The average annual growth of global tires is 4.3%

Recently, the United States market research organization Freedonia Group (Freedonia Group) released a research report, predicting that in the next few years, tire sales worldwide will increase by 4.3% per year. By 2017 global tire sales will increase to 2.9 billion. From the perspective of the value of tire sales, global tire sales are expected to reach US$276 billion by 2017, and the annual growth rate is expected to be 8%.

The Asia-Pacific region will become the main driving force for the growth of the tire market. The sales volume of tires in the Chinese market in 2012 accounted for 22% of the global market, and it is still growing. In addition, the Indian tire market will also maintain strong growth in the next five years, and is expected to surpass Japan, becoming the third largest tire market in the world.

As for the Japanese market, the country’s tire sales are expected to decline during 2017, affected by shrinking population and declining auto exports. The demand for tires in developed international markets such as Western Europe and North America is expected to maintain growth, but the average annual growth rate is expected to not exceed 2%.

The Friedonia Group expects that the United States will continue to maintain the world’s second-largest tire consumer market, and its tire sales volume is expected to reach 13% of the global total by 2017.

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