According to a new report from Smithers Rapra – The Future of Truck Tires to 2025 – this sector is exposed broadly to most economic, consumer and industrial influences in the global economy and is expected to grow modestly but steadily over the 10 years to 2025. Based on a forecast of moderate sustained growth, and barring major disruptive scenarios in global financial or geopolitics, demand for truck tires on a global basis is expected to grow at an average annual compound growth rate of 3.3% per year, to nearly 658 million units by 2025.
The Asia-Pacific region, led by China (despite some more recently emerging concerns), will be the main driving force in the global truck tire market growth, both in terms of domestic demand and as the source of exports to other regions. This market will grow faster than any other region, at 4.2% per year through 2025, with demand exceeding 371 million units. Growth in the smaller developing regions will be strong as well, as populations gain mobility and economic development, and industrial and mining trucking grow. Both South America and the Middle East/Africa are seen growing 3.9% per year to 34.9 million and 10.4 million units respectively. Meanwhile, despite high levels of tire innovation, the relatively slow-growing, mature markets of North America and Europe will trail, at 2.3% and 1.4% per year, respectively.
August 26, 2015
