allied Market Research, the global pneumatic tyre market is expected to generate a revenue of $287.5 billion by 2020 and will register a CAGR of 7 per cent during the forecast period from 2015-2020. The tyre market across the globe is fueled by increased production and use of vehicles. Amidst the different types of vehicles, the four-wheeler segment reported the highest revenue last year and as per the report, it is likely to maintain its dominance in the entire analysis period. Currently, the Asia-Pacific region is the biggest market for tyres followed by Europe. Latin America, Middle East and Africa regions are expected to grow fastest, registering a CAGR of 8 per cent during the period of 2015-2020.
It has been observed that demand from Asian countries like India, China and Japan is increasing rapidly. The replacement tyre segment contributed around 74.6 per cent of the total tyre market revenue and will continue to be a major contributor. However, the OEM segment is also likely to evolve in the near future due to improving global economic conditions. Many factors have boosted the demand for the replacement tyres including poor road conditions, overloaded vehicles and extreme weather conditions.
Pneumatic tyre market looks promising in the Asia-Pacific region due to increasing automobile production in the area. The demand for automobiles is rising due to increasing disposable income, growing population and favourable government initiatives like 100 per cent FDI in the auto sector.
This report has also focused on the competitive environment of the pneumatic tyre market, providing a comprehensive study of the key strategies adopted by the market leaders. The prominent companies profiled in the report include Michelin, Continental AG, Bridgestone Corporation, Cooper Tire & Rubber Company, Goodyear Tire and Rubber Company, Hankook Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Sumitomo Rubber Industries Ltd., Pirelli & C.S.p.A, Kumho Tire USA, Inc, etc.