Portland, OR, January 29, 2014 --(PR.com
)-- According to ‘World Tire Market: Assessment, Opportunities & Forecast Up-to 2018’, the growing demand from developing markets especially from China and India has provided a much necessary boost to automobile industry which helped the market value to reach nearly US$ 138 billion in 2013. Passenger cars and light trucks tires were the largest selling segment within the global tire market, accounting for nearly 60% of the market’s total value in 2013 followed by trucks and buses segment that accounted a further 25% share of the market in the same year.
The weak economic conditions, troubled financial markets, and detrimental exchange rates have resulted in a drop in tire sales volumes in advanced economies especially in North America and Europe. Some of them have been able to recover losses by increasing sales in the emerging markets and expanding production capacities in developing countries where production costs are lower. The growth in the Asia Pacific region has subtly moved the focus from western world towards Asia. Many of the leading tire manufacturers are now eying major global expansion of their operations in the region. Although demand in mature economies will keep up, the immense growth opportunities in emerging markets including China, India, and Brazil etc. have led tire companies to decide on investing in boosting capacity in already established plants and building new ones through green field investments.
Tech Archival analysts anticipate that competition in the global tire market will intensify further as this market comprises a large number of players with moderate industry growth rate. A number of small to medium scale players will give muscular competition to large scale global players and will continue to take their market shares gradually in the years to come. The big three tire manufacturers including Bridgestone, Michelin and Goodyear have held the greater proportion of total industry scales by 2013, but their market share could decrease little by little as the degree of rivalry has become more intense.
‘World Tire Market: Assessment, Opportunities & Forecast Up-to 2018’ projects that global tire market will continue growing progressively right through 2018 when total annualized tire sales volumes are anticipated to cross 3.6 billion units mark in 2018.
Companies discussed include: Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Co., Pirelli & C. Spa., Firestone, Hankook Tires, Continental AG, Cooper Tire & Rubber Co. and Yokohama Tire Co. Ltd.To download a copy of this report now, kindly click on this link
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