DUBLIN, February 16, 2016 /PRNewswire/ --
The global automotive tire industry is forecast to reach an estimated value of USD 249.9 billion by 2019, according to a recent report available from Research and Markets. The report notes that the major drivers of the tire industry are global economic growth and a growth in commercial and passenger vehicle sales. This expected growth was backed up today by news of European tire maker Michelin & Cie.'s 19% increase in full-year earnings.
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Michelin's operating profit increased from EUR 2.17 billion in 2014 to EUR 2.58 billion in 2015. The manufacturer is benefiting from lower material costs and profit gained from company restructuring. Michelin forecast higher operating earnings for 2016, and is aiming for an 11-15% return on sales for car tires during the 2016-2020 period.
The US passenger car tire market is expected to grow with a CAGR of 1.91% as noted in an industry report. Another report predicts the UK passenger car tire market to grow at a CAGR of 2.98% by 2019. Both the UK and US markets are extremely important to the car tire industry, but the relatively low growth estimate for both markets is not expected to have a notable effect on Michelin's profit forecast. This is attributed to the manufacturers continued use of low cost materials and further internal restructuring.
For further information on this topic, and a full list of all related documentation, please visit the Tyres section at http://www.researchandmarkets.com/rm/LOMQ.
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SOURCE Research and Markets