Rising incomes, economic activity in developing countries to support growth
Cleveland, OH, August 28, 2023 — Global tire demand is forecast to rise 3.3% annually in unit terms through 2027, according to
Global Tires, a report recently released by Freedonia Focus Reports. The majority of growth will stem from light vehicle tires, as global light vehicle production and park will rise over the forecast period. Tire demand growth in the Asia/Pacific region will be the largest source of gains, accounting for 67% of additional demand between 2022 and 2027.
Global motor vehicle production is forecast to see 4.5% annual growth in unit terms through 2027. The Asia/Pacific region is by far the largest producer of vehicles, accounting for 58% of production in 2022. Over half of this is supplied by China, which itself accounted for 32% of world production in that year. Advances in income will support demand and production of light vehicles, while growth in construction and commerce activity will boost demand and production of medium- and heavy-duty vehicles.
These and other key insights are featured in Global Tires. This report forecasts to 2027 global demand for tires by market and major world region in units. Market segments include:
- light motor vehicles
- medium and heavy motor vehicles
- motorcycles
- agricultural and other
Tire sales include both the OEM and replacement (or aftermarket) segments.
Major world regions include North America, Western Europe, Asia/Pacific, and all other regions.
To illustrate historical trends, global, market, and regional demand (including market segments) are provided for 2012, 2017, and 2022.
Global motor vehicle production and motor vehicles in use are also provided by region and type (light vehicles, medium and heavy vehicles) in unit terms for 2012, 2017, 2022, and 2027, as well as global average vehicle distance traveled by region.
Retread tires are excluded from tire production and sales data, as are bicycle tires.
More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/global-tires-fw50014.htm
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional
Automotive & Transport reports can be purchased at
Freedonia Focus Reports .
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study