Tires are engineered structural combinations being the most important components of any modern automobile. Tires with advanced features meet safety criteria and performance expectations of the customer. The demand market for tires is led by the mass manufacture of tires in automobile industry along with their high adoption across industrial vehicles and passenger cars.
Pneumatic tires are made of rubber tires filled with air that is compressed. Other important raw materials can be materials such as steel wire, carbon black, fabric, polyester, nylon, fabric cord and rayon. Significant increase in automobile production globally along with rise in the demand of tires in the replacement market drive the growth momentum of the pneumatic tire market globally.
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The global pneumatic tire market can be classified on the basis of type of sale, vehicle type, product type and geography. Based on product type, pneumatic tires market is segmented into cross-ply tires and radial tires. Based on the type of vehicle, the global pneumatic tires market is segmented into four-wheelers, aircraft, two-wheelers, industrial vehicles and agricultural vehicles, among many others; among these four wheelers tire segment contributes the highest revenue and is expected to remain so throughout the analysis period. Four wheelers are extensively used in industrial vehicles and passenger cars and have high adoption rate in transportation sector, thus offering a fillip to the growth of pneumatic tires industry globally.
The advent of radial tires has transformed the entire market of pneumatic tires as the radial tires segment witness high growth in the global pneumatic tires market. The segment accounted for around 68.8% of the total tire market when measured in terms of value in 2014, growing at a CAGR of 7.2% over the forecast period. Radials pneumatic tires are sometimes constructed with multiple layers of steel belts in the sidewall and tread which facilitates maneuvering across sharp objects which can damage the tires.
There are many report sin the market which offer a comprehensive overview of market dynamics in terms of key drivers and restraints, current market trends and future growth prospects along with market strategies of leading market players. A recent report by Big Market Research titled “World Pneumatic Tire - Market Opportunities and Forecasts, 2014 - 2020”. . As per the report, the global pneumatic tire market is forecast to garner a revenue of $287.5 billion by 2020, growing at 7.0% CAGR over the period of 2015–2020.