Asia/Pacific region to offer best growth opportunities
The Asia/Pacific region holds the largest share of the world tire market and is forecast to post the fastest growth in demand through 2019. China, which accounted for one-fourth of global tire demand in 2014, will remain one of the most rapidly increasing national markets for tires. Several other countries in the Asia/Pacific region are also projected to achieve rapid advances in tire demand, particularly in India, Indonesia, Thailand, and Vietnam. However, the regional pace of growth will be constrained by a contraction in Japan, which holds the world's fourth largest market for tires. The developing Africa/Mideast region and Central and South America will also register above average gains in tire sales, although both of these regions will remain below six percent of the global total in 2019.
Growth in North America, Western Europe to trail global average
Growth in demand for tires in North America and Western Europe is projected to trail the global average through 2019. Replacement tire markets in these regions are mature, as vehicle ownership rates are already very high. In addition, motor vehicle manufacturers have shifted their emphasis to siting facilities in developing regions, and many plants in Western Europe have been permanently closed, limiting opportunities for tires in OEM applications. Demand for tires in Eastern Europe will trail the global average but comfortably outperform Western Europe, fueled by increased manufacturing of vehicles for export.
This upcoming industry study, World Tires, presents historical data for 2004, 2009 and 2014, plus forecasts for 2019 and 2024 for supply and demand by market (e.g., light vehicle, medium and heavy vehicle, motorcycle, industrial) for six world regions and 25 major countries. The study also considers market environment factors, evaluates company market share and profiles 31 industry participants worldwide such as Goodyear, Michelin and Bridgestone.