Overview and Scope
Pneumatic tires are rubber tires filled with air under pressure, commonly used in various vehicles such as forklifts, tractors, and cars. They have strong rubber treads and excellent shock absorption, which help stabilize the vehicle and reduce bumps and jolts.
Sizing and Forecast
The pneumatic tire market size has grown rapidly in recent years. It will grow from $355.16 billion in 2023 to $392.55 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to growth of the automotive industry, economic conditions, environmental regulations, rising vehicle fleet, consumer preferences.
The pneumatic tire market size is expected to see strong growth in the next few years. It will grow to $554.95 billion in 2028 at a compound annual growth rate (CAGR) of 9%. The growth in the forecast period can be attributed to globalization of trade, raw material prices, government initiatives, infrastructure development, competition among tire manufacturers. Major trends in the forecast period include technological innovations, smart tires and sensor integration, innovations in tire materials, advancements in tire design and technology, tire connectivity and vehicle-to-tire communication.
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Segmentation & Regional Insights
The pneumatic tire market covered in this report is segmented –
1) By Product Type: Radial Tires, Cross-Ply Tires
2) By Vehicle Type: Two Wheelers, Four Wheelers, Passenger Cars, Aircraft, Other Vehicle Types
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Asia-Pacific was the largest region in the pneumatic tire market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the pneumatic tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing automobile production is expected to propel the growth of the pneumatic tire market going forward. Automobile production refers to the process of assembling components to build automobiles, trucks, and other motor vehicles. Pneumatic tires are used in modern transportation systems as they allow vehicles to travel over various surfaces, including asphalt, concrete, gravel, dirt, and sand. For instance, in May 2023, according to the European Automobile Manufacturers’ Association (ACEA), a Belgium-based automobile industry, 85.4 million motor vehicles were produced globally in 2022, representing a 5.7% increase from 2021. Therefore, increasing automobile production is driving the growth of the pneumatic tire market.
Key Industry Players
Major companies operating in the pneumatic tire market are Sumitomo Rubber Industries Ltd. (SRI), Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, Hankook tire Co. Ltd, Pirelli & C.S., The Yokohama rubber co. Ltd, Trelleborg AB, CST Tires, Apollo tires, Cooper tire & rubber company, MRF Tyres, Camso Solideal, JK tire & Industries Ltd, Nexen Tire Corporation, Nokian Tyres plc, Balkrishna Industries Limited (BKT), Aichi, TVS Rubber, Kumho tire Co, Purcell Tire & Rubber Co, Maxam Tire, Mitas Moto, Millennium Tire, Chaoyang Tires LLC, CM Rubber Technologies, TOKAI Solid Tire
The pneumatic tire market report table of contents includes:
1. Executive Summary
- Pneumatic Tire Market Characteristics
- Pneumatic Tire Market Trends And Strategies
- Pneumatic Tire Market – Macro Economic Scenario
- Global Pneumatic Tire Market Size and Growth
.
- Global Pneumatic Tire Market Competitive Benchmarking
- Global Pneumatic Tire Market Competitive Dashboard
- Key Mergers And Acquisitions In The Pneumatic Tire Market
- Pneumatic Tire Market Future Outlook and Potential Analysis
- Appendix
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