Global Pneumatic Tire Market: Increasing Production of Vehicles in North America to Create Significant Sales Opportunities, states Fortune Business Insights™
The global pneumatic tire market size is expected to witness substantial growth owing to increasing demand for commercial vehicles and its extensive adoption for outdoor application during the forecast period. Fortune Business Insights, publish this information in its latest report, titled “Pneumatic Tire Market Size, Share & Industry Analysis, By Type (Air Pneumatics, Solid Pneumatics), By Vehicle Type (Passenger Cars, Commercial Vehicles) Others and Regional Forecast, 2019-2026.”
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Tires have been an integral part of automotive industry. Optimal condition of the tires enables complete safety of the passengers in a vehicle. According to a data published by the National Highway Traffic Safety Administration (NHTSA), faulty tires account for 1% of the total road accidents. Therefore, it is important for the tires to be in condition to tread across several road conditions.
A pneumatic tire is the best bet for handling sturdy conditions. Additionally, it is similar to regular vehicles tires. Furthermore, there are two types of pneumatic tires, air pneumatic tires and solid pneumatics tires. Air pneumatic tires contains air in it, while solid pneumatic tires are made up of rubber and provide extra protection from puncture.
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market until 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Adoption for Outdoor Applications to Aid Growth
Solid pneumatic tires are puncture resistant and have the ability to soak pressure from unevenness of several different terrains. In addition to this, they have a thicker thread that allows the vehicle to have a smooth ride along with less bumps and shakes, while driving through uneven surface. Furthermore, these tires provide traction to drive over loose gravels. The several benefits of solid pneumatic tires make them the best choice for outdoor applications involving transportation activities among large industries. The increasing demand for such tires owing to their rugged nature across several industries is likely to boost the demand for the market in the forthcoming years.
Increasing Production of Commercial Vehicles to Boost Demand
As per the demographics, the market comprises of several regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Among the regions, North America is expected to remain at the forefront and gain maximum pneumatic tires market revenue in the forthcoming years. This is attributable to factors such as high production of commercial vehicles along with increasing sales of vehicles across the region. Asia-Pacific, on the other hand, is anticipated to rise owing to growing demand for commercial vehicle during the forecast period. The market in Europe will rise substantially during the projected horizon. This is attributable to factors such as innovation in product by the manufacturers and rising sales of vehicles between 2019 and 2026.
Vredestein Launching New Product Line to Bolster Growth
In April 2020, Vredestein, a leading tire manufacturer, announced its launch of new all-season tire, the Vredestein Hypertrac, for the market in North America. According to the company, the tire is available in 38 sizes and can weather almost any type of road conditions. Additionally, the Company has promised to introduce a new product in every three months in the market to consolidate its position in North America. Abhishek Bisht, Global Head of the Company, says, “Vehicle owners today are ready to pay premium for versatile performance and look for efficient tires that can perform under wide range of road surface in spite of different climatic conditions.” Product launches, expansion of offerings to cater to the increasing demand of the consumers, and collaborations, among others by the companies to maintain market presence and gain major market share will positively affect the market growth during the forecast period.
- December 2019: Bridgestone Corporation, a leading tire and rubber company, announced its new sensor technology for autonomous vehicle segment. The new sensor, Smart Strain, is capable of recording information involving the wear and tear of the tire and load bearing ability at minimum speed too. Furthermore, it uses next generation internet of things (IoT) technology to provide real-time data to the driver.
List of the Companies Operating in the Market:
- Continental AG
- Bridgestone Corporation
- Goodyear Tire and Rubber Company
- Trelleborg Group
- Among others
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