Global Pneumatic Tire Market would garner revenue of $287.5 billion by 2020, registering a CAGR of 7.0% during the forecast period of 2015 - 2020.
Portland, OR -- (SBWIRE) -- 09/27/2017 -- Global Pneumatic Tire Market would garner revenue of $287.5 billion by 2020, registering a CAGR of 7.0% during the forecast period of 2015 - 2020, according to new research published by Allied Market Research.The market is primarily driven by the increased production and use of vehicles across the globe. Among the different types of vehicles, the four-wheeler segment generated the highest revenue in 2014 and is expected to maintain its dominance throughout the analysis period. Asia-Pacific region is the biggest market followed by Europe. In terms of growth, the LAMEA region would be the fastest growing market, registering a CAGR of 8% during 20152020.
The pneumatic tire market has witnessed considerable growth primarily due to significant increase in automobile production and a subsequent rise in the demand of tires in the replacement market. However, the growing trend of retreading tires and fluctuating raw material prices are factors hindering the growth of the market.
Key Findings of Pneumatic Tire Market
1. The growth of the global pneumatic tire market would be supplemented by the growing automobile sector
2. The segment of radial tires accounts for the higher sales in the pneumatic tire market owing to their various advantages over cross ply tires, which include longer durability, improved performance and better mileage
3. Asia Pacific is the biggest tire market and would maintain its position over the forecast period
The prominent players in this market are Michelin, Continental AG, Bridgestone Corporation, Cooper Tire & Rubber Company, The Goodyear Tire and Rubber Company, Hankook Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Sumitomo Rubber Industries Ltd., Pirelli & C.S.p.A, Kumho Tire USA., Inc.
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