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The global automotive tire market has been forecast to grow at a compound annual growth rate (CAGR) of 4% over the next five years, to reach a market value of US $187 billion by 2017.
The global automotive tire market holds significant opportunities for industry players due to strong demand for replacement tires and increasing sales of passenger and commercial vehicles in developing countries.
Growth within the global automotive tire market is set to be driven by the increasing per capita income in developing nations, population growth, new infrastructural projects, urbanization, increase in middle class population, and the green movement.
On a regional basis, APAC is anticipated to experience the most promising growth during the period through to 2017. APAC is expected to attain the strongest growth in rubber demand through 2012, reflecting strength in China, India, Thailand and Vietnam.
North America currently dominates the global automotive tire market, taking approximately 30% of the worldwide value. 2011 saw Europe emerge as the market with the highest potential followed by APAC and North America.
Competition in the global automotive tire market remains high. A combination of factors such as vehicle sales, government regulations, and environmental factors impacts market dynamics significantly.
For more information on the global automotive tire market, see the latest research: Global Automotive Tire Market Report
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