Global tire output may exceed 2.2 bln units in 2017
A foreign research report shows that global tire output in 2017 may exceed 2.2 billion units.
It is predicted that in 2017-2022, tire output will increase at a compound growth rate of 3.4% annually and top 2.7 million units in 2022.
As raw material prices kept growing over the past few years, the valuation of tire market increased quickly.
Global tire market size may reach 223 billion US dollars in 2017 and top 267 billion dollars in 2022, with a compound annual growth rate of 3.7%.
The leading driving force for global tire market development is the maturity of markets in North America, West Europe and Asia, in particular the growing of Chinese market.
High-performance tire markets in North America and Europe still maintain robust growth.
In addition, it is predicted that the consumption of raw materials of tire producing may reach 45.2 billion tons in 2017 and 54.5 billion tons in 2022, with a compound annual growth rate of 3.8%.
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