The pneumatic tire market comprises tires designed for use on motor vehicles. Made of polymers, carbon black, and wire reinforcement, pneumatic tires effectively provide traction and cushioning comfort when driving on roads. The inner tube holds pressurized air to support the weight of the vehicle. Pneumatic tires not only provide a smooth and comfortable ride but also ensure superior control, stability, and safety. Rising vehicular traffic worldwide along with the growing automobile sector is driving the demand for pneumatic tires.
The pneumatic tire market is estimated to be valued at USD 368.99 Bn in 2024 and is expected to reach USD 496.90 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 4.34% from 2024 to 2031.
Key Takeaways
Key players operating in the pneumatic tire are Michelin Group, Sumitomo Rubber Industries, R&D to launch advanced tires with improved traction, mileage, and puncture resistance.
The growing Pneumatic Tire Market Demand for premium vehicles especially in emerging economies of Asia Pacific is fueling the sales of high-performance tires. Moreover, tightening fuel efficiency norms worldwide are prompting OEMs to focus on low-rolling resistant and fuel-efficient tires.
Technological advancements such as the development of smart tires integrated with sensors to monitor tire pressure, temperature, wear and tear are gaining traction.
These smart tires automatically adjust air pressure to optimize fuel efficiency, grip, and safety. The incorporation of sustainable materials such as natural rubber, sustainable fibers, and renewable resins in tire production is contributing to the green evolution of the industry.
Market Trends
Increasing Adoption of Run-Flat Tires: Run-flat tires enable vehicles to travel up to 50 miles at a maximum speed of 50mph even if fully deflated. Their stiff sidewalls and additional support allow driving to the nearest repair shop for a flat repair or replacement. This reduces roadside assistance needs
Electric Vehicles Driving Demand for Specialty Tires: With growing EV sales, demand is rising for specialty tires designed for EVs’ heavy weight and instant torque capabilities. Developing ultra-low rolling resistance and high durability tires tailored for EVs is a key trend.
Market Opportunities
Emergence of 3D Printing in Tire Manufacturing: 3D printing technology enables printing customized tire tread patterns to improve performance for specific applications or weather conditions. It paves way for on-demand and personalized tire production. Expansion in Two-Wheeler Segment in Asia: The flourishing two-wheeler market in Asia, especially electric bikes and scooters, offersSCOPE for pneumatic tire makers to introduce specialized tires catering to the region's develping mobility needs.
Impact of COVID-19 on Pneumatic Tire Market Growth
The COVID-19 pandemic severely impacted the pneumatic tire market growth globally. During the lockdown phases imposed across geographies, the demand for tires witnessed a steep decline as automobile manufacturing came to a standstill. The supply chains were disrupted due to restrictions on cross-border trade and logistics movement, impacting raw material procurement. With people refraining from personal mobility, replacement demand also reduced substantially. The economic crisis led many to postpone purchases and discretionary spending. However, as lockdowns eased, demand started recovering steadily driven by resumption of manufacturing activities, relaxation in import-export rules and rise in fleet operations. The replacement demand also bounced back stronger as personal mobility increased. While commercial segments are witnessing recovery at a slower pace, passenger car and two-wheeler segments are growing at a faster clip. Original equipment manufacturers are ramping up production supported by pent-up demand and inventory restocking at dealerships. Healthcare and logistics sectors boosted demand for commercial vehicles for transporting medical equipment and essential goods. Going forward, economic revival programs, focus on infrastructure development and increasing vaccine coverage are expected to aid market recovery. Manufacturers are investing in new technologies, enhancing safety features and improving fuel-efficiency to attract customers. An anticipated shift towards personal mobility is likely to support demand. However, rising raw material costs and supply chain disruptions remain challenges. Continuous monitoring of the pandemic situation and differential recovery across regions would be key to gauge industry outlook.
Geographical Regions with Highest Pneumatic Tire Market Value
The Asia Pacific region accounts for the largest share of the global pneumatic tire market in terms of value, led by China, India and other developing economies. This is attributed to rising vehicle production and large consumer base in the region. China dominates with the highest tire market owing to massive automobile and motorcycle manufacturing. North America is the second major regional market driven by the huge passenger vehicle parc and replacement demand in the US and Canada. Europe holds significant share with strong presence of leading OEMs and tire makers like Michelin and Continental. Meanwhile, markets in Middle East, Africa and Latin America are growing at a steady pace supported by fleet expansion, rising incomes and infrastructure growth.
Fastest Growing Regional Market for Pneumatic Tires
The Middle East and Africa region is projected to be the fastest growing market for pneumatic tires during the forecast period. This growth can be attributed to increasing automotive production and sales across countries to meet rising consumer demand. Government initiatives towards diversifying economies and boosting intra-regional trade will aid market growth. Rapid urbanization and infrastructure projects are raising demand for commercial vehicles. The growing young population with increasing disposable incomes is supporting two-wheeler demand. Favorable developments like expanding road networks, easy financing options and strategic investments by global tire manufacturers are fueling regional market expansion. Countries like Saudi Arabia, UAE, South Africa and Egypt will potentially drive the market at a strong pace.
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Global Pneumatic Tire Market is expected to reach USD 334.5 billion by 2022.
The Pneumatic Tire Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.Changing lifestyle, rapid economic growth, growth in high spending by customers, government initiative, and enhancing road infrastructure are documented as major factors of Pneumatic Tire Market that are estimated to enhance the growth in the years to come.
However, strict policy against use of pneumatic tires and their disposal are the key factors that may restrain overall market growth in the coming years.
Pneumatic Tire Market is segmented based on vehicle type, product type, and region.Aircraft, two wheelers, four wheelers, and other vehicle types could be explored in Pneumatic Tire in the forecast period.
On the other hand, two-wheeler comprises motorcycle, and bicycle.
Others may comprise off-road vehicles, industrial vehicles, and agricultural vehicles.
San Francisco, 18 May 2020 — “Pneumatic Tire Market Analysis By Regions (North America, Europe, Asia-Pacific, Latin America and Africa), Product, By Application And Segment Forecasts To 2025” Global Pneumatic Tire Market is expected to reach USD 334.5 billion by 2022.
The Pneumatic Tire Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
Changing lifestyle, rapid economic growth, growth in high spending by customers, government initiative, and enhancing road infrastructure are documented as major factors of Pneumatic Tire Market that are estimated to enhance the growth in the years to come.
Get a Free Sample Copy of Report @ https://www.millioninsights.com/industry-reports/pneumatic-tire-market/request-sample Aircraft, two wheelers, four wheelers, and other vehicle types could be explored in Pneumatic Tire in the forecast period.
On the other hand, two-wheeler comprises motorcycle, and bicycle.
Others may comprise off-road vehicles, industrial vehicles, and agricultural vehicles.
