According to Radiant Insights, a market research company, the Global Passenger Vehicle Replacement tire market is expected to have significant annual growth in the next few years.

Passenger vehicle low resistance replacement tires enable significant opportunities to minimize air pollution and carbon dioxide thus saving consumer's fuel and money. Fuel efficient tires are feasible and common for new vehicles. Tires deform during rotation resulting out of rolling resistance. The part of tire that is deformed gets compressed and bends and certain amount of energy is needed to restore the tire's shape again. Therefore, a significant amount of energy is needed to overcome the viscosity of rubber. Currently, major manufacturers deploy one or two more tires based on fuel economy indicating consumer's consistent interest in fuel efficient tires.

Commercial driving factors responsible for the growth of passenger vehicle replacement tire market include rising concerns for advanced vehicles for passengers. Also, environment concerns add to the market growth. Moreover, air quality enhancements and lessening of greenhouse emission is an important feature to manufacture tires for passenger cars. Based on segmentation by type, the passenger vehicle replacement tire market includes OEMs and Aftermarket. OEMs segment dominate the market growth in the estimated period owing to rise in sales of passenger cars and increasing popularity of high-performance tires.

Based on segmentation by season, the passenger vehicle replacement tire market includes summer, winter, studded and non-studded. Based on segmentation by retreading process, the passenger vehicle replacement tires market includes mold cure and pre-cure. Based on segmentation by material, the passenger vehicle replacement tire market includes fillers, polymers, softeners and curatives.

Geographically, the passenger vehicle replacement tire market spans North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa. APAC market dominates the global market scenario owing to rise in rubber manufacturing units and import business. North America and Europe market is also anticipated to grow at a significant CAGR in the estimated period and is also expected to grow positively in the near future. MEA regions are also expected to grow positively in the near future owing to demand for passenger vehicle and passenger vehicle tires.

The 2016 Global Passenger Vehicle Replacement Tire Market Report is available through Radiant Insights' website.

Tagged: radiant insight

What will drive growth in the global passenger vehicle tire market?