The latest report by IMARC Group, titled “Tire Market - Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global tire market has grown at a CAGR of 4.5% during 2010-2017, reaching a volume of 3 Billion Units in 2017. Tires are made from 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 provides containment for a quantity of compressed air. Tires encircle the wheel's rim in order to provide a strong grip between the vehicle and the road. This helps in protecting and enabling the vehicle for better 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 an increase 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 disposable incomes and improving standards of living. According to the report, the market is further expected to reach a volume of 4 Billion Units by 2023.
The report has segmented the market on the basis of application. Some of the major applications of tires lie in passenger car/light truck, commercial tires (trucks) and commercial tires (off-highway). In 2017, passenger car/light truck tire occupied the largest share in the global tire market and is expected to exhibit a high growth in the coming years. The report has bifurcated the market into Original Equipment Manufacturing (OEM) market and Replacement Manufacturing market. In 2017, the Replacement Manufacturing market accounted for the majority of the global market share.
Apart from this, the report has also segmented the market on a regional basis. The key regions covered in the report are the United States, Japan, India, China, Europe and Brazil. Currently, China represented the world’s largest tire market as there has been an exponential increase in the number of vehicles produced in the region. An analysis of the competitive landscape is also presented with some of the key players being Continental AG Germany, Pirelli & C SpA, Sumitomo Rubber Industries Ltd., Hankook Tyre Co., Yokohama Rubber Corp., Cheng Shin Rubber, Hangzhou Zhongce Rubber Group Co., Bridgestone Corporation, Groupe Michelin, Goodyear Tyre & Rubber Co., etc.
The report gives a detailed roadmap for starting a tire manufacturing plant. The study, done by one of the leading research and advisory firms, covers all the requisite aspects of the global tire market. This ranges from a comprehensive view of the market to minute details of the industry performance, processing & manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis and regional segmentation followed by an analysis of the competitive 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 any manner.
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