Pneumatic Tires Market deals with developing and manufacture of the tires. Pneumatic tires are inflatable tires with metal hub. The tires are made of reinforced rubber and filled with compressed air to a desirable pressure to achieve the appropriate load, shock absorbing and deflection characteristics.
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.
Most of the vehicles today use pneumatic tires as they provide unparalleled cushioning ability and provides resistance against cutting and abrasion. Based on product type Pneumatic tires Market is segmented into radial tires, cross-ply tires. The pneumatic tires lend themselves well to applications that require both off-road an on pavement operation. Pneumatic tires are also quiet in use because of the soft rubber tread and shock absorbing ability.
Scope & Regional Forecast of the Pneumatic Tires Market
Pneumatic Tires Market has high demand in the automotive industry. Due to significant increase in the automobile industry there is a subsequent rise in the demand of tires in replacement market. Based on vehicle type the market is segmented into two wheeler, four wheeler, aircrafts and others. Presently, four wheeler is the highest revenue generating category and expected to maintain its dominant position during the forecast period.
Owing to the sizeable automotive production and demand in India and China Asia, Pacific dominates the global Pneumatic Tires Market. 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. North America is anticipated to witness significant rise due to strong demand for four wheeled vehicles. This trend is likely to continue during the forecast period.
The tire pressure has to be monitored because the pneumatic tires are easy to puncture resulting in flat tires. Substitutes such as semi- and airless pneumatic tires that are filled with compressed polymers and provide less suspension and high rolling resistance. The increased maintenance, growing trend of retreading tires and fluctuating raw material prices are factors hindering the growth of the Pneumatic Tires Market. However, 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.
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Segmentations & Key Players Involved in the Pneumatic Tires Market
The Pneumatic Tires Market can be broken down into various segmentations on the basis of –
- Type of Sales : Replacement tires, OEM
- Vehicle Type : Two Wheelers, Four Wheelers, Commercial Vehicles (Trucks, Buses), Aircraft, Others (Industrial Vehicles, Agricultural Vehicles and Off-Road Vehicles)
- Product Type : Radial Tires, Cross-ply Tires
- Geographical Location: North America, Europe and Asia
Some of the key players involved in the Pneumatic Tires Market are as follows:
- Continental AG
- Bridgestone Corporation
- Cooper Tire & Rubber Company
- The Goodyear Tire and Rubber Company
- Hankook Tire Co. Ltd.
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