The Tyre Industry - Market Report
The apparent UK market for tyres was valued at £1.3bn in 2004, which was 3.1% higher than its value in 2003. The market had fallen back in 2001 but showed a strong rise in 2002, boosted by the strength of the UK vehicle manufacturing sector, and has remained relatively stable since then.
The main product sectors are tyres for passenger vehicles, tyres for light commercial vehicles, tyres for heavy commercial vehicles and tyres for agricultural vehicles. Other sectors include tyres for civil engineering vehicles, industrial vehicles, motorcycles, bicycles and aircraft, and retread tyres. Inner tubes and tyre flaps are other minor sectors. Passenger car tyres make up the largest sector of the market.
Among the major factors currently affecting the UK market are: legislation that prohibits the disposal of tyres in landfill sites, which is due to come into force in 2006; the growing strength of China as a major tyre-manufacturing location; the increasing share of the UK tyre market accounted for by imports; and the high price increases in the cost of the raw materials used for tyre manufacturing.
The high-performance sector of the tyre market has experienced continued growth, boosted by sales of sports cars and 4x4 vehicles. By contrast, sales of retread tyres for passenger cars are in long-term decline, with these tyres now being used predominantly for commercial vehicles.
The world tyre market is dominated by three major international groups: Bridgestone, Goodyear and Michelin. These, along with other leading global players, such as Continental, Dunlop and Pirelli, are also dominant players in the UK market.
The overall value of the market is forecast to fall slightly in 2005 and 2006, before showing modest year-on-year growth to the end of the forecast period (2009). The passenger car 'mass' tyre market is not forecast to demonstrate much growth, but certain specialised sectors within it are expected to perform better. Sales of tyres for commercial vehicles are also predicted to show some growth
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