Pneumatic Tires Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3975
Pneumatic Tires Market size would portray a rising trend in its growth from 2019 to 2025 due to increasing vehicle production in the Asia Pacific region. Global motor vehicle production in 2018 accounted for more than 95 million units. Out of this, major Asia Pacific countries like China, India, Japan, South Korea, Thailand, etc. accounted for more than 50% of this production. Rising vehicle production in China is the major growth driver as it solely accounted for approximately 30% of the motor vehicle produced in 2018. This high production trend was followed by Japan and India. Major factors behind such development are growing population, improving per capita income, urbanization, cost-effective production factors, etc. Increasing vehicle production will in turn propel the demand for pneumatic tires in the coming years.
Rising production of commercial vehicles would be another growth enabler in the pneumatic tires market due to developments in the aerospace industry. The active global commercial fleet was estimated to be around 26,000 aircrafts in 2018 which is likely to increase to about 37,000 in the next ten years. Demand for defense aircrafts has also been increasing at a fast rate owing to increasing investment by governments of developed and developing countries in their defense sectors. Such rising trends would increase the demand for pneumatic tires in the forecast timeframe.
The pneumatic tires market is categorized based on product type, application and region. The two types of pneumatic tires are radial and bias type. Radial segment is likely to occupy a significant share in the market owing to its diverse qualities like excellent traction, flexible side walls, and is suitable for high mileage applications. Its offers low rolling resistance which helps the customers to save energy. Such features make it suitable for applications in commercial vehicles like buses, trucks, other public transport, and light & heavy-duty vehicles. Bias segment is likely to gain by a significant growth rate in the coming years due to its extensive usage in heavy commercial vehicles as it has a superior damage resistance.
The various applications in the pneumatic tires market are passenger cars, motorcycles & bicycles, light commercial vehicles and heavy commercial vehicles. The motorcycle & bicycle segment is likely to portray a significant growth rate in the coming years due to rise in its production. The global two-wheeler sales reached more than 60 million units in 2018 which grew by 1.8% as compared to last year. This production trend was majorly driven by the Indian market. The motorcycle production in India has increased from 11 million units in 2010 to more than 20 million units in 2017-18. Such rising production would propel the demand for pneumatic tires in this segment.
North America holds a substantial share in the pneumatic tires market owing to rising motor vehicle production in the region. The motor vehicle production in USA reached about 7.7 million units in 2010 which increased to 11.3 million units by 2018. Rising production of commercial vehicles in this region is another reason behind this growth. For instance, total commercial vehicles manufactured in USA accounted to be about 5 million units in 2010 which increased to more than 8 million units by 2018. The rising aircraft manufacturing activities in the U.S. has resulted in propelling the growth in commercial vehicle sector. Rapid innovation in ballistic technology and rising developments in the U.S. defense industry is likely to augment the demand for pneumatic tires in the coming years. For instance, out of the various weapons exported by U.S., major share was occupied by aircrafts followed by armored vehicles. Hence, North America would be a significant regional pneumatic tires market in the future.
Some of the major pneumatic tires market participants are Trelleborg Group, Continental AG, Camso Solideal, Hankook Tire & Technology Co., Ltd. etc.
Pneumatic Tires Market, By Product Type, 2014-2025 (USD Million)
- Radial tyres
- Crossply Tires (Bias Tires)
Pneumatic Tires Market, By Application, 2014-2025 (USD Million)
- Passenger cars
- Motorcycle & bicycle
- Light commercial vehicles
- Heavy commercial vehicles
The above information has been provided for the following regions and countries:
- North America
- South Korea
- Latin America
- South Africa
- Saudi Arabia
- Trelleborg Group
- Continental AG
- Camso Solideal
- Hankook Tire & Technology Co., Ltd.
- Bridgestone Corporation
- Goodyear Tire and Rubber Company
- Sumitomo Rubber Industries
- Toyo Tire Corporation
- Cooper Tire & Rubber Company
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