SAN FRANCISCO, December 16, 2015 /PRNewswire/ --
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.
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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.
Browse full research report with TOC on "Pneumatic Tire Market Analysis By Sales (OEM, Replacement), By Vehicle (Two-Wheelers, Four-Wheelers, Aircrafts) By Product (Radial, Crossply) And Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/pneumatic-tire-market
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.
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:
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Grand View Research has segmented the global pneumatic tire market on the basis of sales, vehicle, product, and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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