AKRON—New research from Smithers predicts the global tire market will hit $280 billion just four years from now.
"The Future of Global Tires to 2024" indicates the global tire market will increase from $239 billion in 2019 to $280 billion in 2024 thanks to a compound annual growth rate of 3.2 percent.
This predicted increase is made even with the current pandemic.
"When factoring in the COVID-19 crisis, it appears that there is no avoiding a very bad year for the global economy and the tire industry," Smithers said.
Tires for motorcycles, high-performance vehicles and off-the-road applications will help lead the increase in market value.
The study identifies trends that will drive growth: Economic expansion, replacement demand, regulations, product evolution and sustainability.
More information about the report is available at Smithers.com.