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SINGAPORE (Dow Jones)–World tire demand may rise 4.7% annually through 2015 to 3.3 billion units, research company Freedonia said Tuesday.
In terms of value, the tire market may see growth of 6.5% a year and hit $220 billion by 2015, added the Cleveland, Ohio-based firm.
Growth in the large motor-vehicle market in particular will accelerate through 2015, Freedonia said in a statement.
The largest market for tires is Asia-Pacific, which accounted for more than half of global demand in 2010. It will continue to register the strongest growth in demand through 2015, with China leading the way, the statement added.
Source: Dow Jones