Global Pneumatic Tires Market is valued at approximately USD 329.2 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.0% over the forecast period 2023-2030. Pneumatic Tires are a type of tire which is inflated with air that enhances the tires loading capacity and improves the overall performance of the vehicle. They are most used on cars, trucks, and other vehicles that travel on roads and are also used on aircraft, bicycles, and other types of vehicles. Pneumatic tires are becoming more popular in the automotive industry due to increased performance qualities such as efficiency, traction, and fuel economy. Features such as damping, and deformation are anticipated to propel growth in the transportation sector. With a greater emphasis on safety, there is a rising need for tires that can perform well in a variety of weather situations and give improved grip also Increased government spending on defence aircraft and road infrastructure, as well as increasing R&D investment and activities for new product advancements, would benefit the pneumatic tire industry.
Over the course of the forecast period, the market for pneumatic tires is anticipated to rise due to the expansion of commercial vehicle manufacturing. Due to qualities such as damping and deformation that allow a vehicle to easily move over various environments and terrains, pneumatic tires play a crucial role in the transportation sectors. According to the International Energy Agency (IEA), in 2022, Global sales of electric cars increased by around 60% surpassing 10 million for the first time, as a result, one in every seven passenger cars bought globally in 2022 was an EV. According to IBEF, In December 2022, the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles was 1,557,238 units. For instance, India’s vehicle sector grew by 9.5% year over year to 4.2 million units, making it the fourth largest in the world. Additionally, increasing R&D activities help to create an opportunity for the manufacturers also the global presence of a significant number of automobile fuels that need tire replacement, which reduces fuel efficiency and offers lucrative opportunities. However, the rising trend of retreading tires and changing raw material prices are impeding the market expansion of the Pneumatic Tires market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Pneumatic Tires Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to Increased vehicle sales and production in the region are expected to boost demand for pneumatic tires in the region. Population growth, consumer disposable income growth, and demographic changes are factors driving the growth of the automotive tire market. North America is expected to grow significantly during the forecast period, owing to the high demand for four-wheelers is predicted to give substantial growth prospects, and the presence of important market players, together with increased R&D expenditure for the development of new tires, is expected to boost demand in this area. Technological advancements and improvements, as well as the continuous expansion of the vehicle sector, particularly in the United States, are expected to drive demand over the projection period.
Major market player included in this report are:
Cooper Tire & Rubber Company
The Goodyear Tire & Rubber Company
Hankook Tire & Technology Co. Ltd
The Yokohama Rubber Co. Ltd.
Sumitomo Rubber Industries Ltd
Kumho Tire Co., Inc.
Recent Developments in the Market:
Ø In October 2022, Michelin announced the introduction of the 26X11N14 Tweel UTV tire increasing its Tweel UTV product portfolio to serve to the larger carrying capacities of construction, landscaping and rental vehicles. The tire is 2.8 inches wider, has a speed rating of 100 km/h, and can carry up to 600 kg, providing a better load capacity for UTVs.
Global Pneumatic Tires Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Vehicle Type, Product Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
By Product Type:
Middle East & Africa
Rest of Middle East & Africa