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Global Tire Market Stimulated by Growth in the Automobile Industry

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Global Tire Market Stimulated by Growth in the Automobile Industry

A surge in the sales of passenger and commercial vehicles has been witnessed on account of rampantlyrising population, especially in developing regions. This has acted as a major catalyst for the growth ofthe global tire market.

The latest report by IMARC Group, titled “Tire Market - Global Industry Trends, Share, Size,Growth, Opportunity and Forecast 2017-2022”, finds that the global tire market has grown at aCAGR of 4.5% during 2009-2016, reaching a volume of 2.9 Billion Units in 2016. Tires are madefrom synthetic rubber, natural rubber, carbon black, fabric & wire and other chemical compounds.They consist of a tread and a body wherein the tread provides traction while the body providescontainment for a quantity of compressed air. Tires encircle the wheel's rim in order to provide astrong grip between the vehicle and the road. This helps in protecting and enabling the vehicle forbetter performance, meanwhile providing a flexible cushion to absorb shock.

There are various growth inducing factors which have contributed to the demand for tires globally.One of the major factors is a strong growth in the automobile industry, which has led to anincrease in the sales of commercial and passenger vehicles, particularly in developing regions.Some of the other factors covered in the report include growing population, increasing disposableincomes and improving standards of living. According to the report, the market is further expectedto reach a volume of 3.6 Billion Units by 2022.

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Report DescriptionReport Description and Highlights

The report has segmented the market on the basis of application. Some of the major applications oftires lie in passenger car/light truck, commercial tires (trucks) and commercial tires (off-highway). In2016, passenger car/light truck tire occupied the largest share in the global tire market and is expectedto exhibit a high growth in the coming years. The report has bifurcated the market into OriginalEquipment Manufacturing (OEM) market and Replacement Manufacturing market. In 2016, theReplacement Manufacturing market accounted for the majority of the global market share.

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Apart from this, the report has also segmented the market on a regional basis. The key regionscovered in the report are the United States, Japan, India, China, Europe and Brazil. Currently, Chinarepresented the world’s largest tire market as there has been an exponential increase in the numberof vehicles produced in the region. An analysis of the competitive landscape is also presented withsome of the key players being Continental AG Germany, Pirelli & C SpA, Sumitomo Rubber IndustriesLtd., Hankook Tyre Co., Yokohama Rubber Corp., Cheng Shin Rubber, Hangzhou Zhongce Rubber GroupCo., Bridgestone Corporation, Groupe Michelin, Goodyear Tyre & Rubber Co., etc.

Report DescriptionReport Description and Highlights

Report DescriptionReport Description and Highlights

The report gives a detailed roadmap for starting a tire manufacturing plant. The study, done by oneof the leading research and advisory firms, covers all the requisite aspects of the global tiremarket. This ranges from a comprehensive view of the market to minute details of the industryperformance, processing & manufacturing requirements, project cost, project funding, projecteconomics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chainand Porter’s Five Forces analysis and regional segmentation followed by an analysis of thecompetitive landscape. This report is a must-read for entrepreneurs, investors, researchers,consultants, business strategists, and all those who are planning to foray into the tire market in anymanner.

Browse full report @ http://www.imarcgroup.com/tyre-manufacturing-plant

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