Pneumatic Tires Forecast and CAGR
According to the research, the Pneumatic Tires market is anticipated to exhibit healthy growth between 5% and 6% during the assessment period of 2021 to 2031. These tires are rubber tires filled with compressed air to increase their load capacity and improve the vehicle's overall performance.
The pneumatic tire industry has grown significantly, owing to a major increase in automotive manufacturing and, as a result, a rise in tire demand in the replacement market.
What is Driving Demand for Pneumatic Tires?
The rising demand is predicted to be boosted by strong economic growth, improvements in road infrastructure, increased government spending, and rise in consumer preference for personal transportation.
Due to increased performance qualities in terms of superior traction, efficiency and fuel economy, pneumatic tyres are becoming more popular in the automotive sector.
The key driver for market expansion is increasing vehicle production in various countries such as China, India, the United States, Germany, Japan, Mexico, Indonesia and South Korea.
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What is the scenario of Radial Tires in the market?
Radial tires are prevalent all over the world because of their ability to provide several advantages that cross-ply tire cannot. Radial technology has many advantages in the agriculture industry, including long-lasting tire life, better handling, and fuel efficiency, good traction as well as a smooth ride and comfort.
The automotive tires are resilient to scratches, punctures, and tears and offer optimum handling on wet surfaces providing them a competitive edge over other tire types.
Owing to these features, Radial tires are anticipated to witness the majority of the market share in the global market and are expected to exhibit a healthy growth rate throughout the forecast period.
What is the Growth Outlook of Aftermarket segment?
The Aftermarket segment is expected to hold majority of the market share throughout the forecast period owing to the growing automotive industry especially in key regions including India & China.
Demand trends in the industry have been influenced by the emergence of several innovative technologies, growing number of cars sales, and replacement cycles.
Tires play a crucial role in determining a vehicle’s safety, efficiency and also the overall mileage. Increased investments in R&D have led to development of advanced tires which help to provide better grip and are long-lasting, thereby creating additional demand for the Aftermarket segment.
In addition, unfavorable road conditions, climate conditions and vehicle overloading are predicted to boost aftermarket sector demand throughout the forecast period.
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Why is the Four Wheeler Segment Expected to Witness Lucrative Growth Opportunities?
The four wheeler tire segment is anticipated to be the biggest value-generating category based on vehicle type, and it is expected to retain its dominance during the forecast timeline. Four wheelers are gaining prominence as a viable mode of transportation, particularly in developing regions of Asia, Latin America and Africa.
In terms of revenue, the global four wheeler market is predominantly concentrated in Asia-Pacific, which accounts for a major portion of the market share. Over the coming years, rising four wheeler demand in Europe is predicted to stimulate the product growth.
Asia Pacific Pneumatic Tires Market Outlook
An increase in joint ventures among several major market participants and local manufacturers in the Asia Pacific region is expected to propel pneumatic tires demand over the forecast period.
The pneumatic tire industry has grown significantly in Asia Pacific as a result of increased automotive production and sales. Rapid growth in automotive manufacturing, particularly in India and China, is projected to have a positive effect on the market over the forecast period.
Growing population, rising disposable income of consumers and demographic changes are attributed to be the factors fueling the growth of the market.
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North America Demand Outlook for Pneumatic Tires
The strong demand for four wheelers is projected to provide significant growth opportunities in North America. The existence of key market players coupled with increasing R&D investment for the purpose of development of new tires is expected to bolster the demand in this region.
Technological innovations and enhancements and rapid growth of automobile industry primarily in US is projected to spur the demand throughout the forecast period.
Who are the Key Manufacturers and Suppliers of Pneumatic Tires?
Some of the prominent manufacturers and suppliers of Pneumatic Tires are
- Pirelli & C. S.p.A
- Continental AG
- Cooper Tire & Rubber Company
- Kumho Tire Co. Inc.
- Sumitomo Rubber Industries
- Hankook Tire.
Key players and manufacturers are investing in product development in order to propel the demand and boost sales of their products.
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Pneumatic Tires Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Cross-ply Tires
- Radial Tires
By Vehicle Type
- Two Wheeler
- Four Wheeler
- Passenger Cars
- Commercial Vehicles (Buses, Trucks)
- Others (Off road Vehicles, Industrial Vehicles, Agricultural Vehicles)
- Two Wheeler
By Sales channel
- North America (U.S., Canada)
- Latin America (Brazil, Mexico)
- Europe (Germany, Italy, France, U.K., Spain, BENELUX, Russia, Nordics)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, ASEAN Countries, Oceania)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Note: Although care has been taken to maintain the highest levels of accuracy in FACT.MR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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