San
Francisco, Nov 27 The global pneumatic
tire market is expected to reach USD 334.5 billion by 2022,
according to a new report by Grand View Research, Inc. Increasing product use
in automotive and aerospace sector on account of various advantages such as
long shelf life, resistance to cuts, punctures and tears is expected to have a
positive impact on the industry over the next seven years
Various factors
including changing lifestyle of consumers and rising disposable income have
been increasing spending on two and four-wheelers such as SUV’s, passenger and
sports cars which in turn is expected to drive product’s need over the next
seven years.
Increasing automotive
sales in developing countries, India, China, and Indonesia is expected to
propel growth over the next seven years. After China, India is projected to be
the fastest-growing country as the Government has allowed 100% FDI in the
automotive sector. This factor is expected to augment product demand over the
forecast period.
Pneumatic tire
manufacturing requires low technical complexity and high initial infrastructure
investment. Technological advancements and ongoing product innovation to
increase yield of raw materials and reduce cost of the manufacturing process
will create immense potential over the next seven years. However, raw material
availability and price volatility coupled with increasing number of substitutes
will challenge growth over the next seven years.
Browse full research report on Pneumatic
Tire Market: www.grandviewresearch.com/industry-analysis/pneumatic-tire-market
Further key
findings from the report suggest:
- Replacement sales dominated the
industry with revenue estimated over USD 140.00 billion in 2014. The
product is susceptible to changing temperature that results in high internal
pressure. Poor road conditions, overloading of vehicles and weather
conditions is expected to augment the replacement sector over the next
seven years
- Aircrafts is expected to be the
fastest growing vehicle segment in terms of revenue at a CAGR of over 10.0%
from 2014 to 2022. The AS50141B standard establishes requirements for
manufacturing, testing, identification, packaging, and quality of tubes
for application in commercial and military aircraft wheel assemblies.
Growth of the aerospace sector particularly in U.S. is expected to have a
positive impact on the industry over the next seven years.
- Radial was the largest segment and
was valued over USD 130.00 billion in 2014. on account of its superior
characteristics including flexible side wall and strength. Numerous car
manufacturers prefer using radial tires on account of its superior
characteristics including longer tread life, better steering control, and
lower rolling resistance. Growth of the two-wheeler sector is expected to
propel product demand over the forecast period.
- Asia Pacific was the largest
segment estimated over USD 75.00 billion in 2014. Growing automotive
production in Asia Pacific region, mainly in China, Indonesia, Japan,
Malaysia and Taiwan, is expected to propel demand for in automotive
sector. In 2013, the total vehicle production in China was 15 million
units. This is expected to have a positive impact on the market over the
next seven years.
- The global pneumatic tire industry
is characterized by integration through raw material supply, manufacturing
stages and distribution channels. Companies such as Michelin, The Goodyear
Tire and Rubber Company, Cooper Tire & Rubber Company, Bridgestone
Corporation, and The Yokohama Rubber Co. Ltd. are engaged in manufacturing
of raw materials, product manufacturing and distribution to various
automobile manufacturers
- In September 2015, Hankook Tire
introduced the innovative 360-degree rotating “Ball pin tire.” To help the
Ball Pin Tire achieve full potential, the company installed an advanced
gyroscope and a three omni-wheel system to the vehicle.
Browse more reports of this category by
Grand View Research: www.grandviewresearch.com/industry/automotive-and-transportation
Grand View Research has
segmented the global pneumatic tire market on the basis of sales, vehicle,
product, and region:
Pneumatic Tire Sales
Outlook (Revenue, USD Billion, 2012 - 2022)
- OEM
- Replacement
Pneumatic Tire Vehicle
Outlook (Revenue, USD Billion, 2012 - 2022)
- Two-wheelers
- Four-wheelers
- Aircrafts
- Others
Pneumatic Tire Product
Outlook (Revenue, USD Billion, 2012 - 2022)
- Radial
- Crossply
Pneumatic Tire Regional
Outlook (Revenue, USD Billion, 2012 - 2022)
- North America
- Europe
- Asia Pacific
Browse press release of this report by
Grand View Research: www.grandviewresearch.com/industry-analysis/pneumatic-tire-market
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For
more information: www.grandviewresearch.com
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