Foreign Players Covers a Major Share in the Latin America Tire Market
Published: Oct 2020
The Latin America tire market is anticipated to grow with a significant CAGR of 3.6% during the forecast period (2020-2026). Increasing vehicle fleet at a modest growth rate, downfall in 2020 (base year), and growth in the demand of high-performance tires in the region will drive the market growth of the market in Latin America.
Global Renowned Major Domestic Companies Will Provide Significant Share to the Japan Tire Market
Published: Oct 2020
The Japan tire market is anticipated to grow with a modest CAGR of 2.3% during the forecast period (2020-2026). Passenger cars hold the largest market share in the Japanese tire industry. Around 146.5 million tiers were produced in 2019 in Japan, out of this, around 2/3 were of passenger cars. Nearly, 109 million passenger car tires were manufactured in Japan in 2019. It is followed by light trucks and truck & bus tiers respectively.
Commercial Vehicle Rising the Shares of Aftermarket Tire Segment in the Indian Tire Market
Published: Oct 2020
The Indian tire market is anticipated to grow with a significant CAGR of 5.1% during the forecast period (2020-2026). As per Automotive Tyre Manufacturers’ Association (ATMA), there are 44 tire companies with around 66 tire plants in the country. The production of tires is increasing every year in the last decade (pre-COVID-19).
Passenger Cars Hold a Major Market Share in Germany Tire Market
Published: Oct 2020
The German tire market is anticipated to grow with a modest CAGR of 2.2% during the forecast period (2020-2026). Passenger cars hold the largest market share in the German tire industry. As per the European Automobile Manufacturers Association, out of the total vehicle fleet of 50.8 million in the country, 47.1 million are passenger cars in 2018.
After Market covers the Largest Share in the European Tire Market
Published: Oct 2020
The European tire market is anticipated to grow with a modest CAGR of 2.1% during the forecast period (2020-2026). As the vehicle industry witnessed a fall in 2019 as compared to 2018, the tire sales also dropped in the region. As per The European Tyre & Rubber Manufacturers Association (ETRMA), a downfall of 5% in OEM passenger car tires was recorded in 2019 as compared to last year.
Passenger Cars will drive the China Tire Market
Published: Oct 2020
The China tire market is anticipated to grow with a CAGR of 3.9% during the forecast period (2020-2026). The country was the largest automotive vehicle industry in terms of vehicle produced and vehicles sales in 2019. Moreover, it is also the largest tire market globally. As per the Japan Automobile Tyre Manufacturers Association, Inc. (JATMA), the country 669 million tiers were produced in China in 2019.
Growth in Vehicle Demand will Drive Brazil Tire Market
Published: Oct 2020
The Brazil tire market is anticipated to grow with a significant CAGR of 3.4% during the forecast period (2020-2026). Increasing vehicle fleet at a modest growth rate, and growth in the demand for high-performance tires in the country will drive the market growth of Brazil. In 2019, vehicle sales in the country have been increased to around 2.8 million highest since 2016.
Asia-Pacific will Maintain the Largest Share in the Global Tire Market
Published: Oct 2020
The Asia-Pacific tire market is anticipated to grow with a CAGR of 3.5% during the forecast period (2020-2026). As per the International Rubber Study Group (IRSG), Asia-Pacific was the largest tire rubber consumer globally. Out of the 16,862 KT rubber consumption of tires, Asia-Pacific accounts for 67.0% in 2019, which is equivalent to 11,369 KT. China accounts for 40% of the global demand and Japan for 6%.
Economic growth of ASEAN will drive the ASEAN Tire Market
Published: Oct 2020
The ASEAN tire market is anticipated to grow with a significant CAGR of 3.5% during the forecast period (2020-2026). Growth in vehicle sales and increasing demand for high-performance products are the major factor for tire market growth in the region. As per the ASEAN Automotive Federation, vehicle sales were only 3% down in 2019 in the region, as compared to 4.5% at the global level (by volume).
Changing Consumer Lifestyles and Consumption Patterns to Thrust the Savory Snacks Industry in the US
Published: Oct 2020
The US savory snacks market is estimated to exhibit a moderate CAGR of 3.6% during the forecast period (2020-2026). The face of savory snacks in the US is changing as empowered consumers increasingly seek tasty, nutritional, and sustainable foods to fuel their on-the-go lifestyles. Snacking is on the rise as demand for convenience and portability fuel increased consumption, with premiumization spurring innovation and variety in fresh, better-for-you, and functional snacks.