Report: Global Tyre Market to Hit 1.6 Billion Units by 2010

Replacement tyre shipments in Europe totalled 309 million units for 2007, with the global tyre market projected to grow at a compounded annual rate of over 3 per cent. According to a new report produced by Global Industry Analysts, Europe is the largest market accounting for a 29.5 per cent share of a global market that is expected to reach 1.6 billion units by 2010. OEM tyre shipments, estimated at 415 million units, account for 28.5 per cent of the global tyre market; and are projected to grow at a compounded annual rate of nearly 3.1 per cent.

The Asia-Pacific region represents the fastest growing OEM tyres market, registering a CAGR of 6.85 per cent over the period 2001-2010. OEM shipments for passenger car tyres are expected to be over 293 million units in 2010. Global market for light truck replacement tyres is expected to reach 188 million units in 2010, according to the report.