As per MRFR analysis, the Pneumatic Tire Market Size was estimated at 47.56 (USD Billion) in 2022. The Pneumatic Tire Market Industry is expected to grow from 49.27(USD Billion) in 2023 to 67.6 (USD Billion) by 2032. The Pneumatic Tire Market CAGR (growth rate) is expected to be around 3.58% during the forecast period (2024 - 2032).
The rise in demand for vehicles across different industries like automotive, construction and agriculture drives the global market of pneumatic tires. An increase in infrastructure development due to urbanization and population growth has increased the consumption of pneumatic tires. Furthermore, it is also expected that advances such as run-flat tire designs or self-sealing tires will offer opportunities for innovation within the pneumatics manufacturing industry.
Key trends in this field are eco-friendly materials such as recycled rubber that address sustainability concerns. In order to emphasize environmental friendliness in their acquisitions, customers are pushing for more environment-friendly tires. Moreover, there is a growing trend toward integrating sensors and connectivity features into this type of wheel technology to enable real-time monitoring of tire pressure, temperature and other parameters. This move is foreseen to enhance safety and efficiency in various applications, including commercial vehicles and passenger cars.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The rolling resistance of vehicles is reduced by pneumatic tires, which results in improved fuel efficiency. The demand for fuel-efficient vehicles is increasing globally as environmental concerns and regulations get tougher. Therefore, the Pneumatic Tire Market is also growing. Besides, the market’s expansion has been precipitated by the increased use of electric cars that require heavy reliance on pneumatic tires to ensure both performance and safety.
In future years, such policies and initiatives by governments will cause more demand for pneumatic tires because they will promote the adoption of fuel-efficient vehicles.
Pneumatic tires have wide applications in the construction and infrastructure sector, with heavy machinery and equipment being particularly important areas where they are used. Consequently, there has been a rise in construction activities across the globe resulting from increasing demand for infrastructure development as well as urbanization and industrialization. A pneumatic tire is a strong product in demand within this niche market since it brings out stability, traction, and durability among other things necessary for different applications in construction.
The rising investments in infrastructure projects like roads, bridges, and buildings, among others, are expected to continuously drive the demand for pneumatic tires in the Pneumatic Tire Market Industry.The rising investments in infrastructure projects, such as roads, bridges, and buildings, are expected to continue driving the demand for pneumatic tires in the Pneumatic Tire Market Industry.
Advancements in technology continue to shape the Pneumatic Tire Market Industry worldwide. Tire manufacturers concentrate their efforts on developing innovative designs of tire pattern materials used during the manufacturing process as well as means of making them that can improve tire performance, including durability and safety issues surrounding them. Furthermore, run-flat tires, self-sealing tires, smart tires, etc., are some other new technologies making their way into this segment. With these modernized tires come better security measures at hand, meaning less downtime and better engines, thus attracting customers and causing an upward spiral effect on markets.
Pneumatic Tire Market segmentation by Vehicle Type includes Passenger Cars, Commercial Vehicles, and Motorcycles. In 2023, for instance, passenger cars were the largest segment, accounting for about 55% of global revenues. This is because there has been an increase in the production and sales of passenger cars worldwide. Again, growing populations in many countries as well as rising disposable incomes, have also resulted in increased demand for passenger cars, thereby spurring growth in this area.
Commercial vehicles (trucks, buses and vans) will experience a steady growth rate during the forecast period. Indeed, this is because commercial vehicles are increasingly being used to transport people or things such as goods within different regions due to increased demand levels. Similarly, pneumatic tires are being adopted in commercial vehicles by governments since they need safe transportation systems like emission control mechanisms. Despite having smaller shares when compared with Passenger Cars and Commercial Vehicles, motorcycles are predicted to be among the fastest-growing segments over the next five years.
The segment is growing due to the increased popularity of motorcycles as a suitable and budget-friendly mode of transport, especially in developing nations. Besides, the growth of the Pneumatic Tire Market is also stimulated by the increasing demand for bikes used for recreation. In all, there will be steady growth of the Pneumatic Tire Market in the future due to rising vehicle production, increasing disposable incomes and urbanization. The segmentation by Vehicle Type gives insights into market dynamics and growth prospects within segments that stakeholders can base on while making informed decisions with regard to emerging opportunities.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Pneumatic Tire Market is expected to witness steady growth over the forecast period. The market is segmented based on Rim Material into Steel and Aluminum. Steel rims are the most commonly used type of rim material in the pneumatic tire market. They are strong and durable and can withstand high loads. Steel rims are also relatively inexpensive to produce. However, steel rims are also heavy, which can reduce the fuel efficiency of vehicles. Aluminum Aluminum rims are lighter than steel rims, which can improve the fuel efficiency of vehicles.Aluminum rims are also more resistant to corrosion than steel rims. However, aluminum rims are more expensive to produce than steel rims. In 2023, the Pneumatic Tire Market for Steel was valued at USD 37.09 billion and is projected to reach USD 51.64 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period. The Pneumatic Tire Market for Aluminum was valued at USD 12.18 billion in 2023 and is projected to reach USD 15.96 billion by 2032, exhibiting a CAGR of 3.2% during the forecast period. The increasing demand for lightweight and fuel-efficient vehicles is expected to drive the growth of the aluminum rim segment over the forecast period.However, the higher cost of aluminum rims compared to steel rims is expected to restrain the growth of the segment to some extent.
The Pneumatic Tire Market segmentation by Tread Design comprises Ribbed, Lug, and Block patterns. Among these, the Ribbed segment held the largest market share in 2023, accounting for over 30% of the global revenue. The high demand for Ribbed tires can be attributed to their enhanced fuel efficiency and longer tread life, making them suitable for on-road applications such as passenger cars and light trucks. Lugged tires, designed for off-road conditions, captured a significant market share of around 25% in 2023 due to their excellent traction and durability.Block tires, commonly used in industrial and construction vehicles, held a market share of approximately 20% in 2023.
