The global pneumatic tire market size is expected to reach USD 503.0 billion by 2030, registering to grow at a CAGR of 4.3% from 2024 to 2030 . Increasing product use in automotive and aerospace sector on account of various advantages such as long shelf life, resistance to cuts, punctures and tears is expected to have a positive impact on the industry over the next seven years
Various factors including changing lifestyle of consumers and rising disposable income have been increasing spending on two and four-wheelers such as SUV’s, passenger and sports cars which in turn is expected to drive product’s need over the next seven years.
Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel growth over the next seven years. After China, India is projected to be the fastest-growing country as the Government has allowed 100% FDI in the automotive sector. This factor is expected to augment product demand over the forecast period.
Pneumatic tire manufacturing requires low technical complexity and high initial infrastructure investment. Technological advancements and ongoing product innovation to increase yield of raw materials and reduce cost of the manufacturing process will create immense potential over the next seven years. However, raw material availability and price volatility coupled with increasing number of substitutes will challenge growth over the next seven years.
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Various factors including changing lifestyle of consumers and rising disposable income have been increasing spending on two and four-wheelers such as SUV’s, passenger and sports cars which in turn is expected to drive product’s need over the next seven years.
Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel growth over the next seven years. After China, India is projected to be the fastest-growing country as the Government has allowed 100% FDI in the automotive sector. This factor is expected to augment product demand over the forecast period.
Pneumatic tire manufacturing requires low technical complexity and high initial infrastructure investment. Technological advancements and ongoing product innovation to increase yield of raw materials and reduce cost of the manufacturing process will create immense potential over the next seven years. However, raw material availability and price volatility coupled with increasing number of substitutes will challenge growth over the next seven years.
Pneumatic Tire Market Report Highlights
- The radial segment dominated the market and accounted for a share of 70.0% in 2023. The increased flexibility and reduced rolling resistance of radial tires result in improved fuel efficiency, making them a preferred choice for both passenger vehicles and commercial trucks.
- The aircraft segment is expected to grow fastest at a CAGR of 6.5% from 2024 to 2030. This rapid growth is driven by the expansion of the global aviation industry, characterized by increasing passenger traffic and the proliferation of low-cost carriers. The demand for new aircraft to accommodate this growth directly translates to a higher demand for high-performance pneumatic tires capable of withstanding extreme conditions and ensuring safety during takeoff, landing, and taxiing.
- The replacement segment dominated the market in 2023. The growing number of vehicles on the road globally and the increasing awareness among consumers regarding the importance of tire maintenance for safety and performance have significantly contributed to the segment's revenue.
- The North American pneumatic tire market witnessed significant growth in 2023. This growth is driven by several factors, including a surge in commercial vehicle production, continuous technological advancements within the industry, and strategic collaborations and partnerships forged by market participants to solidify their competitive edge.
The leading players in the Pneumatic Tire market include:
- MICHELIN.
- Continental AG
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company;
- Hankook Tire & Technology.
- THE YOKOHAMA RUBBER CO., LTD.
- KUMHO TIRE CO., INC.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Global Pneumatic Tire Market Variables, Trends, & Scope
Chapter 4. Global Pneumatic Tire Market: Product Estimates & Trend Analysis
Chapter 5. Global Pneumatic Tire Market: Vehicle Estimates & Trend Analysis
Chapter 6. Global Pneumatic Tire Market: Sales Estimates & Trend Analysis
Chapter 7. Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
Companies Mentioned
The leading players in the Pneumatic Tire market include:- MICHELIN.
- Continental AG
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company;
- Hankook Tire & Technology.
- THE YOKOHAMA RUBBER CO., LTD.
- KUMHO TIRE CO., INC.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | September 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 353.6 Billion |
| Forecasted Market Value ( USD | $ 503 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
