Pneumatic Tire Market – Global Industry Analysis and Forecasts 2023-2029

Pneumatic Tire Market was valued at US$ 347.96 Bn. in 2022. The Iron Oxide Market size is expected to grow at a CAGR of 9% during the forecast period (2023 – 2029).

Pneumatic Tire Market Overview:

The pneumatic tire market is anticipated to grow due to an increase in automobile production and a rise in the demand for tires in the replacement market. In the transportation industry, features like damping and deformation are expected to drive the growth. In addition to this, the growing trend of retreading tires and fluctuating raw materials is hindering the market’s growth. It is segmented based on the type of sale, vehicle type, and product type. Based on the type of sale, the market is further divided into OEM and exchange. Tires are generally categorized as radial tires and cross-ply tires. Based on the vehicle type, the market is fragmented into two-wheeled vehicles, four-wheeled vehicles, airplanes, etc. In countries like China, India, Germany, the US, Canada, and others, the rising production of commercial and passenger automobile boost the market’s growth, and an increasing number of R&D activity helps to create an opportunity for the manufacturers to increase the revenue. The report investigates the pneumatic tire market’s drivers, limitations, opportunities, and barriers. This explores the different segment which is collected through different regions.Pneumatic Tire MarketTo know about the Research Methodology :- Request Free Sample Report

Pneumatic Tire Market Dynamics:

Increased product applications in the aftermarket and the rapid increase in demand for upgraded and cost-effective products drive the market outlook during the forecast period. Increased government spending on improving defense aircraft and road infrastructure, as well as new R&D investments and activities to innovate new products, is expected to support the forecast of the pneumatic tire market. The reduction in tire weight acts as a key driver in the pneumatic tire market. Significant advancements in the tire business have resulted in a significant reduction in tire weight. The reduction in tire weight is due to the use of low-weigh tight raw materials such as synthetic rubbers and reinforced fibers. Another factor is the shock damping capabilities, which in the uncertain and uneven terrain improves the vehicle comfort. Due to the heating capacity of airless and semi-airless tires with compressed polymers available in the market, pneumatic tires continue to be the most popular and dominate the tire market’s growth. Governments across the globe are pressuring automakers to improve their vehicle’s fuel efficiency by enacting tough standards and legislation. Vehicle emission and air pollution standards and rules are pushing demand for cost-effective components which are propelling advancements in the field of automotive pneumatic tires. The vehicle tire has a direct impact on the mileage and performance of the vehicle. As a result, some automakers, including Audi, Nissan, Volvo, and BMW, recommend that a vehicle tire be replaced every 6 years. The global presence of a significant number of automobile fuels that need tire replacement, which reduces fuel efficiency and offers lucrative opportunities to the global automotive pneumatic tire market. The airless semi-pneumatic tires, due to their high resistance and less suspension that are filled with compressed polymers, produce high heat while driving and increase the weight of the wheel, so the pneumatic tires are used as substitutes which are anticipated to provide an opportunity for increasing the growth of the industry during the forecast period. An airless tire, as the name suggests, does not need to be inflated. In a joint venture, Michelin and General Motors have developed airless technology for passenger vehicles, which is planned to be released in early 2024. Chevrolet’s Bolt EV is expected to receive this technology on a trial basis. The threat of airless tires is posing a challenge to the vehicle pneumatic tires industry. The government’s regulation of governing and disposing of the tire are major challenges in the industry.

