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The unexpected air loss leads to the puncture of the vehicle, and this leads to loss of control of the vehicle and leading to the accident, causing a significant issue for highway safety. According to the data provided by the National Highway Traffic Safety Administration (NHTSA), there have been forty thousand deaths in the U.S. on an annual basis on road accidents. The tires are accounted for the one percent cause of the road accidental deaths i.e., four hundred deaths annually. There has been a variety of development in the tire to lower the air loss, such as run-flat tire, sealant tires, and airless tires. There have been standards implemented by federal law to have a tire pressure monitoring system (TPMS) in light-duty vehicles in the U.S. to overcome the problem of underinflation.
Key Market Driver -
The rising production of the commercial vehicles is expected to drive the growth of the market
Key Market Restraint -
The puncture failure rate of pneumatic tire is expected to hamper the growth of the market.
The rising production of the commercial vehicle is expected to drive the growth of the pneumatic tire market over the forecast period. The pneumatic tire has an essential function in the transportation industries owing to its characteristics such as damping and deformation that provides a vehicle to readily mobile over all environment and terrains. The puncture failure rate of a pneumatic tire, this factor is expected to restrain the growth of the pneumatic tire market over the forecast period.
The global pneumatic tire market has been segmented into type, vehicle type, and region. By type, the global pneumatic tire market is segmented into the air pneumatic tire and solid pneumatic tire. The air pneumatic tire segment is expected to dominate the market over the forecast period. The air pneumatic tire has the ability to absorb the roughness of terrain by allowing less bumpy, smoother ride with less shaking; these all factors are expected to propel the growth of this segment in the market. The solid pneumatic tire segment is also expected to show good growth in the market over the forecast period. By vehicle type, further, the market has been segmented into passenger cars and commercial vehicles. The commercial vehicle segment is expected to dominate the market over the forecast period owing to the large usage of the pneumatic tire. The pneumatic tire is mostly used on working on uneven terrain.
Some of the major companies that are present in the pneumatic tire market include Continental AG, Bridgestone Corporation, Goodyear Tire and Rubber Company, Michelin, Trelleborg Group, among others.
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Geographically, the Pneumatic Tire market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America is expected to dominate the market over the forecast period. The rising production and sales of commercial vehicles in this region are expected to propel the market’s growth in this region. Asia-Pacific is also expected to show good growth in the Pneumatic Tire market over the forecast period. The rising sale and production of the vehicles in this region are likely to propel the demand for the pneumatic tire in this region. Europe is also expected to show good growth in the Pneumatic Tire market over the forecast period.
By Vehicle Type
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