Deloitte’s latest electric vehicle (EV) research shows the pace of global EV adoption, rising from two million units in 2018, to four million in 2020, 12 million in 2025, before rising to 21 million in 2030. By 2030, Battery Electric Vehicles (BEVs) will significantly outperform the rest of the EV market, accounting for 70 per cent of total EV sales.
The future of the global carbon black market looks good with the market expected to reach an estimated US$20.2 billion by 2023. This means that during the period between 2018 and 2023 the market will grow at a Compound Annual Growth Rate (CAGR) of 5.6 per cent.
Automatic tyre inflation systems is set to become a multi-billion dollar global industry during the course of the next decade. According to a report produced by Future Market Insights, the market is anticipated to reach revenue of over US$1.500 billion in 2017 and grow at a steady compound annual growth rate (CAGR) of 5.6 per cent during the 10 year period between 2017 and 2027. The forecast predicts the market to reach a revenue of over $2.7 billion by the end of the forecast period in 2027.
The global automotive brake systems market is expected to be worth US$ 31.11 billion by 2025, according to a new study by Grand View Research, Inc. This is said to be being driven by rising vehicle production and sales and growing disposable income.
The viability of a sustained winter tyre market in the UK has long been categorised as doubtful, with sales rarely climbing to 2 per cent. Meanwhile recent improvements in tyre technology and the introduction of products looking to change their perception, led by the Michelin CrossClimate’s success in the fleet market, have seen all-season tyres become an increasingly attractive proposition.
Recent research suggests ever-rising expectations, social influence, and retailers striving to engage consumers with attractive offers, continue to sway customers. Such influence has not escaped the motor industry and recent years have seen major changes in the way consumers purchase a vehicle.
Electric cars will be a cheaper option than conventional cars within six years, according to a new report published by Bloomberg New Energy Finance (BNEF). It also predicted that one quarter of all cars will be electric by 2040, slashing global oil consumption by 14 per cent.
Automotive tyre manufacturers in Europe are focussing on electronic retailing (e-tail) to serve increasing customer preference for convenience and low prices, according to a new report published by Frost & Sullivan. Currently, tyre e-tail accounts for nearly eight per cent of the total tyre aftermarket in Europe. The report concludes that this figure will continue to rise as tyre manufacturers recognise the potential to access global markets through e-tail and invest in online sales and marketing tools to meet their growth objectives. Here Tyres & Accessories engages with the Frost & Sullivan data in order to better understand and begin to apply it to the current market context.
Indonesia’s national annual tyre production currently exceeds 75 million units, with the Jakarta post suggesting there is room for more. With this in mind, the 9th Rubber & Tire Markets will take place in Jakarta, Indonesia between 19 and 20 August 2015, with a line-up pitched at those tyre manufacturers seeking growth in Asian markets.
Research commissioned by the SMMT has found that the development of connected and autonomous vehicles will help generate 320,000 jobs in the UK. Researchers from KPMG found that these new vehicles will deliver a £51 billion boost to the UK economy and reduce serious road traffic accidents by more than 25,000 a year by 2030. It also forecasts the UK will be a global leader in the production of this next generation of vehicles.
Road safety charity, Brake and Direct Line have released data on drivers’ attitudes when it comes to vehicle safety checks and basic maintenance. Almost half of respondents admitted to driving with at least one risky vehicle problem or defect. The IMI, the professional body for the motor industry which is campaigning for the licensing of the retail motor trade, believes fears of being over-charged or given poor service by garages are probably contributing to motorists’ attitudes.
Kuwait’s high rate of urbanisation and purchasing power will lead to continued opportunities for imported passenger car tyres, a new report on the country’s automotive segment has revealed. With about 95 per cent of the country’s population residing in urban areas, and private car demand rising, imported PCR tyres have led tyre demand, though the TechSci Research report also suggests that commercial vehicle demand could follow increased mining and oil drilling investments.
When it comes to analysing trends in the comparatively unpredictable UK winter tyre market, November unit sales figures are a key indicator of what is going on in the season. The latest figures aren’t out just yet, but GfK’s Kevin Glynn talked Tyres & Accessories through the thinking behind the leading market research company’s analysis.
Analysts at TechSci Research have published a new report highlighting the growth potential of the South Korean tyre market. According to the report entitled “South Korea Tyre Market Forecast & Opportunities, 2018”, the tyre market in South Korea is expected to grow at the compound annual growth rate (CAGR) of 5 per cent between 2013 and 2018 in terms of sales revenue.
The observation that trends regarding tyre size and speed rating have been tracing an upward trajectory for some time is nothing new, but the clear focus of the world’s largest tyre manufacturers on higher than high performance segments in Europe has perhaps never been so pronounced. Chasing improved profit margins with increased technology is always attractive to those with the capability and the incongruously strong luxury car market has provided an additional reason for migrating business focus from V-rated and 17” tyres into WYZ and 18”-plus territory, according to Automotive market research company GfK.