The pneumatic tires market is anticipated to grow at a CAGR 6.7% during the forecast period. Pneumatic tires are largely used in the automobile industry owing to enhanced performance features in terms of fuel economy, good traction and efficiency. Moreover, the rapid increase in disposable income of consumers and changing lifestyles are anticipated to drive the growth of the pneumatic tires market during the forecast period. The pneumatic tires market have witnessed significant growth owing to the considerable rise in demand from industrial and agriculture vehicles. However, the increasing adoption of non-pneumatic tire and variation of raw material cost is the factor hampering the growth of the pneumatic market. 

The factor such as rapid economic growth, government proposal, improving road infrastructure and growth in large spending by customers are projecting as major factors of the pneumatic tires industry. However, a stringent policy against the use of pneumatic tires and their disposal are the factor that may hamper the growth of the market in the near future. This tire manufacturing needs low technical complexity and large initial infrastructure investment. The product counterfeit includes airless and semi-pneumatic tires that offer high rolling resistance, less suspension and are filled with polymers. These tries produce heat while driving and rising wheel weight. Therefore, numerous manufacturers recommend the use of pneumatic tires as opposed to its substitutes that leads to the growth of the pneumatics tries industry during the forecast period. 

Pneumatic tires are in large demand in the automotive industry over the forecast period. These tires are rubber tires filled with compressed air that improves the loading capacity of tires and enhances the overall performance of the vehicles. The various raw materials are used in the manufacturing of pneumatic tires such as carbon black, petrochemicals, reinforcing materials, fabric cord and wires, natural rubber, steel wire, and synthetic rubber.  

Segmental Outlook  

The global pneumatic tires market is segmented on the basis of product and vehicle type. Based on the product, the market is segmented into radial and crossply. Based on vehicle type, the market is segmented into two-wheelers, four-wheelers, aircraft, and Other. Four-wheelers segment is expected to hold the significant market share and highest value-generating segment as four-wheelers are increasingly earning acceptance as an effective means of transportation mainly in emerging countries of Africa, Latin America, and Asia. Along with it,the demand for industrial and agriculture vehicles such as forklift, industrial tractors, airport apron vehicles, and heavy load transport vehicles.

Radial will be the largest segment by Product

Based on the product, the market is segmented into radial and crossply. The radial segment is expected to have the largest market share in the pneumatic tires market during the forecast period due to its ability to deliver various benefits. The radial technology has played a vital role in the agriculture industry that has lots of benefits such as resistant to cuts, excellent traction, long tire life, punctures, and tears, enhanced handling and fuel economy & smooth ride and operator comfort. 

Global Pneumatic Tires Market Share by Product, 2018 (%)

Regional Outlook

The global pneumatic tires market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is anticipated to have the largest market share in the pneumatic tires market during the forecast period. Due to significant growth opportunities in automotive outlook in India, Japan and China in the spur of increasing consumer spending that leads with rising R&D investment for the development of new automotive types are witnessing a positive impact on the growth of the pneumatic tires market during the forecast period.In addition, North America is expected to hold a significant growth rate due to the presence ofvarious key players that are investing in the market and the major companies such as General Motor Co., Ford Motors Co, that have been at the forefront of the advancement of technology and innovations is also contributing to regional growth in near future. 

Global Pneumatic Tires Market Growth, by Region 2019-2025

Market Players Outlook

The key players of the pneumatic tires market include Continental AG, Cooper Tire & Rubber Co., Hankook Tire Co. Ltd., Michelin Co., Millennium Tire, The Goodyear Tire and Rubber Co., The Yokohama Rubber Co. Ltd., and TOKAI Solid Tire. These players are continuously introducing new products to expand their product portfolio and capture significant market share. For instance, in June 2019, Continental AG had launched its product that known as radial tire ContiRT20 portfolio for port application. It offers high stability in the lifting and bridge stone involves 8-inch diameter tires that have large application scope in the industrial vehicles.  It developed to meet the exacting demand of vehicles utilized in terminal operations. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global pneumatic tires market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.