Passenger car tyre segment in the US to surge by 2014
The segment, in particular, led the overall industry comeback and brought growth figures again in positive territory.
According to the research firm's offering, the worldâ€™s largest and advanced tyre market of the US felt slowdown effects in 2009, when demand-supply mix was dented due to the reduced consumer spending and sluggish car production. However, effects were not long lasting and the industry posted notable comeback growth in 2010.
The study identified that, the passenger car segment is expected to sustain its rising tyre demand in the coming years. Passenger car majorâ€™s capacity additions will result in OEMâ€™s increasing tyre off takes in future.
In response from the OEMâ€™ front, passenger vehicle industry is expected to expand capacity in the coming years. The research firm expects almost all automobile majors to free flow their manufacturing capacities in near future, which will prove decisive for the tyre demand in the US.
Further, the concept of large rim-size tyres and run-flat tyres are the paradigm of the country's competitive edge. These new tyre types are widely accepted in the US and it is expected that in coming years, the demand for high performance and ultra high performance tyres will outperform the overall passenger tyre demand in the US.
Presently, the market share of run-flat tyres is less than one percent in the US, which is anticipated to grow strongly, backed by various factors discussed in the report.
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