DUBLIN, April 11, 2014 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/r3g2z6/global_tire) has announced the addition of the "Global Tire Market Report" report to their offering.

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The analysts forecast the Global Tire market to grow at a CAGR of 6.32 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for radial tires. The Global Tire market has also been witnessing an increase in factory automation. However, the increasing cost of raw materials could pose a challenge to the growth of this market.

The report, the Global Tire Market Report, has been prepared based on an in-depth market analysis with inputs from industry experts. The report focusses on the market in the Americas and the EMEA and APAC regions; it also covers the market landscape of the Passenger Car and Light Truck, and Truck and Bus segments and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

One of the main trends being witnessed in the Global Tire market nowadays is increasing factory automation. Automation offers various benefits such as decreased production time, which further reduces lead time. As a result, products reach the market faster than was possible earlier.

Further, automation reduces long-term production cost by increasing efficiency, and it also helps improve product quality by reducing human error. Automation also reduces product cycle time and helps companies remain competitive in the market. As a result, many tire manufacturers are increasingly adopting factory automation to improve their productivity.

According to the report, one of the main factors that is driving this market at present is the immense growth being witnessed by the Tire market in the APAC region. The rapid economic growth of this region has improved the financial status of large sections of its population, which in turn has led to an increased demand for automobiles, motorcycles, and other vehicles.

Further, the report states that the increasing prices of the raw materials used for the production of tires constitute one of the most significant challenges in this market. Raw materials account for largest proportion (64-66 percent) of the manufacturing cost of tires. Therefore, fluctuations in the prices of natural rubber, petroleum-based materials, SBR, butyl rubber, polyester tire cord, and other raw materials hinder the growth of the market.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Key Topics Covered:

1. Executive Summary
2. List of Abbreviations
3. Introduction
4. Market Research Methodology
5. Scope of the Report
6. Market Landscape
7. Geographical Segmentation
8. Key Leading Countries
9. Vendor Landscape
10. Buying Criteria
11. Market Growth Drivers
12. Drivers and their Impact
13. Market Challenges
14. Impact of Drivers and Challenges
15. Market Trends
16. Key Vendor Analysis
17. Other Reports in this Series

Companies Mentioned:

• Bridgestone Corp.
• Cheng-Shin Rubber Industries Co. Ltd.
• Compagnie Generale des Etablssements Michelin SCA
• Continental AG
• Continental AG
• Cooper Tire and Rubber Co.
• Hankook Tire Co. Ltd.
• Maxxis
• Sumitomo Rubber Industries Ltd.
• The Goodyear Tire and Rubber Co.
• Yokohama Rubber Co. Ltd.

For more information visit http://www.researchandmarkets.com/research/r3g2z6/global_tire

Media Contact: Laura Wood , +353-1-481-1716, [email protected]

SOURCE Research and Markets