Pneumatic Tire Market Size and Share, Trends and Growth to 2022: Hexa Reports

Hexa Reports

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Pneumatic Tire Market Share, Size, Trends and Growth, By

Product Analysis, Application and Segment Forecasts To

2022

The global pneumatic tire market is expected to reach USD 334.5 billion by 2022, according to a new

report by Grand View Research, Inc. Increasing product use in automotive and aerospace sector on

account of various advantages such as long shelf life, resistance to cuts, punctures and tears is expected

to have a positive impact on the industry over the next seven years.

Various factors including changing lifestyle of consumers and rising disposable income have been

increasing spending on two and four-wheelers such as SUV’s, passenger and sports cars which in turn is

expected to drive product’s need over the next seven years.

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Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel

growth over the next seven years. After China, India is projected to be the fastest-growing country as

the Government has allowed 100% FDI in the automotive sector. This factor is expected to augment

product demand over the forecast period.

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Pneumatic tire manufacturing requires low technical complexity and high initial infrastructure

investment. Technological advancements and ongoing product innovation to increase yield of raw

materials and reduce cost of the manufacturing process will create immense potential over the next

seven years. However, raw material availability and price volatility coupled with increasing number of

substitutes will challenge growth over the next seven years.

Further key findings from the report suggest:

Replacement sales dominated the industry with revenue estimated over USD 140.00 billion in 2014. The

product is susceptible to changing temperature that results in high...