The global tyre market is expected to surpass US$319 billion by 2022 due to the anticipated rise in vehicle sales and expanding vehicle fleet, especially in Asia Pacific region, during the forecast period, according to a new TechSci Research report, “Global Tire Market Forecast & Opportunities, 2022”.
Asia Pacific also dominated the global tyre market in 2016, accounting for more than 60% of the tyre manufacturing plants due to ample rubber production, low labour cost, and favourable government policies. It is forecast that Asia Pacific would continue its dominance in the global tyre market over the next five years, owing to anticipated increase in the region’s vehicle production, sales and vehicle fleet.
Passenger car tyre segment accounts for majority of the tyre sales and the trend is forecast to prevail through 2022 across Americas, Europe, APAC and MEA. In 2016, Bridgestone grabbed the largest share in the global tyre market, followed by Michelin, Goodyear, Continental, Hankook, Pirelli, Kumho and Sumitomo.
During 2012-16, the global tyre market witnessed a marginal growth predominantly due to prevailing effects of the Eurozone Crisis, and the slump in crude oil prices which impacted the global automobile industry.