Radial tires has revolutionized the global pneumatic tires industry
Pneumatic tires are rubber tires filled with compressed air, the other raw materials being carbon black, steel wire, fabric, steel, polyester, nylon, and rayon, fabric cord and wires. The pneumatic tire market is largely driven by a tremendous increase in automobile production globally along with rise in the demand of tires in the replacement market.
The global pneumatic tire market is segmented based on the vehicle type, type of sale, product type and geographical locations. On the basis of type, pneumatic tires market is segmented into radial and cross-ply tires. On the basis of the type of vehicle, the global pneumatic tires market is segmented into two-wheelers, four-wheelers, aircraft, industrial vehicles, agricultural vehicles amongst others. Based on the above type, four wheelers tire segment generates the maximum revenue-generating category. Among four wheelers, pneumatic tires market is gaining prominence in being used in passenger cars, industrial vehicles and their increased adoption in transportation industry.
The advent of radial tires has revolutionized the entire market of pneumatic tires offering high growth momentum to the global pneumatic tires market. The aforementioned segment amount for 68.8% of the total tire market in terms of value in the year 2014, growing at 7.2% CAGR amid the forecast period. Sometimes radials pneumatic tires are constructed with many layers of steel belts in the tread and sidewall which easily repel sharp-cutting objects such as nails and staples. A major German automotive manufacturing company, Continental AG, has recently launched pneumatic radial tire ContiRT20 useful particularly for their larger forklifts. They offer greater resistance to puncture, have increased lateral stability and high retreading potential.
Recently, Allied market Research has published a report titled “World Pneumatic Tire - Market Opportunities and Forecasts, 2014 - 2020”. 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 2015–2020. Key companies profiled in the report are Continental AG, Michelin, Cooper Tire & Rubber Company, The Goodyear Tire and Rubber, Bridgestone Corporation, Company, Hankook Tire Co. Ltd., Sumitomo Rubber, The Yokohama Rubber Co. Ltd., Industries Ltd., and Kumho Tire USA, Inc, amongst others.