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According to foreign reportLinkLinker forecast, global tire demand will continue to grow at an annual growth rate of 4.1%, is expected to reach 30 billion units by 2019, sales will grow by 7.1% per year, will reach 258 billion US dollars.
The growth of income in developing countries and regions will stimulate the increase in car consumption, which will in turn boost demand for tires. Higher income levels and expanding economic activity will increase vehicle mileage and increase the frequency of tire replacement. However, rising tire quality will, to a certain extent, curb growth in the replacement tire market.
Global tire demand will increase by 4.1% annually
Motor vehicle
The motor vehicle market remains the largest export demand for tires. By 2019, it will exceed half of the total demand to reach 2 billion units, and the annual growth will lag behind the global average growth rate.
Among them, the Western European and North American motor vehicle market performance is particularly significant, because the regional economy is developed, the vehicle retention rate is high, and the replacement tire market has strong demand, so it accounts for 40% of global demand, while other markets are about 10%.
Asia Pacific
In the global tire market, the Asia-Pacific region still holds the largest market share and is expected to become the fastest growing region by 2019.
China's tire demand accounted for 1/4 of the world's total in 2014 and will continue to grow rapidly in the future. Other countries in the Asia Pacific region, especially India, Indonesia, Thailand, and Vietnam, will also have significant growth.
However, the Japanese market, which is the fourth largest market in the world, will shrink somewhat, which will, to some extent, slow down the growth rate in the Asia-Pacific region.
other areas
Although the growth rate in Africa/Middle East and Latin America is also higher than the global average, it will account for less than 6% in 2019.
In addition, automakers have gradually shifted their site selection to developing countries and regions, and many factories in Western Europe have been permanently shut down, which to a certain extent has limited the opportunities in the OEM market.
Although the Eastern European market growth also lags behind the global average, it is driven by the export market and is growing faster than Western Europe.
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