DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017 - 2022" report to their offering.
The global tire market reached figures worth more than 2.9 Billion units in 2016, growing at a CAGR of around 4.5% during the last seven years.
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.
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.
What we have achieved in this report?
- Analysis of the global tire market
- Focus of the Analysis: Current, historical and future trends in the global tire industry
- Key players in the global market
- Breakup of the global market by region
- Breakup of the global market by application
- Breakup of the global market by segment
- 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:
- Current and historical market trends
- Market breakup by application
- Key players
- Market forecast
- Understanding the requirements to setup and run a tire manufacturing plant
Key Player Profiles
- Bridgestone Corporation Japan
- Groupe Michelin France
- Goodyear Tyre & Rubber Co.
- Continental AG Germany
Pirelli & CSpA
For more information about this report visit http://www.researchandmarkets.com/research/hmznzs/tire_market