Global Pneumatic
Tire Market: Overview
The global market
for pneumatic tires is expected to surge exponentially between 2016
and 2024 due to the rising demand from the automotive industry. The
market is anticipated to expand significantly owing to the increasing
vehicle production in countries such as India, Indonesia, Mexico,
China, South Korea, Japan, Germany, and the U.S.
Pneumatic tires
exhibit significant advancement over conventional tires used in
automobiles. The former offer improved performance in terms of better
traction, fuel economy, and efficiency, which subsequently fuels
their demand in the automotive industry. The report on the Global
Pneumatic
Tire
Market
aims to evaluate the key factors propelling the market. It also
presents insights into the various restraints that the market may
face in the near future.
The global market
for pneumatic tires is broadly classified on the basis of sale type,
product type, vehicle type, and geography. Based on type of sale, the
market has been segmented into (original equipment manufacturer) OEM
and replacement. Of these, the replacement segment accounted for a
major share in the market.
The report presents
a holistic overview of the market, covering details regarding the
most lucrative market segments. It is compiled with exhaustive
information, interspersed with relevant graphs, statistics, and
infographics to assist market players in determining strategies for
future.
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Global Pneumatic
Tire Market: Key Opportunities and Threats
Despite witnessing
impressive growth opportunities, stringent regulations governing the
use and disposal of pneumatic tires threaten the growth prospects of
the market. For instance, the U.S. Centers for Disease Control and
Prevention has recommended to remove discarded tires from housing
properties to stop them from becoming breeding grounds for
mosquitoes. Additionally, the Environmental Protection Agency (EPA)
in the U.S. has classified tires as municipal solid waste in place of
hazardous waste.
The market for
pneumatic tires is also facing threats from substitutes such as semi-
and airless pneumatic tires that are filled with compressed polymers
and provide less suspension and high rolling resistance. However, to
the advantage of pneumatic tires, their substitutes generate high
heat while driving and also increase the vehicle’s wheel weight.
Hence, vehicle manufacturers around the world are recommending the
use of pneumatic tires compared to their substitutes, which
subsequently will augment the market’s growth during the forecast
period.
Global Pneumatic
Tire Market: Region-wise Outlook
Regionally, Asia
Pacific dominates the global pneumatic tires market owing to the
sizeable automotive production and demand in India and China. Robust
economic growth, increasing government spending, improvements in road
infrastructure, and paradigm shift in consumer preferences toward
personal vehicles are the primary factors boosting the demand for
pneumatic tires in Asia Pacific. The regional market is estimated to
benefit from the increasing associations between the key market
participants and local entrepreneurs. This trend is likely to
continue during the forecast period.
Other regional
markets of the global pneumatic tire market are North America,
Europe, and Rest of the World. Among these regions, the pneumatic
tire market in North America is anticipated to witness significant
rise in CAGR between 2016 and 2024 driven by the strong demand for
four-wheeled vehicles.
Global Pneumatic
Tire Market: Competitive Insight
In order to present
an in-depth analysis on the prevailing competitive landscape, the
report profiles companies such as Michelin, Bridgestone Corporation,
Continental AG, Pirelli & C.S.p.A., and Cooper Tire & Rubber
Company. The most prominent manufacturers primarily focus on
launching new products to gain traction in the market.
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