Global Pneumatic Tire Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2026, at a 7% CAGR of around during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region
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 tire's loading capacity and improve the overall performance of the vehicle.
The report contains a detailed list of factors that will drive and restrain the growth of the pneumatic tire market. 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.
Changing lifestyle, rapid economic growth, growth in high spending by customers, government proposal, and enhancing road infrastructure are documented as major factors of the pneumatic tire market that are projected to enhance the growth in the upcoming year. However, a harsh policy against the 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.
The 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.
Based on 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$ XX billion of global revenue in 2018. 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 2018 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.
The objective of the report is to present a comprehensive analysis of the Global Pneumatic Tire Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Pneumatic Tire Market dynamics, structure by analyzing the market segments and project the Global Pneumatic Tire Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Pneumatic Tire Market make the report investor’s guide.
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Scope Global Pneumatic Tire Market Report
Global Pneumatic Tire Market, by Sales
Global Pneumatic Tire Market, by Vehicle Type
Global Pneumatic Tire Market, by Product
Global Pneumatic Tire Market, by Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in Global Pneumatic Tire Market
• Continental AG
• Cooper Tire & Rubber Company
• Hankook Tire
• Sumitomo Rubber Industries
• Pirelli & C.S.p.A
• Kumho Tire Co.
• V.S. INDUSTRY TYRES
• Trelleborg Group
• TOKAI Solid Tire
• Millennium Tire
• Maxam Tire
• Camso Solideal
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