Albany, NY -- (SBWIRE) -- 05/30/2018 -- 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.
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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.
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.
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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.