By 2017, the UK tyre market is expected to grow at a compound annual growth rate (CAGR) of 2.8% to reach a volume of 43 million units.
It is estimated that the apparent UK market for rubber tyres and tubes grew by 12.6% in 2010 to reach £1.52 billion, with tyre demand boosted by an increase in new car registrations following the return to economic growth.
This increased demand, in conjunction with price rises, helped to further improve the value of sales after a tough 2009.
2010 saw a return to more stable economic conditions after a difficult 2009, when there was an 11.4% dip in the value of the apparent UK tyre market.
Tyres for light commercial vehicles appear to have benefitted most from the return to growth, rising by 64.9% in 2010. However, this market sector has a history of annual fluctuations in value.
The UK tyre market is dominated by five major brands. By turnover, Michelin is way ahead of its nearest rival, Goodyear Dunlop. Next in the list is Pirelli, followed by Bridgestone and Continental.
Michelin is one of the world's largest tyre makers. It also owns BF Goodrich and lesser known mid-range and economy brands such as Kleber and Riken. Michelin tyres are generally quite expensive to buy, but they usually do well for both wet grip and wear. Availability is usually good, with tyres available from national and regional chains, independent retailers and online fitters.
The return to economic stability in the UK economy should be reflected in the modest growth of the UK tyre market. The number of new cars registered was expected to decline in 2011, but van registrations are forecast to continue to grow.
New car registrations are forecast to pick up along with new van registration in 2012, and this should provide a further boost to the tyre market.
For more information on the UK tyre market, see the latest research: UK Tyre Market
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