Published on : May 03, 2016
The evolving automotive industry is definitely set to play an important role in the global pneumatic tire market. The pneumatic tire market is expected to rise at a remarkable pace in the coming years due to rising production of vehicles in countries such as Indonesia, Mexico, China, South Korea, Germany, and the U.S. These tires are far more advanced as compared to regular tires as they offer improved traction, fuel efficiency and economy. The global pneumatic tire market is segmented on the basis of sale, type, product, vehicle, and geography. Depending on the sale, this market is segmented is replacement and original equipment manufacturer (OEM). Currently, the replacement segment holds the largest share in the overall market.
Strict Government Regulations Tug Global Pneumatic Tires Market in Opposite Direction
The global pneumatic tires market faces tough restraints such as strict government regulations pertaining to the use and disposal of pneumatic tires. The mandate put forth by the U.S. Centers for Disease Control and Prevention states that disposed tires must be removed from housing properties or living spaces to prevent them from becoming breeding grounds for mosquitoes. This problem has been further complicated as the Environmental Protection Agency (EPA) in the U.S. labeled these tires as municipal solid waste.
Asia Pacific Shows Promise of Good Growth in Overall Market
Geographically, Asia Pacific is leading the global pneumatic tires market due to a high production of vehicles in China. The emerging economies of this region are all expected to contribute towards growth of pneumatic tires market in the region. Furthermore, increasing investments by the government, improving road infrastructure, and changing consumer preference are all adding to the increasing sale of pneumatic tires in Asia Pacific. Furthermore, a strong presence of key players is also expected to boost the sales of pneumatic tires in this market. The other regions in this market are North America, Europe, and Rest of the World. Out of these, North America is poised to witness a remarkable growth rate between 2016 and 2024.