Market research company TechSci Research has undertaken an in-depth study into developments within the off-the-road, or OTR tyre market. Numerous reports published by the company analyse what we can expect both globally and in various regions in the coming years.
The tyre market in Costa Rica is forecast to grow during the next few year due to “expanding vehicle fleet and upcoming government reforms to boost growth in construction and transportation sector”, according to the “Costa Rica Tyre Market Forecast & Opportunities, 2020” report published by TechSci.
A new report suggests the Bangladesh tyre market will grow by 9 per cent compound annual growth rate between now and 2020 due to a rise in automobile sales, improvement in public infrastructure, and growth in purchasing power.
According to the recently released TechSci Research report, “Bangladesh Tyre Market Forecast & Opportunities, 2020’’, several global tyre giants have also expressed interest in making significant investments by setting up their manufacturing units in the country.
In its new report on the British tyre market, TechSci Research calculates the total value of the UK tyre market this year to be around US$5 billion, or approximately £3.2 billion. The report, titled ‘United Kingdom Tyre Market Forecast & Opportunities, 2019’, opines that tyre demand in the UK will be boosted in the coming five years by anticipated growth in the country’s automotive industry and expansion of the overall vehicle parc.
The Malaysian tyre market is forecast to grow 9.15 per cent (compound annual growth rate – CAGR) in terms of value in the period between 2014 and 2019. That’s the view of the recently released TechSci Research report, “Malaysia Tyre Market Forecast & Opportunities, 2019”. According to the report, some of the key factors driving the market include increase in volume sales of automobiles, expansion in vehicle fleet size, introduction of favorable government policies and rise in foreign investments within the automotive industry in Malaysia.
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.
The tyre market in Saudi Arabia is expected to grow at a CAGR of 12 per cent between 2013 and 2018. That’s according to research published 6 January by TechSci market analysts. According to the TechSci, the strong growth rate comes as a result of continuous growth in automotive sales coupled with the increasing demand for tyres in the replacement market. The report, “Saudi Arabia Automobile Tyre Market Forecast and opportunity, 2018”also says that the majority sales in the country’s tyre market are contributed by the passenger vehicle segment.
A research report released by market research firm TechSci Research predicts that total turnover for India’s replacement tyre market will surpass Rs 200,000 million (£2.75 billion) by the 2012 financial year. The replacement segment currently accounts for more than 60 per cent of the industry, the report notes, and it has become a key focus area for manufacturers due to the higher margins its offers. In the most recent financial year almost 50 million unit sales took place in India’s replacement segment, with motorcycle tyres and truck/bus tyres the two largest markets.