Pneumatic Tire Market Analysis 2024-2033: Market Size, Top Segments, Leading Region Forecast | Sumitomo Rubber Industries Ltd. (SRI), Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company

"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.

Market Overview -
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.

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Increase In Automobile Production Propels Growth In The Pneumatic Tire Market
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.

Competitive Landscape -
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

Increasing Focus On Introducing Innovative Pneumatic Single-Axle Drive Tires For Heavy-Duty Applications
Major companies operating in the pneumatic tire market are focused on introducing innovative solutions, such as pneumatic single-axle drive tires, to drive their revenues in the market. Pneumatic single-axle drive tires refer to a type of air-filled tire designed to be used in commercial trucks and other heavy-duty vehicles for long-haul trucking and other heavy-duty applications. For instance, in March 2023, The Goodyear Tire & Rubber Company, a US-based tire manufacturing company, launched the Fuel Max 1AD, a type of pneumatic tire specifically designed as a premium single-axle drive tire for use in super-regional trucking jobs. The tire is built with an innovative tread shape and combines features and compounds meant to deliver extended miles to removal. The new Fuel Max 1AD tire has additional features and advantages such as a high-density waffle blade, a hybrid Lug-to-Rib tread pattern, and an innovative new tread composition.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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