Pneumatic Tire Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions

"The Business Research Company recently released a comprehensive report on the Global Pneumatic Tire Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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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Major Key Players of the Market:

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

Pneumatic Tire Market 2024 Key Insights:

• The pneumatic tire market is expected to grow to $554.95 billion in 2028 at a compound annual growth rate (CAGR) of 9%.
• Increase In Automobile Production Propels Growth In The Pneumatic Tire Market
• Increasing Focus On Introducing Innovative Pneumatic Single-Axle Drive Tires For Heavy-Duty Applications
• Asia-Pacific was the largest region in the pneumatic tire market in 2023

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