World TiresFreedonia Group Inc
February 1, 2012
478 Pages - SKU: FG6820324
Additional InformationPRESS RELEASE
Global Demand for Tires to Reach 3.3 Billion Units in 2015
World demand for tires is forecast to rise 4.7 percent per year through 2015 to 3.3 billion units. In value terms, the tire market is projected to advance 6.5 percent annually over the same span to $220 billion. The large motor vehicle tire market will see an acceleration in growth through 2015. Stronger gains will be registered by the industrial and other tires segment, which includes a variety of tire types, including bicycle, motorcycle and off-road tires. These and other trends are presented in World Tires, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
The Asia/Pacific region is by far the largest market for tires, accounting for over half of global tire demand in 2010, thanks in large part to its huge appetite for bicycle and motorcycle tires. In addition, the region will register the strongest growth in tire demand through 2015. The massive Chinese tire market, which alone accounted for more than one-quarter of global tire demand in 2010, will record the strongest gains of any country through 2015. Although the majority of tire demand in China is comprised of motorcycle and bicycle tires, sales of motor vehicle tires in the country are also the second highest in the world, behind only the US. The tire markets in North America and Western Europe will continue to see advances below the global average, although both regions will rebound from the declines recorded during the 2005 to 2010 period.
Motor vehicle tires, which accounted for over 60 percent of all tire demand in 2010, will remain the largest segment of the tire market in 2015. As income levels increase worldwide, the share of the global population able to own a vehicle will rise. This growth will bolster demand for both OEM and replacement motor vehicle tires, especially for light vehicles.
Although the industrial and other tires segment includes a wide range of tires, the vast majority of demand is comprised of bicycle and motorcycle tires used in developing nations worldwide. The Asia/Pacific region will account for more than 90 percent of growth in unit terms through 2015. The massive size of this segment in the Asia/Pacific region is reflective of the large population levels, as well as of the low motor vehicle utilization rates throughout the region, except in Japan and South Korea. Although tires employed in some industrial applications -- including agricultural, construction and mining equipment, and airplanes -- will comprise a small portion of total unit sales, these products’ share of sales in value terms is much more significant.
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