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Tyre Industry Market Report 2010
Key Note Publications Ltd, Feb 2010, Pages: 119
The apparent UK market for rubber tyres and tubes was worth an estimated £1.29bn at manufacturers' selling prices (msp) in 2009, a reduction of 12.6% from the figure for 2008. The economic recession and its impact on the automobile-manufacturing sector, both in the UK and overseas, was a major contributing factor in the decline.
The main product sectors considered in this Market Report are: tyres for motor cars; tyres for light commercial vehicles; tyres for heavy commercial vehicles; tyres for motorcycles and scooters; tyres for other applications, including tyres for agricultural vehicles, bicycles, aircraft, civil-engineering vehicles, construction or industrial handling vehicles and machines, and solid tyres; and retreaded and rebuilt rubber tyres. Tyres for motor cars constitute the largest sector of the market.
A number of trends characterised the UK tyre industry in 2009. The sharp decline in UK vehicle manufacturing significantly affected demand for original-equipment (OE) tyres. The market for replacement tyres for passenger cars appears to have fared better, although the replacement market for commercial-vehicle tyres was badly affected. Falling demand also seems to have reduced the level of tyre imports, and tyre exports may have benefited from the fall in the value of sterling against other world currencies. Despite this, import penetration of the UK tyre market now exceeds 100%.
UK tyre producers and suppliers will face a number of legislative changes during and after 2010. In March 2010, new S-marking legislation aimed at reducing noise from tyres is set to come into force. In November 2010, EU tyre-pressure monitoring system (TPMS) legislation is due to be introduced, and from November 2012 all new tyres on sale in Europe will need to be classified and labelled for fuel efficiency, wet grip and noise performance.
The apparent UK market for rubber tyres and tubes is expected to show some recovery in 2010 as the overall UK economy returns to growth and has a positive impact on demand for automotive products, including tyres. On the downside, new car registrations in the UK are currently forecast to decline further in 2010 and UK vehicle output, although possibly recovering in 2010, may also remain weak. Accordingly, levels of growth in the UK tyre market are expected to remain fairly modest over the period to 2014.
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