Global Pneumatic Tires Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

Global Pneumatic Tires Market Introduction: 

“The global Pneumatic Tires market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global pneumatic tires market report has been segmented on the basis of product type, sales channel, vehicle type, and region.

Pneumatic tires are rubber tires filled with compressed air. Raw materials used in the manufacturing of pneumatic tires are elastomers, reinforcing fillers, plasticizers, metal reinforcements, and textile reinforcements.

Global Pneumatic Tires Market Dynamics: 

Rising production of commercial and passenger automobiles in countries such as China, India, the US, Canada, Indonesia, Germany, and others is a major factor expected to drive revenue growth of the pneumatic tires market over the forecast period.

Furthermore, an increasing number of R&D activities in the development of advanced tires is expected to create an opportunity for manufacturers to grow their revenue share in the global target market.

However, the launch of non-pneumatic tires by various manufacturers is expected to restrain the revenue growth of the target market over the forecast period.

Product Type Insights:

On the basis of product type, the radial segment is expected to account major revenue share in the global pneumatic tires market. Growing demand for radial tires in agricultural vehicles and vehicles used in the industrial application are major factors that are expected to drive revenue growth of this segment over the forecast period.

Vehicle Type Insights:

On the basis of vehicle type, the four-wheelers segment is expected to account for a major revenue share in the target market and is expected to grow at a moderate rate over the forecast period.

Rising demand for passenger vehicles in developing countries is expected to drive revenue growth in this segment. The aircraft segment is expected to grow at a moderate growth rate over the forecast period.

Regional Insights:

Asia Pacific market is expected to account major revenue share in the global pneumatic tires market. Increasing demand for passenger cars owing to the rising population and increasing disposable income of people in the countries in the region is expected to drive revenue growth of the Asia Pacific pneumatic tires market over the forecast period.

Moreover, the presence of a large number of automotive manufacturers in the region is expected to support the revenue growth of the target market in the Asia Pacific. The Asia Pacific accounts for the major revenue share of the global pneumatic tires market, followed by markets in North America, Europe, Middle East & Africa, and Latin America respectively.

The pneumatic tires market in North America is expected to grow at a steady rate over the forecast period. The North American pneumatic tire market is expected to grow at a moderate growth rate over the forecast period.

Rising demand for commercial vehicles in the region is the major factor expected to drive revenue growth of the target market in North America.

Market Segmentation and Key Players Operating in the Global Pneumatic Tires Market:

By Product Type:

• Radial
• Cross-ply

By sales channel:

• OEM
• Aftermarket

By Vehicle Type:

• Two Wheelers
• Four Wheelers
• Aircraft
• Others (agricultural vehicles, industrial vehicles, and off-road vehicles)

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa