According to a research conducted by Smithers Rapra, the international market for tire, tube, and flaps are expected to see a stable and uneven growth in the next few years. The report provided by the Smithers suggested that 2015 experienced a significant rise in the sales of tires, tubes, and flaps with a sale of 477 million units all over the world.
The need for tires on an international level is anticipated to grow at a significant rate of 3.3 percent a year till 2025, reaching record sales of 658 million units.
The current market for tires and rubbers is very vast. The market has utility vehicles, passenger vehicles, trucks, minivan, sports utility vehicles and pickup trucks along with heavy-duty tractors and trailers etcetera.
Across the market for tires and tubes, the economic expansion has been shaky in recent times with growth slowly increasing and competing for the US, European and Japanese markets. By the end of 2015, there was significant signs of healing in the United States sector, while European market still struggling to survive in the market along with China to survive in the market. The projected growth in the UK market in 2013 has significantly been driven by the notable performance of the automotive industry in current years.
While most of the matured markets around the globe have reached to the top in regards to the ownership of vehicles, the middle-class economies are slowly and gradually expanding and obtaining bigger mobility.
After experiencing a major setback in 2009, the vehicle manufacturing and tire and rubber production have seen a commendable growth, with the majority of the countries seeking to attain bigger profits in the rubber and tire market. With economic conditions improving, the tire market is anticipating a bigger cash flow due to the economies enhancing and investing in the rubber and tire market.
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