Future Growth Led by Surging Sales in China, Automobile Production and Market of Green Tires.
Asia was the largest market for tires in 2012, with a majority share in the global tire industry, followed by Europe and the US. Growing personal disposable incomes, inclining production of passenger cars and commercial vehicles, an increasing population of automobile users and rise in the new product offerings are some of the factors for the growth of the Asia tire industry.
The tire market in Asia has witnessed a steep incline in recent years on account of higher sales of tires in an array of vehicles. Tire sales have been favorably affected by the production and sales of passenger cars, while the production of commercial vehicles has also augmented the revenues from the tires at a significant degree. The
advent of tire labeling standards in the European Union has led to significant changes in the traditional distribution of tires by major manufacturing to the Europe. However a surge in the domestic demand as well as an increased adoption of radial tires has provided a significant thrust to the tire sector in China, Japan, South Korea and India. The tire industry in Asia is comprised of large tire manufacturing entities, several medium sized tire manufacturers and a gamut of small unorganized tire producing companies. Asia tire industry revenues have increased from USD 54,214.8 million in 2008 at a CAGR of 22% during 2008-2012.
According to the research report “Asia Tire Industry Future Outlook to 2017 – Growth to be Driven by Green Tires” by Ken Research, the Asia tire market would grow at a considerable CAGR, exceeding USD 406,431 million by 2017 due to the major push from tire sales by the Chinese manufacturing enterprises.
“While rising disposable incomes, soaring population, increase in the number of vehicles on the road and demand from emerging countries will result in increased spending on tires in Asia, steep rise in the prices of several raw materials such as natural rubber, synthetic rubber and crude oil as well as the pressure of strict manufacturing standards from other countries, are expected to hamper the performance of the tire manufacturing in China, Japan, India and South Korea”, according to the Research Analyst, Ken Research.
The report provides detailed overview on the tire market in Asia. This report helps the reader to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, tire companies and other stakeholders align their market centric strategies according to ongoing and expected trends in future.
