The global tyre market has been forecast to increase at a compound annual growth rate (CAGR) of 5.01% over the period through to 2015, to reach worldwide demand of 3.3 billion units. In dollar terms, the global tyre market is projected to advance annually through 2015, to be a worth a market value of $220 billion.
The growing demand for motorcycles is one of the key drivers of the growth of the global tyre market. The increasing demand for motorcycles positively influences the demand for tyres and hence leads to the growth of the global tyre market. The demand for motorcycles comes from developing and under-developed countries where the penetration rate of cars is low.
Tyres for motor vehicles, which accounted for over 60 percent of all tyre demand in 2010, are expected to remain the largest segment of the tyre market in 2015. Vehicle utilization rates are forecast to increase worldwide as income levels rise, allowing a greater share of the population to own vehicles. This growth will bolster demand for both OEM and replacement motor vehicle tyres, especially for light vehicles.
However, the industrial and other tyre market will register the strongest gains of any tyre segment through 2015. Although this segment includes a wide range of tyres, the vast majority of demand is comprised of bicycle and motorcycle tyres used in developing nations worldwide.
Asia-Pacific is by far the largest market for tyres, accounting for over half of global tyre sales in 2010. In addition, the region will register the strongest growth in tyre demand through 2015, despite the fact that the large Japanese tyre market is expected to see extremely sluggish growth as the motor vehicle industry in that country posts modest output gains.
The massive Chinese tyre market, which singlehandedly accounted for more than one-quarter of global tyre demand in 2010, will record the strongest gains of any country through 2015. Although the majority of tyre demand in China is comprised of non-motor vehicle tyres, sales of motor vehicle tyres in the country are the second highest in the world, behind only the US.
Bridgestone leads the way for manufacturers in the global tyre market. The company recorded a turnover of €27,310.3 million in 2011, with €833.3 million more than in 2010. In terms of operating profit, the company recorded €1,727.4 million in 2011, with an actual growth of €186.8 million in comparison with 2010.
The second largest manufacturer is Michelin. The company had a turnover of €20,719 million in 2011, with €2828 million more than in 2010. In terms of operating profit, the company recorded €1945.0 million in 2011, with €250 million more than in 2010.
For more information on the global tyre market, see the latest research: Global Tyre Market
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