The global automotive tyre market is expected to grow at a compound annual growth rate (CAGR) of 4% between 2012-2017 to reach $187bn, according to a new report.
Lucintel's 'Global Automotive Tire Industry 2012-2017: Trends, Profits and Forecast Analysis' report revealed that the increasing demand for replacement tires and rise in sales of passenger and commercial vehicles in developing countries will be responsible for the rise.
The report also revealed that the rise in per capita income in developing nations, growth in population, new infrastructural projects, urbanisation, rise in middle class population and the green movement are expected to drive growth in the industry.
In the global automotive tyre industry, the global passenger car segment is expected to witness the highest rise during 2012-2017 and Asia-Pacific (APAC) is expected to experience the highest rise during the period.
The global automotive tire market, which comprises passenger car tires, heavy truck ties, and others segments, will be led by North America with nearly 30% of the global total, the report said.
