DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/8bqzwl/global_tire) has announced the addition of the "Global Tire Market 2011-2015" report to their offering.
TechNavio's analysts forecast the Global Tire market to grow at a CAGR of 5.01 percent over the period 2011-2015. One of the key factors for this growth is the growing Global Motorcycle market. The Global Tire market has also been witnessing the growing Global Automotive Tire market, which includes light, medium and heavy vehicles during forecast period. However, the increasing cost of raw materials and commodity products are acting as a barrier to the growth.
Key vendors dominating this market space include Bridgestone Corp., Compagnie Generale des Etablissements Michelin SCA, The Goodyear Tire and Rubber Co., and Continental AG.
Other vendors mentioned in the report: Pirelli and C. SpA, Sumitomo Rubber Industries Ltd., Yokohama Rubber Co. Ltd., Hankook Tire Co. Ltd., Cooper Tire and Rubber Co., Cheng-Shin Rubber Industries Co. Ltd., and HangZhou ZhongCe Rubber Co. Ltd.
Commenting on the report, an analyst from TechNavio's Automotive team said: ''The growing Global Automotive Tire market, which includes light, medium and heavy vehicles, is one of the major trends that will lead to the growth of the Global Tire market. The increasing demand for tires from the Global Automotive market directly influences the demand for tires globally and hence impacts the Global Tire market.''
According to the report, the growing demand for motorcycles is one of the key drivers of the growth of the Global Tire market. The increasing demand for motorcycles positively influences the demand for tires and hence leads to the growth of the Global Tire market. The demand for motorcycles comes from developing and under-developed countries where the penetration rate of cars is low. Also, it is expected that the adoption of tubeless tires in the Global Motorcycle market will increase and will have a positive impact on the Global Tire market.
Further, the report also discusses that the increased cost of raw material and commodity products is one of the major challenges in the Global Tire market.
For more information visit http://www.researchandmarkets.com/research/8bqzwl/global_tire
Source: Research and Markets