Toyo Tires US to invest US$138m in Cartersville

Toyo Tire North America Manufacturing is to invest over US$138m in its factory in Cartersville, Georgia, USA, creating more than 150 jobs.

“As the number one state for business, Georgia offers the strategic resources necessary to retain dynamic companies and support industry leaders in long-term growth,” said Nathan Deal, governor of Georgia.

Read the source article at Tire Technology International

Rubber chemicals market to reach $5.3 billion by 2024

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CLEVELAND—The worldwide market for rubber processing chemicals is poised to grow 4.9 percent annually, from $3.63 billion last year to more than $5.31 billion by 2025, according to new research from Global Market Insights. The CAGR figure is in line with other markets reports on the rubber processing chemicals sector. Some studies, however, project …

Read the source article at Global Rubber Markets News

Apollo Vredestein to Increase Tire Prices in North America

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Apollo Tyres announced that the prices of its Vredestein brand consumer tires will increase by up to 6% starting Jan. 1.

The company said the price hike is in line with the rising raw material and logistics costs.

Currently, Vredestein consumer tires are produced in Europe from the company’s manufacturing facilities in the Netherlands and the recently inaugurated plant in Hungary.

Read the source article at Tire Review

Smithers Rapra: Motorcycle tire demand spurred by trends in emerging markets and technology

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Rising incomes in emerging markets have led to the rapid growth of motorcycle ownership, particularly in Asia, resulting in a strong increase in motorcycle tire sales. Growth is being driven by the increasing number of households in industrializing regions that are now able to afford motorcycles.

Motorcycle tire market demand is estimated to rise to $19.4 billion in 2023, representing an annual compound growth of 6.5% from $14.2 billion in 2018, according to Smithers Rapra data.

In the report The Future of Motorcycle Tires to 2023, Smithers Rapra attributes growth to rising living standards, urbanization and mobility improvements, demographics, and technological changes. Those with disposable income are showing growing interest in motorcycles, including electric and self-balancing models and other new technologies.

The highest growth is seen in the Asia-Pacific region, driven by China and India. Data shows that by 2023, Asia-Pacific’s region share will be over 16 million units. Japan-based multinational companies such as Honda, Kawasaki, Suzuki and Yamaha dominate the two-wheeler sector’s world market.

Trends in mobility

The evolution of mobility and transportation technologies, along with road conditions, play a role in customer preferences, driving patterns, tire wear, and ultimately motorcycle and tire design.

The role of motorcycle tires is complex, and they must satisfy performance and safety parameters depending on the application and type of motorcycle. There is extreme variation of motorcycle tire types depending on vehicle characteristics, intended driving surfaces, and tire construction.

Evolving tire construction

Developments in tire materials continue to include new compounds, as well as a greater range of compounds, to optimize the attributes most required by industry and to better target tires to applications, according to Smithers Rapra.

Among performance and safety attributes, grip remains the most important and is still being improved even as other attributes compete for attention. A trend towards a richer silica content is ongoing, owing to the importance of grip. Carbon black is also important, with the grades used in motorcycle tires similar to those used in ultra-high-performance and race car tires. Traditionally, all motorcycle tires were bias ply. A clear trend for motorcycles up to 400cc is the increased use of radial tires, especially seen in Asia and South America where they are equipped on more sporty motorcycles.

The impact of electrification

Electrification will initiate further tire evolution, as will the requirements of motorcycle connectivity and progressive automation, leading eventually to ‘smart’ tires. Tires will be expected to have sensors measuring and reporting pressure, temperature, grip, road surface conditions, and tire wear/condition.

Smithers Rapra market report The Future of Motorcycle Tires to 2023 offers in-depth analysis of  the economic demand and growth of the global motorcycle tire market from 2018-2023, and cutting-edge technology developments in materials, components, design, and safety attributes.

Read the source article at smithersrapra.com

Atlas Tire Wholesale: Invested in the Future

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Atlas Tire has announced the company’s latest expansion plans, and they’re big!

Atlas Tire Wholesale Inc. recently informed their suppliers and key clients of a massive expansion project that is sure to change the industry landscape here in Canada, as well as further improve the quality of service Atlas Tire is able to offer tire retailers.

Read the source article at Autosphere.ca

Consumer and retail trends driving growth of tire market e-commerce

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E-commerce has been a key business disruptor across all industries and is forcing change, innovation and growth in the tire market. Still relatively new to the business-to-consumer replacement tire market, online tire sales sites have become significant for consumer research into tire types, attributes, reviews, pricing and availability. This trend and the expansion of e-commerce in general are leading to growth in online sales of tires, according to a new Smithers Rapra report, The Future of E-commerce for Tire Markets to 2023. (TRAC Members receive 15 per cent discount).

Across major tire market segments and geographic regions, the number of B2C replacement tires purchased online is estimated by Smithers Rapra at nearly 100 million units in 2018, or about 6.5% of the global market. This is expected to rise by an average of almost 19% per year to over 236 million in 2023, when the share will be nearly 13%.

 

E-commerce tire sales channel market 2015-23, by volume (million units)

 

Source: Smithers Rapra

 

Value growth will be somewhat higher, at 19.7% per year CAGR, from $7.1 billion in 2018 to $17.3 billion in 2023, faster than unit growth and reflecting modest price increases. While a degree of price competition within the online channel and versus offline retail will continue, the convergence of online and offline channels and the increasing importance of user experience relative to price will support higher prices in the channel over time.

End-use applications

Reflecting the numbers of vehicles in use, rates of tire replacement and rates of e-commerce penetration, the passenger car and light truck (light vehicles) segment is by far the largest, at 81% of volume in 2018, followed by motorcycles (12%) and then medium and heavy trucks and buses (7%). Light vehicles have been and remain dominant in absolute value and volume terms. In unit terms, motorcycles are a distant second, but in value terms, medium- and heavy duty trucks and buses are the next most important, although a much smaller segment.

Trends driving e-commerce tire sales

 

Consumer behaviour

Consumer preferences are ultimately the main market drivers for tire e-commerce with technology and retail developments enabling the change. Consumer behaviour and retail trends behind the uptake of e-commerce in tires include price sensitivity, reduced brand loyalty, time sensitivity and, increasingly, a desire for an omni-channel, which blends features of online and offline channels (already the case to some extent due to tire installation requirements).

Fitment proliferation

Fitment proliferation, the increasing number of available tire sizes, is also contributing to the growth of tires sales via the internet. This has been driven in part by the increase in rim diameters and the greater use of high-performance tires as OEM fitments, which is putting a strain on physical showroom and inventory space. E-commerce options help retailers and customers alike with education and availability. 

Growing economies and emerging markets

General economic and demographic growth serve as top drivers for tire e-commerce. B2C replacement tire e-commerce was initially a phenomenon of developed markets, led by Western Europe, followed by the US, which still enjoy the highest penetration rates. However, Asia-Pacific has already become the largest in unit terms and is on track to pass Europe in value terms during the forecast period, due to its large population and rapidly growing tire market (mostly motorcycle tires). Greater internet penetration and e-commerce readiness in developing markets are fueling the expansion of online tire sales. Very rapid growth will come from Eastern European countries and emerging economies such as China, India and Brazil, where levels of e-commerce penetration and vehicle density are comparatively low and growing.

For more information on the Smithers Rapra market report The Future of E-commerce for Tire Markets, visit https://www.smithersrapra.com/market-reports/tire-industry-market-reports/the-future-of-e-commerce-for-tire-markets-to-2023

Nexen Tire to Increase Prices by Nov. 1

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Nexen Tire America, Inc. has announced it will be adjusting the pricing on all U.S. passenger and light truck tires sold in the U.S. starting Nov. 1.

The maximum increase will be 6% but will vary by SKU, the South Korean tiremaker said. Like other tire manufacturers, Nexen cited growing transportation and logistics costs as well as other rising business costs as the reason for the price increase.

Read the source article at Tire Review

Online Tire Market Business Growth Statistics and Key Players Insights: Michelin, Bridgestone, BF Goodrich, Goodyear, Hankook

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Online tire sale platform
The online retailing helps in reaching out too many consumers without launching stores and this results in cost benefits which are ultimately passed on to the customers. Moreover, increasing spending on e-commerce platform by OEM’s due to high internet penetration rate will drive the online tire market during the forecast period as well.

Read the source article at openPR.com

Kumho Tire announce tire price increase effective October 1st

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Kumho Tire announced it will increase tire prices effective October 1st for its passenger, light truck, and medium truck tires sold in the U.S. The percentage increase will be up to 6% and will vary by SKU.

The price adjustment reflects economic factors such as increased raw material costs. Kumho will continue to provide best-in-class products at competitive prices, with superior quality and innovative technology.

Read the source article at Traction News

GRI ag tires introduced at Farm Progress Show

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BOONE, Iowa—Specialty tire manufacturer Global Rubber Industries plans to launch its latest agricultural tires, the Green XLR 70 and 85, as well as its range of flotation, tractor and implement tires, during the Farm Progress Show, to be held Aug.

Read the source article at Rubber and Plastics News