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Global automotive tire market forecast to reach $219 billion in 2017  Tweet

Monday, August 21, 2017

London, U.K. - Visiongain's latest market report forecasts that the worldwide automotive tire market will achieve a value of $219 billion in 2017. The global automotive tire market is of course strongly correlated with the production and sales of vehicles including two wheeler, passenger car, heavy vehicle and other commercial vehicles. However, total mileage per vehicle, especially among transport and logistics companies, is increasing, thus increasing the attractiveness of tire retreading, which impacts upon the sale of new replacement tires. Furthermore, the raw materials required for automotive tire manufacturing are crude derivatives, therefore linked to crude oil prices. Crude oil prices have fallen in recent years worldwide. Therefore, prices of synthetic rubber and other crude derivatives used in the manufacturing of tires are expected to rise in the coming years, which could impact the global tire market.