NEW YORK, July 21, 2016 /PRNewswire/ --
Anticipated increase in the tire
production capacity, growing vehicle sales and expanding automobile
fleet to propel global tire market over the next five
years
According to TechSci Research report, "Global
Tire Market Forecast and Opportunities,
2021'’, global tire market is forecast to grow at
a CAGR of 8.4% in value terms during 2016-2021. On the basis of
vehicle type, the global tire market is broadly classified into six
categories - passenger car tire, light commercial vehicle (LCV)
tire, medium and heavy commercial vehicle (M&HCV) tire,
two-wheeler tire, three-wheeler tire and the OTR tire. During
2011-2015, both automobile production and sales grew at sluggish
pace, globally. Key reasons for weak demand can be attributed to
Eurozone crisis and slump in the crude oil prices post 2013. As a
result, the global automobile production and sales grew at a CARG
of 1.37% and 2.59%, in the volume terms, during 2011-2015,
respectively. Backed by slow growth in automobile production and
sales, the global automobile fleet (excluding two-wheeler and
three-wheeler) exhibited a CAGR of 3.79% during the same
period.
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Crude oil prices declined from above US$
100 per barrel levels in 2011 to sub US$ 50 per barrel levels in 2015, thereby
exhibiting a negative CAGR of over 16% during 2011-2015. As a
result, the Middle-East region
witnessed decline in the revenue generated from the oil sector. As
a result, expenditure for construction and infrastructure sectors
shrunk, which impacted the sales of OTR, LCV and M&HCV vehicles
and related products such as tires across the region. Further, in
2009, Europe suffered one of the
worst economic meltdowns, commonly referred to as the Eurozone
Crisis. Though the crisis impacted the entire region, Portugal, Italy, Ireland, Greece and Spain were among the most severely affected
countries. The European economy suffered a slump, and multiple
public as well as private banks declared bankruptcy, which impacted
various sectors, consequently restraining growth in Europe's automobile and related components
market over the last five years. However, the region witnessed
signs of revival in 2013 due to several bailout packages offered by
the European Union and the International Monetary Fund (IMF).
"The global automobile market is poised to grow at a brisk pace
over the next five years, backed by anticipated stabilization of
crude oil prices and growth in the global economy, which is
expected to augment demand for automobiles and increasing consumer
spending, and consequently, boost sales of tire in the coming
years." said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global
management consulting firm.
"Global Tire Market Forecast and
Opportunities, 2021" has evaluated the future
growth potential of tire market and provides statistics and
information on market size, consumer behavior and trends. The
report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the
report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the global tire
market.
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