TechNavio recognizes the following companies as the key players in the Global Tire Market: Bridgestone Corp., Compagnie Generale des Etablissements Michelin SCA, The Goodyear Tire and Rubber Co., and Continental AG.
Commenting on the report, an analyst from TechNavio’s team said: “One of the main trends being witnessed in the Global Tire market nowadays is increasing factory automation. Automation offers various benefits such as decreased production time, which further reduces lead time. As a result, products reach the market faster than was possible earlier. Further, automation reduces long-term production cost by increasing efficiency, and it also helps improve product quality by reducing human error. Automation also reduces product cycle time and helps companies remain competitive in the market. As a result, many tire manufacturers are increasingly adopting factory automation to improve their productivity.”
According to the report, one of the main factors that is driving this market at present is the immense growth being witnessed by the Tire market in the APAC region. The rapid economic growth of this region has improved the financial status of large sections of its population, which in turn has led to an increased demand for automobiles, motorcycles, and other vehicles.
Further, the report states that the increasing prices of the raw materials used for the production of tires constitute one of the most significant challenges in this market. Raw materials account for largest proportion (64-66 percent) of the manufacturing cost of tires. Therefore, fluctuations in the prices of natural rubber, petroleum-based materials, SBR, butyl rubber, polyester tire cord, and other raw materials hinder the growth of the market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-tire-market-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/automotive-and-aerospace
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TechNavio Announces the Publication of its Research Report -Global Tire Market 2012-2016
