A new report by Allied Market Research titled, "World Pneumatic Tire - Market Opportunities
and Forecasts, 2014-2020," forecasts that the global pneumatic tiremarket would garner revenue of $287.5 billion by 2020, registering a
CAGR of 7.0% during the forecast period of 2015-2020. The market is primarily
driven by the increased production and use of vehicles across the globe. Among
the different types of vehicles, the four wheeler segment generated the highest
revenue in 2014 and is expected to maintain its dominance throughout the
analysis period. Asia-Pacific region is the biggest market followed
by Europe. In terms of growth, the LAMEA region would be the fastest
growing market, registering a CAGR of 8% during 2015-2020.
See related presentation at: http://bit.ly/1T6sUXR
The advent of radial tires has revolutionized the market of
pneumatic tires. Radial tires are now designed and developed with advanced
features to enhance the durability and performance of vehicles. For instance,
Bridgestone developed an advanced technology radial tire, "Revolutionarily
Reinforced Radial", which improves the tire durability by optimizing the
inflation pressure. Radial tires segment accounted for 68.8% of the total tire
market by value in 2014, registering a CAGR of 7.2% during the forecast period.
Increasing demand of radial tires has been observed in the Asian countries such
as China, Japan and India. OEM tires segment is expected to
evolve in near future owing to improving global economy and subsequent rise in
automotive manufacturing. However, the replacement tire segment had generated
around 74.6% of total market revenue in 2014, and would continue to dominate
the market in future. Major factors contributing to the market growth are
growing automotive sector and increased prices of the tires. In addition,
overloading of vehicles, poor road conditions and extreme weather conditions
have considerably boosted the replacement tire market.
Read related blog at: http://blog.alliedmarketresearch.com/pneumatic-tires-find-increased-application-across-construction-equipment-154
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