IRVING, Texas—The global automotive tire market is set to reach $250 billion within the next five years, according to a new report from market analysis firm Lucintel.
Demand driven by global demand for green tires, rising commercial and passenger vehicles sales and increasing radicalization, according to the 2014-19 market study.
The industry is likely to benefit from technology advances and increasing factory automation, as well as increased vehicle production and interest in new bio-based materials, the report adds.
Innovations in green tire manufacturing, fuel-efficient tires and changes in tire designs can boost the industry further, said Lucintel, which highlights the importance of emerging economies, such as China, India, Thailand and Vietnam.
Most segments for tire industry will experience moderate growth up to 2019, it said. The two-wheeler tire segment is likely to grow at a greater pace than passenger car tire segment and commercial vehicle tire segment during the forecast period, forecasts Lucintel.