- Worldwide pneumatic tire market size was valued over USD 190.40 billion in 2014 and is anticipated to undergo substantial growth over the coming years. Rising vehicle production in several regions like Japan, China, U.S, Germany and India coupled with ageing of vehicles of the key driver for the industry growth.
Advancements in road infrastructure, fast monetary growth and rising government spending along with rising consumer proclivity towards personal transportation are anticipated to propel demand. Furthermore, Asia Pacific is estimated to boost pneumatic tire demand over the coming years in account of augmenting joint ventures among numerous local manufacturers and vital participants in the region.
For Market Research Report on “Pneumatic tire Market” Visit -http://www.grandviewresearch.com/industry-analysis/pneumatic-tire-market
In 2014, replacement segment contributed for over 70% of the total revenue on account of its augmenting industry mainly in Asia Pacific countries including China and India. Development of several replacement cycles, abundant disruptive technologies and augmenting number of vehicles has been impacting demand patterns in this segment. Additionally, overloading of vehicles, poor road conditions and weather conditions is anticipated to boost replace sector demand over the forecast period.
OEM was the second key segment and contributed of over 25% of the total revenue in 2014.Furthermore, augmenting automotive manufacturing mainly in India and China is anticipated to boost the OEM demand over the coming years.
Four-wheelers were the major application segment, contributing for over USD 150 billion of total revenue in 2014.For-wheelrs are gaining importance as an efficient means of transportation , mainly in emerging countries of Latin America, Asia and Africa.
Worldwide pneumatic tire revenue in aircrafts is anticipated to grow at a CAGR over 10% during 2015 to 2022. Augmenting growth of aerospace in the U.S is estimated to have impact the market positively over the forecast period. Based on product type, radial was the major product segment, contributing for over USD 130 billion revenue in 2014.Radial tires are used worldwide for its ability to bring several advantages that cross ply tires cannot. Few benefits of Radial technology in agricultural industry are excellent traction, resistance to cuts and improved fuel economy and handling.
In 2014, Asia Pacific dominated pneumatic tire market, contributing for over 40% of the total share. Positive outlook in Japan, China and India for rising R&D investment for expansion of new automotives types coupled with rising consumer spending will impact the overall industry.
Information Source: Grand View Research
To request a sample copy of this report, please complete the form below.
To purchase a copy of this report, please contact at
28 2nd Street, Suite 3036
San Francisco, CA 94105
Toll Free: 1-888-202-9519