NEW YORK, Nov. 10, 2016 /PRNewswire/ -- Global tire market witnessed tepid growth during 2011-15, predominantly due to Eurozone Crisis and slump in the crude oil prices. These factors led to weak demand for tires across Europe and Middle-East, which restricted the growth of global tire market over the last five years. Apart from the flagship tire brands such as Michelin, Bridgestone, Goodyear, Pirelli, Dunlop, Continental, Yokohama, etc., the global tire market is witnessing increasing inflow of Chinese tire brands. Demand for Chinese tires has been growing across the globe over the last five years, majorly due to lower prices of Chinese tires compared to flagship tire brands. In 2015, the global tire market was dominated by the passenger car tire segment, which accounted for around 60% of tire sales, globally. On the other hand, two-wheeler and commercial vehicle tire segments cumulatively held a market share of over 35% in the same year. Growing per capita income and anticipated increase in the launch of new vehicle models are few of the key factors expected to drive demand for passenger car tires over the next five years.
According to TechSci Research report "Global Tire Market Forecast & Opportunities, 2021", the global tire market is forecast to grow at a CAGR of 8.4% during 2016 - 2021 on account of anticipated stabilization of crude oil price, expected rise in the vehicle sales and expanding vehicle fleet, especially in Asia-Pacific. In 2015, the global tire market was dominated by Asia-Pacific region, which accounted for a market share of around 50% in volume terms. Moreover, the region accounts for more than 60% of the tire manufacturing plants due to ample rubber production, low labor cost and favorable government policies. As of 2015, Europe had more than 15% of the global tire plants, whereas, North America's share stood at around 10%. It is forecast that Asia-Pacific would continue its dominance in the global tire market over the next five years, owing to anticipated increase in the vehicle production, sales and vehicle fleet in the region. "Global Tire Market Forecast & Opportunities, 2021" report elaborates following aspects of the global tire market: