LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Tires Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the components and spares industry. This report breaks down the data and analysis behind the procurement of tires and acts as an all-inclusive guide for making smart purchasing decisions.
“The global demand for tires is expected to increase due to the growing passenger vehicle sales in developing countries and the rise in specialty vehicle sales across different industrial segments such as agricultural and mining sectors,” says SpendEdge procurement analyst Tridib Bora. “Also, suppliers are increasingly investing in R&D to build tires that can provide value to their buyers by improving fuel efficiency and performance of their vehicles,” added Tridib.
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Procurement analysts at SpendEdge highlight the following top three market trends that are contributing to the growth of the Global Tires Market:
- Countries are promoting tire labeling regulations
- Suppliers are trying to reduce rolling resistance in tires
- Chinese government seeks a reduction in tire production through consolidation
This report is available at USD 1000 discount for a limited time only: View the report snapshot before purchasing
Countries are promoting tire labeling regulations:
Nations across various geographies are increasingly promoting tire labeling regulations that require manufacturers to mention factors such as wet grip rating, fuel efficiency, and external rolling noise performance. China has adopted labeling regulations based on EU label requirements, this only measures wet grip, fuel economy, and external noise. Adopting this practice enables the buyers and end-users to make informed purchasing decisions based on the labeling provided on tires.
Suppliers are trying to reduce rolling resistance in tires:
Reducing the rolling resistance of tires helps the tires to spin freely, which will result in the vehicle using less energy while moving forward. Suppliers across geographies are trying to maintain a balance between low resistance and endurance, as the cost of building a tire with less rolling resistance will be relatively higher. Using tires with low-rolling-resistivity also helps the buyers enhance vehicles' fuel efficiency. Moreover, with the improvements in technology, the buyers will not have to trade-off between low-resistance and quality of ride.
Chinese government seeks a reduction in tire production through consolidation:
China had been experiencing overcapacity in the tire sector. This overcapacity is a result of increased number of smaller tire manufacturers in the country, to consolidate the tire market in the country, the government plans to introduce stringent regulations on new tire manufacturers. Also, this will help them set high barriers for new entrants and small manufacturers, which might enable consolidation in the tire market in China. This helps to ensure that suppliers are compliant with regulations prevalent in their region of operation.
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