Analysis of Pneumatic Tires Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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.
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.
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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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.
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 Automotive Pneumatic Tire 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 Automotive Pneumatic Tire Market.
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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.
Some of the prominent manufacturers and suppliers of Pneumatic Tires are
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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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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Pneumatic Tires market demand is predicted to grow at a CAGR of 6.7% over the forecast period.
There is a high growth potential for the pneumatic tires market due to increased performance qualities in terms of superior traction, efficiency, and fuel economy.
Manufacturers may find the most opportunities in the Asia Pacific pneumatic tires market.
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