The Pneumatic Tire Market is segmented by Application into On-Highway and Off-Highway. The On-Highway segment is expected to account for a larger revenue share in the Pneumatic Tire Market in 2023. The growth of this segment is attributed to the increasing demand for pneumatic tires in passenger cars, light commercial vehicles, and heavy commercial vehicles. The Off-Highway segment is also expected to witness significant growth in the coming years due to the rising demand for pneumatic tires in construction, mining, and agricultural equipment.
The Pneumatic Tire Market segmentation based on End-Use Industry comprises Automotive, Construction, and Mining. The Automotive segment held the dominant position in the market in 2023, accounting for nearly half of the Pneumatic Tire Market revenue. This dominance is attributed to the rising production and sales of passenger cars and commercial vehicles worldwide. The Construction segment is projected to witness significant growth over the forecast period due to increasing infrastructure development and urbanization. The Mining segment is expected to grow steadily, driven by the increasing demand for minerals and metals.
The regional segmentation of the Pneumatic Tire Market offers valuable insights into the market's geographical distribution and growth dynamics. North America is projected to hold a significant share of the market, driven by the presence of major automotive manufacturers and a high demand for passenger cars and light commercial vehicles. Europe is another key region in the market, with a strong presence of premium tire manufacturers and a growing focus on sustainable mobility. The APAC region is expected to witness robust growth due to the increasing production of automobiles and the expanding middle class.South America and MEA are emerging markets with untapped potential, presenting opportunities for growth and expansion. These regional insights help businesses in the Pneumatic Tire Market identify target markets, optimize their distribution networks, and adapt their strategies to regional market dynamics, leading to improved market share and profitability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Pneumatic Tire Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolio, and forming strategic partnerships. Leading Pneumatic Tire Market players are focusing on developing innovative products that meet the evolving needs of customers. The Pneumatic Tire Market development is also driven by the growing adoption of advanced technologies, such as artificial intelligence and machine learning, which are being used to improve manufacturing processes and enhance product quality.One of the key Pneumatic Tire Market Competitive Landscape dynamics is the presence of a large number of global and regional players. Some of the prominent players in the market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli. These companies have a strong global presence and offer a wide range of Pneumatic Tire Market products to cater to the diverse needs of customers. They are also investing heavily in research and development to stay ahead of the competition.Another major competitor in the Pneumatic Tire Market is Hankook Tire. The company is focusing on expanding its global footprint and increasing its market share. Hankook Tire is also investing in developing new products and technologies to meet the changing needs of customers. The company has a strong presence in the Asia-Pacific region and is also expanding its presence in Europe and North America.
The Pneumatic Tire Market is projected to reach USD 67.6 billion by 2032, exhibiting a CAGR of 3.58% during the forecast period 2024-2032. Rising demand for passenger cars, increasing infrastructure development activities, and growing adoption of electric vehicles are key factors driving market growth. The Asia-Pacific region is expected to dominate the market due to rapid urbanization and industrialization. Major players in the market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli, who are investing in research and development to enhance product performance and cater to changing consumer preferences. Recent news developments include the launch of airless tires by Michelin and the introduction of sustainable materials by Bridgestone. These advancements are expected to shape the future of the pneumatic tire market.
| Report Attribute/Metric | Details |
| Market Size 2022 | 47.56(USD Billion) |
| Market Size 2023 | 49.27(USD Billion) |
| Market Size 2032 | 67.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.58% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Kumho Tire, Pirelli, Nexen Tire, Continental, Goodyear, Sumitomo Rubber Industries, Cooper Tire Rubber Company, Toyo Tire Rubber Company, Apollo Tyres, JK Tyre Industries, Bridgestone, Michelin, Yokohama Rubber, Hankook Tire, Ceat |
| Segments Covered | Vehicle Type, Rim Material, Tread Design, Application, End-Use Industry, Regional |
| Key Market Opportunities | 1 Growing demand for electric vehicles2 Increasing infrastructure development3 Rising disposable income in emerging economies4 Technological advancements in tire design5 Expansion of the automotive industry |
| Key Market Dynamics | Rising demand for electric vehicles stringent government regulations rapid technological advancements increasing production of commercial vehicles growing popularity of winter tires |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Pneumatic Tire Market size was valued at USD 49.27 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 3.58% from 2023 to 2032.
Asia-Pacific is expected to dominate the Pneumatic Tire Market during the forecast period due to the increasing demand for vehicles in the region.
The key factors driving the growth of the Pneumatic Tire Market include the increasing demand for vehicles, the growing popularity of electric vehicles, and the rising awareness of the environmental impact of tires.
The key competitors in the Pneumatic Tire Market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli.
The major applications of Pneumatic Tires include passenger cars, light commercial vehicles, heavy commercial vehicles, and off-highway vehicles.
The key trends impacting the Pneumatic Tire Market include the development of new materials, the adoption of new technologies, and the increasing focus on sustainability.
The key challenges faced by the Pneumatic Tire Market include the rising cost of raw materials, the increasing competition from alternative tire technologies, and the stringent environmental regulations.
The future outlook for the Pneumatic Tire Market is positive. The market is expected to continue to grow in the coming years, driven by the increasing demand for vehicles and the rising awareness of the environmental impact of tires.
The key opportunities for growth in the Pneumatic Tire Market include the development of new materials, the adoption of new technologies, and the increasing focus on sustainability.
The key challenges for growth in the Pneumatic Tire Market include the rising cost of raw materials, the increasing competition from alternative tire technologies, and the stringent environmental regulations.
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