Global pneumatic tire market was estimated to be above USD 190.0 billion in 2014 is expected to witness significant growth over the forecast period on account rising demand from automotive industries. Rising and the use of vehicles have fueled the tire market across the globe. In 2014, the four wheeler segment has reported the highest revenue and is expected to dominate the market over the next seven years.
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Increased automobile production and sales in Asia Pacific has led significant growth of pneumatic tire sector. Rapid increase in the automotive production primarily in India and China on account of growing population and increasing disposable income of consumers is expected to have a positive impact on the market over the forecast period. In addition, funds raised by the government are also expected to boost automotive sector in various regions.
Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel growth over the next seven years. Followed by China, India is projected to be the fastest-growing country as the Government of India has allowed 100% FDI in the automotive sector that would significantly boost the sector over the next seven years.
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Pneumatic tires are compressed air rubber tires that enhance the capacity of loading and improve the performance of the vehicle. The product is manufactured from natural and synthetic rubber, carbon black, fabric cord, steel wires and petrochemicals reinforcing materials such as steel, fabric, nylon and rayon. Increase in automobile production and rise in the demand of tires in the replacement market is expected have a positive impact on the industry over the forecast period.
Poor road conditions, overloading of vehicles and weather conditions is expected to boost the replacement sector over the next seven years. The product is susceptible to changing temperature that results in tire’s internal pressure. However, fluctuating raw material prices and growing trend of retreading tires are expected to challenge industry growth over the forecast period.
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The pneumatic tire sector is segmented into type of sales, vehicle type and product. On the basis of the product the industry is categorized as radial and cross-ply wherein radial holds above 65% of the total share. Various advantages of the radial type including high performance, longer durability and better mileage are expected to augment demand over the forecast period.
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