Pneumatic Tire Market Segment Analysis:

Based on Product Type, the pneumatic tire market is categorized into radial and cross ply-tires. The radial holds 68% of the market share. The radial tires are anticipated to dominate the market because it has many advantages in the agriculture industry, including long tire life, excellent handling, fuel efficiency, excellent traction, and smooth and comfortable ride. They are resistant to scratches, punctures, and cracks, provide optimal handling on wet roads and offer a competitive advantage over other tire types. Due to these characteristics, retires are expected to occupy most of the market share in the global market and show healthy growth rates throughout the forecast period.Pneumatic Tire MarketBased on the type of sale, the pneumatic tire market is segmented into replacement and OEM (original equipment manufacturer). The replacement is the largest segment, with growing industries in the Asia Pacific, including India and China, accounting for 61% of global sales in 2022. The emergence of numerous disruptive technologies, replacement cycles, and increasing vehicle numbers are impacting demand patterns in this sector. In addition, poor road conditions, vehicle overload, and weather conditions are expected to increase demand from the replacement sector. OEM is the second-largest segment, accounting for more than 25% in 2022. Original equipment tires are supplied to the automobile manufacturer's assembly plant and used in automobiles when rolling on the assembly line. Increased car production, especially in China and India, is expected to boost the product demand over the forecast year. Based on the vehicle type, the market is segmented into two-wheelers, four-wheelers, aircraft, and others (industrial and agricultural vehicles). The four-wheelers tire segment held the largest market share in 2022. Four-wheelers are becoming a more popular means of transportation in Asia, Africa, and Latin America. In terms of revenue, the global four-wheeler market focused on the Asia Pacific, which accounted for 65% of the total. Growing demand for four-wheelers in Europe is expected to drive product growth. Motorcycles and bicycles are anticipated to have a significant share of the product application in the coming years. Increasing demand for motorcycles in developing countries leads to an increase in production, and the supply of the product is driving the growth of the industry during the forecast period. The global aircraft pneumatic tire revenue is expected to expand at a CAGR of 10%. Composite materials are used in production for aeronautical applications.

Pneumatic Tire market Regional Insights:

Geographically, the pneumatic tire market is divided into North America, Europe, the Asia Pacific, MEA, and South America. North America is expected to dominate the market over the forecast period. Increased production and sales of commercial vehicles in the region are expected to drive market growth in this region. Strong demand for four-wheeled vehicles and the presence of key market players combined with increased R&D investment is expected to boost the demand in this region. The Asia Pacific region is also anticipated to witness good growth in the pneumatic tire market during the forecast period. 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. Europe is also expected to show good growth in the pneumatic tire market over the forecast period. The objective of the report is to present a comprehensive analysis of the global to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers. The reports also help in understanding the Pneumatic Tire Market dynamic and structure by analyzing the market segments and projecting the Pneumatic Tire Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Pneumatic Tire Market make the report investor’s guide.

Pneumatic Tire Market Scope: Inquiry Before Buying

Pneumatic Tire Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US$ 347.96 Bn.
Forecast Period 2023 to 2029 CAGR: 9% Market Size in 2029: US$ 636.08 Bn.
Segments Covered: by Vehicle Type • Two-wheelers • four-wheelers • aircrafts • others (industrial and agricultural vehicles).
by Type of Sale • replacement • OEM (original equipment manufacturer).
by Product Type • Radial • Cross-Ply

Pneumatic Tire Market, by Region

• North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)

Pneumatic Tire Market, Key Players are:

