Pneumatic Tire Market Overview:
Global Pneumatic Tire Market is expected to garner $287.5 billion by 2020, registering a CAGR of 7.0% during the forecast period of 2015-2020. Pneumatic tires are in high demand in the automotive industry. Pneumatic tires are rubber tires filled with compressed air that enhances the tires loading capacity and improves the overall performance of the vehicle. Raw materials that are used in the manufacturing of pneumatic tires include natural rubber, synthetic rubber, carbon black, steel wire, petrochemicals reinforcing materials (fabric, steel, polyester, nylon, and rayon), fabric cord and wires.
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.
The market is segmented based on the type of sale, vehicle type, product type and geography. Based on the type of sale, the market is further segmented into OEM (original equipment manufacturer) and replacement. The replacement segment accounted for the maximum revenue share in the pneumatic tire market evaluated at $143.7 billion in 2014. This segment is expected to dominate the market during the forecast period (2015–2020). Tires are basically categorized into radial and cross-ply tires, with radial holding around 68% of the total market share by value. Based on the vehicle type, the market is segmented into two wheelers, four wheelers, aircrafts and others (industrial and agricultural vehicles). Presently, four wheelers tire segment is the highest revenue-generating category and is expected to maintain its dominant position throughout the analysis period. The key geographic regions covered in the report include North America, Europe, APAC and LAMEA.
Several companies manufacture novel tires with outstanding tractions and better grip properties suitable for all surface types. The pneumatic radial tire “ContiRT20”, a new product by Continental AG, provides exceptional stability during the lifting and transport of load in vehicles. Bridgestone offers an 8 inch diameter tires, particularly for use in industrial vehicles.
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.
PNEUMATIC TIRE MARKET KEY BENEFITS
The report provides an in-depth analysis of the pneumatic tires market and offers current and future trends to identify lucrative investment pockets in the market
The report identifies the key drivers, opportunities and restraints that shape the market and provides an impact analysis during the forecast period
Porter’s five forces analysis highlights the potency of buyers and suppliers participating in this market. This would further offer a competitive advantage to the stakeholders in making profitable business decisions; thus, helping them to strengthen their supplier and buyer networks
Current and future trends have been outlined to determine the overall attractiveness and highlight the profitable trends in order to gain a stronger foothold in the market
Market estimation of geographic segments has been derived from the current market scenario and expected market trends
Pneumatic Tire Market Report Highlights
By Vehicle Type
By Product Type
Key Market Players
Sumitomo Rubber Industries Ltd, Cooper Tire & Rubber Company, Continental AG, Pirelli& C.S.p.A, The Yokohama Rubber Co. Ltd., The Goodyear Tire & Rubber Company, Hankook Tire, Michelin, Bridgestone Corporation, Kumho Tire Co., Inc.
Pneumatic tires are rubber tires filled with compressed air that enhance the performance and durability of vehicles. Factors, such as the global increase in automobile production, improving economies, increase in disposable incomes and changing lifestyles, have contributed to the growth of the automotive sector, eventually driving the market of pneumatic tires. The raw materials used in the manufacturing of pneumatic tires include, natural rubber, synthetic rubber, chemicals and reinforcing materials.
Radial and cross-ply are the two main types of pneumatic tires used in vehicles. Manufactures prefer radial tires over cross-ply tires owing to superior benefits of longer shelf life and improved performance of the vehicle. From the perspective of sale, the market can be categorized as OEM (original equipment manufacturer) and replacement. The replacement tire segment contributes major share in the overall pneumatic tire market due to the large base of already operational cars. Furthermore, the market for replacement tires has been increasing at a considerable rate owing to advancements in the tire types such as radial tires.
The scope of the pneumatic tire market is currently promising in Asia-Pacific, and European regions. These regions generated a notable revenue in the year 2014, owing to the increased sales of replacement tires. However, market in the LAMEA region is expected to be the fastest growing market by 2020. The growth would primarily be driven by the growing automobile manufacturing, technology advancements and increased purchasing power due to increasing disposable incomes.
With the advancements in technology, the leading market players are developing high quality and efficient pneumatic tires to cater to the increasing demands of the automotive industry. Several companies have consistently introduced newer products to enhance their product portfolio. The leading players in the market have adopted the strategy of acquisition to increase their market potential and expand their geographic presence.