The global Pneumatic Tire Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Pneumatic Tire Market is expected to reach USD 334.5 billion by 2022. A pneumatic tire is also termed as air-filled tire, which is made of an airtight inner core filled with pressurized air. It may absorb the unevenness of terrain from impacts and cushion the load. The Pneumatic Tire Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Key Players:
- Michelin Group
- Continental Corporation
- Bridgestone Corporation
- Cooper Tire & Rubber Company
- The Goodyear Tire & Rubber Company
- Hankook Tire
- The Yokohama Rubber Co., Ltd
- Kumho Tire Co., Ltd.
- Sumitomo Rubber Industries
- Cooper Tire & Rubber Company
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Growth Drivers:
Changing lifestyle, rapid economic growth, growth in high spending by customers, government initiative, and enhancing road infrastructure are documented as major factors of Pneumatic Tire Market that are estimated to enhance the growth in the years to come. However, strict policy against use of pneumatic tires and their disposal are the key factors that may restrain overall market growth in the coming years. Pneumatic Tire Market is segmented based on vehicle type, product type, and region.
Sales Outlook:
- OEM
- Replacement
Vehicle Outlook:
- Two-wheelers
- Four-wheelers
- Aircrafts
- Others
Four-wheeler comprises commercial vehicles and passenger vehicles. On the other hand, two-wheeler comprises motorcycle, and bicycle. Others may comprise off-road vehicles, industrial vehicles, and agricultural vehicles. Four-wheelers sector accounted for the substantial market share of Pneumatic Tire and is estimated to lead the overall sector in the coming years. Also, aircraft sector is estimated to grow at fastest pace with a significant CAGR in the coming years.
Product Outlook:
- Radial
- Crossply
Radial tires sector accounted for the substantial market share of Pneumatic Tire and is estimated to continue its dominance in the coming years. this may be because of high demand in agricultural industries as it has several benefits like smooth ride, long tire life, excellent traction, and resistant to cuts, tears, and punctures.
Regional Outlook:
Globally, Asia Pacific accounted for the substantial market share of Pneumatic Tire and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be presence of key manufacturers in the region, growth in R&D investment for development of novel automotive types, and growing demand for pneumatic tires in emerging countries. The developing countries like India and China are the major consumers of Pneumatic Tire in the region.
Instead, North America and Europe are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, North America is estimated to grow at fastest pace with the highest CAGR in the foremost period.
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