Tires are an important component of the automobile industry where the production and sales of vehicles directly affect the dynamics of the tire industry. Owing to a continuous growth over the past decade, both in terms of volume and revenue, the tire industry currently represents a multibillion dollar industry. Driven by a rising population, urbanization, lifestyle changes and increase in disposable incomes, the purchasing capacity of consumers worldwide has increased significantly. This has propelled the demand of automobiles which in turn is driving the growth of the global tire market.
The global tire market reached figures worth 3 Billion units in 2017, growing at a CAGR of around 4.5% during the last seven years. This market can be broken into two sectors – the OEM and the replacement market. The demand from the OEM tire market is dependent upon the sales of new vehicles and is thus prone to a high degree of cyclicality. Demand in the replacement tire market depends upon the usage patterns and the replacement cycles of existing tires. The replacement tire market is comparatively less cyclical and represents a higher margin business. Region-wise, China currently represents the world’s biggest market for tires. The Chinese automotive industry, in particular, has grown at a tremendous pace and has catalyzed the development of the country’s tire industry, both in terms of production as well as consumption. China was followed by Europe, the United States and Japan.
The report titled “Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” provides a comprehensive insight into the global tire market and the requirements to setup and run a tire manufacturing plant. This includes the analysis of the tire industry both at a global and regional level. The study, which is based both on desk research and multiple waves of qualitative primary research, is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the tire industry in any manner.
What we have achieved in this report?
Analysis of the global tire market
Focus of the analysis:
Analysis of key developed and emerging tire markets
Regions Covered: China, European, US, Japanese, Indian, Russian and Brazilian
Focus of the analysis for each region:
Understanding the requirements to setup and run a tire manufacturing plant
Key Questions Answered in This Report:
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