Global Tire Market 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-17 04:45:01
The Global Tire market is to grow at a CAGR of 6.32 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for radial tires. The Global Tire market has also been witnessing an increase in factory automation. However, the increasing cost of raw materials could pose a challenge to the growth of this market.
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.
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.
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 key vendors dominating this space include Bridgestone Corp., Compagnie Generale des Etablssements Michelin SCA, Continental AG, and The Goodyear Tire and Rubber Co.
Other vendors mentioned are Cheng-Shin Rubber Industries Co. Ltd., Continental AG, Cooper Tire and Rubber Co., Hankook Tire Co. Ltd., Maxxis, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co. Ltd.
Click for report details: www.companiesandmarkets.com/Market/Automotive-and-Parts/Market-R ..
Browse all Automotive and Parts Market Research Reports www.companiesandmarkets.com/Market/Automotive-and-Parts/Market-R ..
Browse all Automotive and Parts Company Profile Reports www.companiesandmarkets.com/Market/Automotive-and-Parts/Company- ..
Browse all Latest Market Research Reports www.companiesandmarkets.com/Market/All/Market-Research?aCode=f3f ..
Companiesandmarkets.com is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles, Companiesandmarkets.comâs online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.