The pneumatic tires market is anticipated to grow at a CAGR 6.7% during the forecast period. Pneumatic tires are largely used in the automobile industry owing to enhanced performance features in terms of fuel economy, good traction and efficiency. Moreover, the rapid increase in disposable income of consumers and changing lifestyles are anticipated to drive the growth of the pneumatic tires market during the forecast period. The pneumatic tires market have witnessed significant growth owing to the considerable rise in demand from industrial and agriculture vehicles. However, the increasing adoption of non-pneumatic tire and variation of raw material cost is the factor hampering the growth of the pneumatic market.
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The factor such as rapid economic growth, government proposal, improving road infrastructure and growth in large spending by customers are projecting as major factors of the pneumatic tires industry. However, a stringent policy against the use of pneumatic tires and their disposal are the factor that may hamper the growth of the market in the near future. This tire manufacturing needs low technical complexity and large initial infrastructure investment. The product counterfeit includes airless and semi-pneumatic tires that offer high rolling resistance, less suspension and are filled with polymers. These tries produce heat while driving and rising wheel weight. Therefore, numerous manufacturers recommend the use of pneumatic tires as opposed to its substitutes that leads to the growth of the pneumatics tries industry during the forecast period.
Pneumatic tires are in large demand in the automotive industry over the forecast period. These tires are rubber tires filled with compressed air that improves the loading capacity of tires and enhances the overall performance of the vehicles. The various raw materials are used in the manufacturing of pneumatic tires such as carbon black, petrochemicals, reinforcing materials, fabric cord and wires, natural rubber, steel wire, and synthetic rubber.
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Global Pneumatic Tires Market Segmentation
By Product
- Radial
- Crossply
By Vehicle Type
- Two-Wheelers
- Four-Wheelers
- Aircraft
- Other
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of The World
- Latin America
- Middle East & Africa
Company Profiles
- Apollo Tyres, Ltd.
- Continental AG
- Dunlop Tires (A Part of the Goodyear family)
- Hankook Tire America Corp.
- Kumho Tire USA., Inc
- Maxam Tire International, Ltd.
- Millennium Tire
- Mitas (A Part of the Trelleborg group)
- Petlas
- Pirelli &C.S.p.A
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire and Rubber Co.
- The Michelin Group
- The Yokohama Rubber Co. Ltd.
- TOKAI Solid Tire (Mouldmate Co. Ltd.)
- Trelleborg AB
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