Akron, Ohio – New research by Smithers predicts the global tire market will hit $280 billion (€260 billion) over the next four years.
"The Future of Global Tires to 2024" indicates the global tire market will register a compound annual growth rate of 3.2% over the next four years, increasing from $239 billion in 2019 to $280 billion in 2024.
The Smithers’ prediction takes into consideration the disruption in demand caused by the ongoing coronavirus pandemic.
"When factoring in the Covid-19 crisis, it appears that there is no avoiding a very bad year for the global economy and the tire industry," Smithers said.
Tires for motorcycles, high-performance vehicles and off-the-road applications will help lead the increase in market value.
Contributing to the growth, the study said, will be economic expansion, replacement demand, regulations, product evolution and sustainability.