Global Pneumatic Tire Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

The Pneumatic Tire market is experiencing robust expansion, with market size projected to increase from (347.96 Billion) 2024 to (636.08 Billion) 2030, demonstrating a consistent year-over-year growth rate of 9%. Pneumatic Tire Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Air Pneumatics, Solid Pneumatics), , by Vehicle Type (Two-wheelers, four-wheelers, aircrafts, others (industrial and agricultural vehicles).) And regions (North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2024 - 2030

The pneumatic tire market includes the manufacture, distribution, and sale of tires that are filled with compressed air. Pneumatic tires make up the vehicle component for many vehicles that include motor vehicles, trucks, motorcycles, bicycles, and aircraft. The pneumatically tired vehicle is responsible for providing another type of cushion from the road and, as a result, providing comfort while travelling, improved traction, and fuel efficiency. The pneumatic tire market is one of the largest global industries, fuelled by things like increased vehicle production, rising demand for replacement tires, and improvement in technology in tire manufacturing. Market segmentation, being based on various factors, includes tire type (passenger car tires, truck and bus tires, off-the-road tires), vehicle type, and region.

Pneumatic Tire Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 9%
Forecast Value (2030)	USD 636.08 Billion
By Product Type	Air Pneumatics, Solid Pneumatics
Key Market Players	Hankook tire Co. Ltd Apollo tires Bridgestone Corporation Continental AG Cooper tire & rubber company JK tire & Industries Ltd Kumho tire Co. Michelin Nokian Tyres plc. Pirelli & C.S. Sumitomo rubber industries Ltd The Goodyear tire & rubber company The Yokohama rubber co. Ltd Trelleborg AB
By Region	North America(United States, Canada, Mexico) South America(Brazil, Argentina, Chile, Rest of South America) Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA(Middle East, Africa)

Pneumatic Tire Market Trends

The pneumatic tire market is changing because the new market focus is on adopting a green and environmentally friendly solution to tires. Considering the environment, therefore, tire makers have given priority to the development of tires using renewable materials, including sustainable rubber and bio-based compositions. Further technological advancements in recycling tires have emerged, enabling material reuse to reduce waste. Another such trend is the adoption of high-tech solutions in pneumatic tire production. Such changes include smart tires that contain imbedded sensors developed to give real-time information on the performance of the tires that help drivers in optimally adjusting pressures for the tires, monitoring tread wear, and improving safety. The development of electric vehicles (EVs) is another influential factor affecting the tire industry, resulting in manufacturers producing tires with specific features designed to cut down torque handling and lower the noise emitted by the tires.

Pneumatic Tire Market Leading Players

The key players profiled in the report are Hankook tire Co. Ltd, Apollo tires, Bridgestone Corporation, Continental AG, Cooper tire & rubber company, JK tire & Industries Ltd, Kumho tire Co., Michelin, Nokian Tyres plc., Pirelli & C.S., Sumitomo rubber industries Ltd, The Goodyear tire & rubber company, The Yokohama rubber co. Ltd, Trelleborg AB

Growth Accelerators

The pneumatic tire market is primarily driven by factors such as increasing global requirements for vehicles, which in turn are being fuelled by increasing population, disposable income, and urbanisation acceleration. The automotive industry is expanding mostly in growing economies. As a result, the requirement of tires is ever-increasing in terms of reliability and performance. Also, the general shift to electric vehicles has called for several pneumatic tires that cater to the unique needs of EVs, such as efficiency, robustness, and low rolling resistance. Another factor influencing the market is the growing safety and performance standards in the automotive sector. Consumers have already started asking more in terms of safety and efficiency in fuel, and tire manufacturers have to innovate so that they can make better-treaded tires that therefore have better conditions for a longer lifespan and economy in fuel. Device advances such as smart tires and green material make such development in the manufacturing of tires a market driver meeting consumers' needs of changing times as well as corresponding with the sustainability drive in the automobile industry.

