According to the latest research report of the Allied Market Research, it is predicted that by 2020, the global tire market will reach 287.5 billion U.S. dollars, with an annual growth rate of about 7%. The main driving force of the growth of the tire market is the increase in global car production. Among them, the proportion of four-wheel tires is the highest.
The global tire market will reach 287.5 billion U.S. dollars in 2020
The report pointed out that the Asia-Pacific region is currently the largest market, followed by Europe. The regions with the highest growth rates are Latin America, the Middle East, and Africa. The annual growth rate is above 8%. In many Asian countries, such as China, Japan and India, the demand for radial tires has continued to increase, benefiting from the development of the automotive industry. The growing population, rising disposable income, and favorable policy support have contributed to the rapid development of the automotive industry and tire industry in the region.
In 2014, the proportion of radial tyres in the global market was 68.8%, and the average annual growth rate in 2015-2020 is estimated to be 7.2%. For the tire replacement part, the market share in 2014 was 74.6%, which is expected to continue to occupy a leading position in the market, while the original matching tires are closely related to the global economic growth and the development of the automobile manufacturing industry.
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