Global Pneumatic Tire Market is expected to reach US$ 287.5 Bn by 2026, registering a CAGR of 7.0% during the forecast period of 2017-2026.
A pneumatic tire is also known as the air-filled tire, which is made of an airtight inner core filled with pressurized air. It may absorb the variability of terrain from impacts and cushion the load. Pneumatic tires are in high demand in the automotive market. Pneumatic tires are rubber tires filled with compressed air that increase the tires loading capacity and improve the overall performance of the vehicle.
The pneumatic tire markets have witnessed considerable growth mainly due to the significant increase in automobile production and a subsequent rise in the demand for tires in the replacement market. However, the growing trend of retreading tires and variation raw material prices are factors hindering the growth of the market.
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Changing lifestyle, rapid economic growth, growth in high spending by customers, government proposal, and enhancing road infrastructure are documented as major factors of pneumatic tire market that are projected to enhance the growth in the upcoming year. However, a harsh policy against use of pneumatic tires and their disposal are the key factors that may restrain overall market growth in the upcoming years.
Pneumatic tire manufacturing needs low technical complexity and high initial infrastructure investment. Product substitutes involve airless and semi-pneumatic tires that provide high rolling resistance, less suspension and are filled with compressed polymers. However, these tires produce heat while driving and increase wheel weight. Hence several manufacturers recommend the use of pneumatic tires as opposed to its substitutes which in turn is projected to augment industry growth over the forecast period.
Global pneumatic tire market is segmented into sales, vehicle type, product, and region. Based on sales, Replacement is the largest segment. Emergences of several disruptive technologies, replacement cycles and rise in the number of vehicles have been influencing demand patterns in this sector. Moreover, poor road conditions, overloading of vehicles and weather conditions are expected to augment replacement sector demand over the next few years.
On the basis of vehicle type, four wheelers tire segment is the highest value-generating category and is estimated to maintain its dominant position throughout the analysis period. Four-wheelers are increasingly earning acceptance as an effective means of transportation, especially in developing countries of Asia, Africa, and Latin America. Growing four-wheeler demand in Europe is projected to be a key factor propelling product growth over the next few years.
By product, Radial is the largest product segment, accounting for over US$ 130.00 billion of global revenue in 2017. Radial tires are used globally for its ability to deliver several benefits that cross-ply tires cannot. In the agricultural industry, radial technology has lots of benefits including long tire life, resistance to cuts, punctures, and tears, excellent traction, improved handling and fuel economy & smooth ride and operator comfort. The growth of the agricultural sector is estimated to augment product demand over the next few years.
In terms of region, Asia Pacific dominates the global pneumatic tire market followed by North America. The pneumatic tire market in North America is estimated to witness a significant rise in CAGR between 2017 and 2026 driven by the strong demand for four-wheeled vehicles. Automotive growth in the region primarily the U.S. is projected to spur product growth over the forecast period.
Some of the key players in the global pneumatic tire market are Michelin, Continental AG, Bridgestone, Cooper Tire & Rubber Company, Hankook Tire, Yokohama, Sumitomo Rubber Industries, Pirelli & C.S.p.A, Kumho Tire Co., V.S. INDUSTRY TYRES, Trelleborg Group, Mitas, CST, Aichi, TOKAI Solid Tire, Chaoyang, Millennium Tire, Maxam Tire, Advance, Hankook, and Camso Solideal.
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Scope Global Pneumatic Tire Market Report
Global Pneumatic Tire Market by Sales
• OEM
• Replacement
Global Pneumatic Tire Market by Vehicle Type
• Two-Wheelers
• Four-Wheelers
• Aircrafts
Global Pneumatic Tire Market by Product
• Radial
• Crossply
Global Pneumatic Tire Market by Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in Global Pneumatic Tire Market
• Michelin
• Continental AG
• Bridgestone
• Cooper Tire & Rubber Company
• Hankook Tire
• Yokohama
• Sumitomo Rubber Industries
• Pirelli & C.S.p.A
• Kumho Tire Co.
• V.S. INDUSTRY TYRES
• Trelleborg Group
• Mitas
• CST
• Aichi
• TOKAI Solid Tire
• Chaoyang
• Millennium Tire
• Maxam Tire
• Advance
• Hankook
• Camso Solideal
MAJOR TOC OF THE REPORT
Chapter One: Pneumatic Tire Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Pneumatic Tire Market Competition, by Players
Chapter Four: Global Pneumatic Tire Market Size by Regions
Chapter Five: North America Pneumatic Tire Revenue by Countries
Chapter Six: Europe Pneumatic Tire Revenue by Countries
Chapter Seven: Asia-Pacific Pneumatic Tire Revenue by Countries
Chapter Eight: South America Pneumatic Tire Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Pneumatic Tire by Countries
Chapter Ten: Global Pneumatic Tire Market Segment by Type
Chapter Eleven: Global Pneumatic Tire Market Segment by Application
Chapter Twelve: Global Pneumatic Tire Market Size Forecast (2019-2026)
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