Pneumatic tires exhibit increased application across construction equipment market
Tires play a crucial roles in performance of any vehicle, be it two wheelers or four wheelers, passenger cars or industrial vehicles. The market for tires is driven by significant rise in automobile production and a surging demand of tires to be used in the replacement market throughout the world. The historical evolution of pneumatic tires began in Great Britain during the late 1800s following an upgrade from solid rubber tires.
Pneumatic tires are essentially rubber tires (made of natural rubber, synthetic rubber) filled with compressed air, other useful components being carbon black, steel wire, petrochemicals reinforcing materials, fabric cord and wires. These are ingeniously joined to offer excellent support of load, transfer of power, shock absorption and maintenance of vehicle direction in a wide variety of operating conditions. Based on type, pneumatic tires market are majorly segmented into radial and cross-ply tires, with radial tires segment contributing about 68% of the total market share in terms of value.. Cross-ply tires were the market leader in the pneumatic tires industry when segmented on the basis of product type since these are cost-effective and were therefore in large demand in industrial vehicle to be used for construction equipment. However, radial tires market is gaining prominence, since they give less resistance to sharp objects thus being high wear-resistant. Another construction and manufacturing equipment where pneumatic tires are in high demand are forklifts. They are most useful in outdoors application such as for gravel or in yard work due to being longer and wider in dimension than other types of tires such as cushion tires.
Many global tire manufacturers are taking advantage of opportunities for the immense growth in radial tires segment in pneumatic tires market. The Bridgestone Corporation, a multinational auto and truck parts manufacturer, based in Japan, has developed an innovative technology in radial tire, called “Revolutionarily Reinforced Radial”, in which the inflation pressure can be optimized improving the tire durability. Another Ohio-based Crown Equipment Corp. has introduced a new C-5 series pneumatic model of tire forklift equipped with pneumatic tires as standard features.
A recent report published by Allied market Research titled “World Pneumatic Tire - Market Opportunities and Forecasts, 2014 - 2020”, offers a comprehensive insight into the key drivers and restraints, current market dynamics, market strategy of key manufacturers and vendors along with detailed forecast and segmentation with a focus on key developmental regions. As mentioned in the report, the global pneumatic tire market is expected to contribute a revenue of $287.5 billion by the end of 2020, growing at a CAGR of 7.0% amid the period of 2015–2020The market is segmented on the basis of type of sale, vehicle type, product type and geographical locations. On the basis of the type of sale, the pneumatic tires market is further segmented into OEM (original equipment manufacturer) and replacement with the latter segment accounting for the maximum revenue share in the global pneumatic tire market. Furthermore, Asia-Pacific would witness the maximum growth for pneumatic tires market owing to increased automobile production.
Research Analyst at Allied Market Research
Ranjan has over 4 years of experience in market research and consulting across multiple domains which include technology, FMCG and durable consumer goods, heavy machinery, and automotive. He has hands on expertise in predictive and exploratory research projects for studying regional and global demand potential, market estimation & forecast, perceptions; analyzing macro and micro markets in terms of key gaps and opportunities. Ranjan is part of multiple consulting as well as syndicated report assignments and is actively involved in all the stages of project completion from planning, execution to delivery as per clients satisfaction.
Connected Car garnering popularity globally
Favorable government regulations and technology upgrade in ADAS is driving the market