Michelin • The Goodyear tire & rubber company • Continental AG • Bridgestone Corporation • Trelleborg AB • Cooper tire & rubber company • Hankook tire Co. Ltd • Sumitomo rubber industries Ltd • Pirelli & C.S. • The Yokohama rubber co. Ltd • Kumho tire Co. • Apollo tires • JK tire & Industries Ltd • Nokian Tyres plc. Frequently asked questions 1. How much growth will the Pneumatic Tire market share attain during the forecast spell? Ans. The Pneumatic Tire market size is expected to grow 9% over the forecast period. 2. How much valuation will the Pneumatic Tire market register in the year 2029? Ans. The Pneumatic Tire market is anticipated to record a valuation of $636.08 Billion. 3. What is the forecast period for Pneumatic Tire Market? Ans. The forecast period for the Pneumatic Tire Market is 2023- 2029. 4. Who are the key players in Pneumatic Tire Market? Ans. Michelin, Continental AG, Bridgestone Corporation, Apollo tires, Trelleborg AB, etc 5. Which region is expected to hold the highest share in Pneumatic Tire Market? Ans. North America held the largest market share in Pneumatic Tire Market.
1. Global Pneumatic Tire Market Size: Research Methodology 2. Global Pneumatic Tire Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Pneumatic Tire Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Pneumatic Tire Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Pneumatic Tire Market Size Segmentation 4.1. Global Pneumatic Tire Market Size, by product type (2023-2029) • Radial • Cross-ply 4.2. Global Pneumatic Tire Market Size, by Vehicle Type (2023-2029) • two-wheelers • four-wheelers • aircraft • others (industrial and agricultural vehicles). 4.3. Global Pneumatic Tire Market Size, by type of sale (2023-2029) • replacement • OEM (original equipment manufacturer). 5. North America Pneumatic Tire Market (2023-2029) 5.1. Global Pneumatic Tire Market Size, by product type (2023-2029) • Radial • Cross-ply 5.2. Global Pneumatic Tire Market Size, by Vehicle Type (2023-2029) • two-wheelers • four-wheelers • aircraft • others (industrial and agricultural vehicle). 5.3. Global Pneumatic Tire Market Size, by type of sale (2023-2029) • replacement • OEM (original equipment manufacturer). 5.4. North America Pneumatic Tire Market, by Country (2023-2029) • The United States • Canada • Mexico 6. European Pneumatic Tire Market (2023-2029) 6.1. European Pneumatic Tire Market, by product type (2023-2029) • Radial • Cross-ply 6.2. European Pneumatic Tire Market, by vehicle type (2023-2029) • two-wheelers • four-wheelers • aircraft • others (industrial and agricultural vehicles). 6.3. European Pneumatic Tire Market, by type of Sale (2023-2029) • replacement • OEM (original equipment manufacturer) 6.4. European Pneumatic Tire Market, by Country (2023-2029) • The UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Pneumatic Tire Market (2023-2029) 7.1. Asia Pacific Pneumatic Tire Market, by Segment 1(2023-2029) 7.2. Asia Pacific Pneumatic Tire Market, by Segment 2 (2023-2029) 7.3. Asia Pacific Pneumatic Tire Market, by Segment 3 (2023-2029) 7.4. Asia Pacific Pneumatic Tire Market, by Country (2023-2029) • China • India • Japan • South Korea • Australia • ASIAN • Rest Of APAC 8. The Middle East and Africa Pneumatic Tire Market (2023-2029) 8.1. The Middle East and Africa Pneumatic Tire Market, by Segment 1(2023-2029) 8.2. The Middle East and Africa Pneumatic Tire Market, by Segment 2 (2023-2029) 8.3. The Middle East and Africa Pneumatic Tire Market, by Segment 3 (2023-2029) 8.4. The Middle East and Africa Pneumatic Tire Market, by Country (2023-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Pneumatic Tire Market (2023-2029) 9.1. South America Pneumatic Tire Market, by Segment 1(2023-2029) 9.2. South America Pneumatic Tire Market, by Segment 2 (2023-2029) 9.3. South America Pneumatic Tire Market, by Segment 3 (2023-2029) 9.4. South America Pneumatic Tire Market, by Country (2023-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. Company Name 1 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Michelin 10.3. The goodyear tire & rubber company 10.4. Continental AG 10.5. Bridgestone Corporation 10.6. Trelleborg AB 10.7. Cooper tire & rubber companys 10.8. Hankook tire Co. Ltd 10.9. Sumitomo rubber industries Ltd 10.10. Pirelli & C.S. 10.11. The Yokohama rubber co. Ltd 10.12. Kumho tire Co. 10.13. Tires Apollo tyres 10.14. JK tire & Industries Ltd 10.15. Nokian Tyres plc.

About This Report

Report ID 13610
Category Automotive and Transportation
Published Date April 2023
Updated Date
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