Pneumatic Tire - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Pneumatic Tire Market is accounted for $268.69 billion in 2019 and is expected to reach $535.38 billion by 2027 growing at a CAGR of 9.0% during the forecast period. Some of the key factors propelling the growth of the market are increasing vehicle production, rapid urbanization, and rising disposable income of consumers. However, the growing popularity of retreading tires is the restraining factor for the growth of the market.
Pneumatic tires are rubber tires filled with compressed air that improves the loading capacity of tires and enhance the general performance of the vehicle. A wide variety of raw materials like natural rubber, synthetic rubber, carbon black, and steel wire among others are used in the manufacturing of pneumatic tires.
By vehicle, the four-wheelers segment is expected to grow at a significant market share during the forecast period owing to its growing acceptance as an effective means of transportation in most of the developing economies. Based on geography, Asia Pacific is anticipated to hold considerable market share during the forecast period which is attributed to the increasing consumer spending along with rising R&D investment for the development of new automotive types.
Some of the key players in Pneumatic Tire Market include The Yokohama Rubber Co. Ltd., The Goodyear Tire and Rubber Company, Sumitomo Rubber Industries Ltd., Pirelli & C.S.p.A, Michelin, Kumho Tire Co., Inc., Hankook Tire Co. Ltd., Cooper Tire & Rubber Company, Continental AG, and Bridgestone Corporation.
• Agricultural Vehicles
• Off-Road Vehicles
• Low-Speed Electric Type
• Industrial Vehicles
Product Types Covered:
• Radial Tires
• Cross-ply Tires
Tire Types Covered:
• Solid Pneumatic Tire
• Air Pneumatic Tire
• Multi Utility Type
• All Terrain Type
Sales Channels Covered:
• Direct Channel
• Distribution Channel
• Distribution Centers
Raw Materials Covered:
• Natural Rubber
• Synthetic Rubber
• Carbon Black
• Steel Wire
• Petrochemicals Reinforcing Materials
End Users Covered:
• Replacement Tires
• Original Equipment Manufacturer (OEM)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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