The market for passenger car tires has evolved almost as quickly as the growth of passenger vehicles segment in automobile industry. Tires are highly structured engineered ring-shape vehicle component that is designed to cover the wheel rim of vehicles. These are designed to provide vehicle control and good maneuvering, traction and retreading criteria, in order to meet safety issues and performance expectations of the users.
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Over the years, major shift toward radialisation in the truck and bus segment, as opined by industry experts. Radial tires are being predominantly used in passenger vehicle, heavy commercial vehicle and light commercial vehicle. A radial tire, as opposed to bias ply tires, consists of transverse radial plies aligned perpendicularly to the direction of travel which ensures less heat buildup and high tire wall flexibility resulting in softer ride for passengers. Technology experts and market analysts have hailed radial tires as one of the “most important innovations in tire technology”, with these tires gaining prominence in emerging economies including China and Japan.
Radial tires ensures lower fuel consumption, less ground compaction and damage, enhanced traction along with reduction in tire replacement since these have longer service lives. Many prominent tire manufacturers such as JK Tyre and Continental AG have pioneered the application of radial tires technology in passenger car segment.
There are many reports and studies conducted by market analysts which tracks the industry dynamics and business profile of key market players of global passenger car tires industry. Recently, Big Market Research has added a report titled “Global Passenger Car Tires Industry 2015 Market Research Report, which offers an in-depth insight into the current and future market trends, detailed segmentation and forecast, recent technological innovations along with dominant strategies adopted by major manufacturers to gain a foothold in the market.