Global auto tire market growth rate will reach 6.3%

Source: China Chemical Industry News April 04, 2019

According to recent analysis by Future Market Insights, Sinochem Xinwang News, the global auto tire market will grow at a strong growth rate, with a compound annual growth rate of 6.3% from 2017 to 2027, and the market value is expected to reach the end of 2027 About 645 billion US dollars. Among them, passenger car tires are expected to lead global market growth.

Passenger car tires are expected to grow at a compound annual growth rate of 6.8% during the forecast period, and commercial vehicle tires will grow at a compound annual growth rate of 6.1%. Among them, light commercial vehicles will maintain high growth, and the market is expected to reach 102.7 billion US dollars by the end of 2027. According to the tire structure, the radial tire market is expected to be worth US$550.2 billion by the end of 2027 and is expected to grow strongly throughout the forecast period. By sales channel, the OEM department will show a higher growth rate during the evaluation period.