US research institutes predict that the tire market will continue to grow
Time：2014-02-21 10:19:09 Page view (1114)
According to Gasgoo, the US market research firm Freedonia Group has released a research report predicting that global tire sales will increase by 4.3% annually in the next few years.
According to the forecast of the Freedonia Group, global tire sales will increase to 2.9 billion by 2017. From the value of tire sales, global tire sales are expected to reach $276 billion in 2017, and the annual growth rate is expected to be 8%.
The Asia-Pacific region will become the main driving force for the growth of the tire market. The tire sales in the Chinese market in 2012 accounted for 22% of the global market, and it is still growing. In addition, the Indian tire market will maintain strong growth in the next five years and is expected to surpass Japan and become the world's third largest tire market.
As for the Japanese market, the country’s tire sales are expected to decline during 2017 due to shrinking population and declining auto exports. Tire demand in developed international markets such as Western Europe and North America is expected to continue to grow, but the average annual growth rate is not expected to exceed 2%.
The Freedonia Group expects the United States to continue to maintain the world's second-largest tire consumer market, and its tire sales to the global share in 2017 is expected to reach 13%.
According to the forecast of the Freedonia Group, global tire sales will increase to 2.9 billion by 2017. From the value of tire sales, global tire sales are expected to reach $276 billion in 2017, and the annual growth rate is expected to be 8%.
The Asia-Pacific region will become the main driving force for the growth of the tire market. The tire sales in the Chinese market in 2012 accounted for 22% of the global market, and it is still growing. In addition, the Indian tire market will maintain strong growth in the next five years and is expected to surpass Japan and become the world's third largest tire market.
As for the Japanese market, the country’s tire sales are expected to decline during 2017 due to shrinking population and declining auto exports. Tire demand in developed international markets such as Western Europe and North America is expected to continue to grow, but the average annual growth rate is not expected to exceed 2%.
The Freedonia Group expects the United States to continue to maintain the world's second-largest tire consumer market, and its tire sales to the global share in 2017 is expected to reach 13%.
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