Global Tire Market Report, History and Forecast 2013-2025, Breakdown Data by Manufacturers, Key Regions, Types and Application

Published - Aug 2018 | Category - Automobile & Transportation | No. of Pages - 154 | Published By - Global QYResearch

The Tire market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for Tire is expected to reflect a 1.4x increase in the revenue growth. In 2017 the global Tire market was valued at US$ 34,503 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 47,620 Mn growing at a value CAGR of 4.11% throughout the period of forecast.

Global Tire Market: Market Driver and Restraint

Increase in demand for vehicles is expected to boost the tire market for automotive. Several automakers are offering numerous models in order to diversify their product portfolio. The vehicle models often come with variety of rim size options. Rise in demand for individualization by customers and diversification of tire sizes as per models is expected to boost the tire market for automotive. In 2017, SUV sales contributed to 34% of total vehicle sales in China. Demand of high clearance and sport appeal vehicles has led to evolution of tire market towards higher rim sizes. Rise in global demand for SUVs is expected to boost the tire market for automotive. Increase in penetration of premium and luxury vehicles is fueling the demand for low profile or low aspect ratio tires. Rapidly growing economies of China, India, Mexico & Brazil are boosting luxury vehicle sales, which in turn is fueling the demand for low profile or low aspect ratio tires.


 

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