The pneumatic tire market was about USD 192.3 billion in 2014. It is anticipated to grow considerably during the forecast period (2015 to 2022). This will arise from the demand for pneumatic tires in automotives companies. Growing vehicular production in Mexico, South Korea, India, Japan, Indonesia, Germany, China, & the U.S. and vehicle aging are the other market drivers.
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Demand for the pneumatic tire market will also rise due to governmental investments, financial growth, infrastructural developments, and private transportation demand. Asia Pacific would also contribute demand. This could happen in view of collaborative undertakings by the vital players & local manufacturers of the region.
Pneumatic tires are utilized owing to better performance in terms of traction, efficiency, and fuel economy. Augmented vehicular sales in Asia Pacific contribute global revenues. Vehicular production in China & India due to their population, rising disposable incomes, and modifying lifestyles should positively impact the pneumatic tire market.
Guidelines for pneumatic tires & their dumping are the market obstacles. Several manufacturers promote these tires over their replacements. This is predicted to drive market sales during 2015 to 2022. The market is split into sales, applications, products, and regions.
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With respect to sales, replacement was the biggest segment in 2014. It occupied more than 70 % shares the same year. Unfavorable road & climatic conditions and vehicular overloading would boost the segment in the coming years. OEM was the second biggest in 2014 and captured over 25 % shares that year.
On the basis of applications, four-wheelers dominated the pneumatic tire market in 2014. They earned over USD 150 billion that year. Four-wheelers have gained prominence due to their efficiency. Aircrafts would expand at over 10 % CAGR in the forecast period. Expanding aerospace industry in the United States is anticipated to assist this segment and the market.
Considering products, radial was the biggest segment in 2014. It generated over USD 130 billion the same year. With regards to regions, Asia Pacific led the worldwide pneumatic tire market in 2014. It accounted for more than 40 % shares that year. North America will experience substantial expansion in the near future.
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