Press release
Pneumatic Tire Market Set to Reach $601.46 Billion by 2029 with 8.6% Yearly Growth
Pneumatic Tire Market Share
The pneumatic tire market has grown rapidly in recent years. It will rise from $392.55 billion in 2024 to $433.01 billion in 2025, at a CAGR of 10.3%. The growth is driven by the expansion of the automotive industry, economic conditions, environmental regulations, the rising vehicle fleet, and evolving consumer preferences.
The pneumatic tire market is expected to grow robustly, reaching $601.46 billion by 2029, at a CAGR of 8.6%. Growth is driven by global trade, raw material prices, government initiatives, infrastructure development, and competition among tire manufacturers. Trends include technological innovations, smart tire integration, advances in tire materials, tire design technology, and vehicle-to-tire communication.
What Are the Forces Behind the Rapid Growth of the Pneumatic Tire Market?
The increase in automobile production is anticipated to support the expansion of the pneumatic tire market. Automobile production involves assembling various components to manufacture vehicles, including cars, trucks, and other motorized forms of transportation. Pneumatic tires are a crucial element in modern transportation, as they enable vehicles to traverse different terrains such as asphalt, concrete, gravel, dirt, and sand. For example, in May 2023, the European Automobile Manufacturers' Association (ACEA), a Belgium-based automotive industry organization, reported that global motor vehicle production reached 85.4 million units in 2022, reflecting a 5.7% increase compared to 2021. As a result, the growing automobile production sector is fueling the expansion of the pneumatic tire market.
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Who Are the Dominant Companies Influencing Pneumatic Tire Market Trends?
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
How Is the Pneumatic Tire Market Evolving?
Key players in the pneumatic tire market are launching innovative solutions like pneumatic single-axle drive tires to boost their market presence. These air-filled tires are designed for commercial trucks and other heavy-duty vehicles, optimizing performance for long-haul transportation. For example, in March 2023, The Goodyear Tire & Rubber Company, a US-based tire manufacturer, unveiled the Fuel Max 1AD, a premium single-axle drive tire designed specifically for super-regional trucking applications. It incorporates an advanced tread shape and specialized compounds to maximize durability and mileage. Additional features include a high-density waffle blade, a hybrid Lug-to-Rib tread pattern, and an innovative tread composition, all of which contribute to enhanced performance and longevity.
What Are the Different Segmentations in the Pneumatic Tire Market?
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), After market
Subsegments:
1) By Radial Tires: Passenger Car Radial Tires, Light Truck Radial Tires, Truck And Bus Radial Tires, Motorcycle Radial Tires, Off-The-Road (OTR) Radial Tires
2) By Cross-Ply Tires: Passenger Car Cross-Ply Tires, Light Truck Cross-Ply Tires, Truck And Bus Cross-Ply Tires, Agricultural Cross-Ply Tires, Specialty Cross-Ply Tires
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Which Region Is at the Forefront of the Pneumatic Tire Market?
Asia-Pacific was the largest region in the pneumatic tire market in 2024. 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.
What Is Covered In The Pneumatic Tire Global Market Report?
- Market Size Analysis: Analyze the Pneumatic Tire Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Pneumatic Tire Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Pneumatic Tire Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Pneumatic Tire Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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Key Findings of Pneumatic Tire Market
• The growth of the global pneumatic tire market would be supplemented by the growing automobile sector
• The segment of radial tires accounts for the higher sales in the pneumatic tire market owing to their various advantages over cross ply tires, which include longer durability, improved performance and better mileage
• Asia Pacific is the biggest tire market and would maintain its position over the forecast period.
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