Asia-pacific to dominate growth in Global Tire Market in volume terms with CAGR of 5 percent by 2025
According to latest report “Global Tire Market 2017-2022: Analytics, Value Chain, Strategy, Investment and Competitor Mapping, By Vehicle Type, Tire type (Radial and Bias), Demand Category (OEM and Replacement) and Geography” the tire market dependent on production of vehicles (Passenger, Light Commercial, Heavy Commercial and Busses& Coaches), road conditions, distance travelled will grow at CAGR of 5.18 percent in value terms.
The market for new and used automobiles in the United States is likely to represent marginal growth in coming years, provided the federal car loan rates remain consumer friendly in coming years.
The ease in availability of natural rubber in Asia-Pacific region, in addition to low-cost labor, makes the region a leading market share in the global tire market.
Tire retreading is already done for heavy commercial vehicles, since retreading an old tire result in significant cost savings as compared to buying new tires with similar results and warranties of a new tire. One of the leading tire manufacturers Goodyear Tire and Rubber Company, already provides retreading for heavy commercial vehicles.
The global tire market report includes a comprehensive analysis, competitive intelligence and company profiling of leading tire manufacturers across the globe such as The Goodyear Tire & Rubber Company, Michelin, Continental AG, Bridgestone Corporation, and others.
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