Pneumatic Tire Market Segmentation analysis

The Global Pneumatic Tire is segmented by Type, and Region.
By Type, the market is divided into Distributed Air Pneumatics, Solid Pneumatics . Geographically, the market is assessed across key Regions like North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

There is a significant competition in the market for pneumatic tires as it has a presence of major players like well-established tire manufacturers such as Bridgestone, Michelin, Goodyear, Continental, and Pirelli. These companies control the market due to their large product range, advanced technologies, and strong distribution networks. High-performing, long-lasting, efficient in terms of fuel consumption, and available for various applications—from passenger vehicles to commercial and industrial vehicles—are just some of the cutting-edge, durable, and fuel-efficient tires that these companies construct. Competitive strategies involve continued investment in R&D, strategic mergers and acquisitions, and expansion into emerging markets.

Challenges In Pneumatic Tire Market

There are certain challenges in the pneumatic tire market, like an increment in raw material prices, which may influence the price of production or profit. Generally, natural rubber and synthetic rubber prices have gone up recently. The supply chains have been disturbed by increasing oil and rubber prices, which can also add to their volatility. Manufacturers were being pressured to solely focus on cost efficiency and pursue high-quality performance, durability, and safety-based consumer and protective aspects for tires. More pressure came from the concerns of growing environmentalists and regulatory authorities about tire waste and sustainability. As a result, used tires have become detrimental to people's lives, which is why governments worldwide have come up with very stringent regulations forcing the industries to invest in recycling technologies and develop eco-friendly alternatives to tires.

Risks & Prospects in Pneumatic Tire Market

The pneumatic tires market has high potential in terms of growth because of the global increase in vehicle demand. With the increase in vehicle production in developing countries, the need for tires that are durable and fuel-efficient would increase concomitantly. Electric vehicles would also create new opportunities as the specialised tires need to be developed considering their weight distribution, torque levels, and road conditions. Leading to new product developments, such specialised tires may be used to increase the performance and range of EVs within environmental sustainability goals. The other opportunity lies in the evolving tire technology, such as the smart tire concept housing a sensor that would monitor tire pressure, temperature, and wear. These are primarily aids to vehicle safety and performance but open possibilities for their use in connected vehicle ecosystems.

Key Target Audience

The target audience in the pneumatic tire market involves the automobile manufacturers where the tires are demanded for different types of vehicles, passenger cars, as well as for trucks and commercial vehicles. OEMs and tire manufacturers collaborate to manufacture and supply tires that adhere to safety, performance, and fuel economy standards.,, Besides, in the aftermarket, where one consumes tires either for replacement or upgrading or for maintenance and repairs on the vehicle, it plays a major role in pneumatic tire markets. The aftermarket of this particular segment mostly ranges from individual vehicle owners to fleet operators and commercial logistics companies that demand high-quality, durable, and very economical tires. The trend toward improving tire life, performance, and environmental concerns has also developed an increased demand for advanced pneumatic tire technologies.

Merger and acquisition

As indicated by the closure of mergers and acquisitions in recent times in the market for pneumatic tires, the industry is going through continued consolidation and strategic growth initiatives. In May this year, Yokohama Rubber Co. Ltd. concluded its acquisition of Trelleborg Wheel Systems Holding AB, which is a Swedish manufacturer of pneumatic tires for agricultural and industrial machinery. This acquisition forms part of Yokohama's enhancement regarding its Off-Highway Tires (OHT) business, a key element in Yokohama's growth plans for the future commercial tire market. Furthermore, integrating Trelleborg's specialised products into Yokohama's existing portfolio places the company in an excellent position to meet the increasing demand for high-performance tires for various applications. Moreover, the Goodyear Tire & Rubber Company has announced a definitive agreement with Yokohama to sell all its Off-the-Road (OTR) tire businesses for about $905 million in cash. Expected closing for this transaction would be early 2025. This allows Goodyear the opportunity to focus on its core while the proceeds are used to reduce debts and finance strategic initiatives. The OTR business, which includes mining and engineering tires, with annual sales of about $700 million, gives Yokohama a significant asset in pursuing its goal of expanding its footprint in the world market for construction and mining machinery tires. >

Analyst Comment

"The global pneumatic tire market is certainly a very huge market stimulated by the rise in vehicle production worldwide. This market comprises the manufacture, distribution, and sale of air-filled pneumatic tires, which form the important vehicle parts for automobiles, trucks, motorcycles, bicycles, and aircraft. The subdivision consists of different factors, including type of tire (for instance, passenger car tires, truck and bus tires, off-the-road tires), type of vehicle, and region."