The pneumatic tire global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Pneumatic Tire Market, 2024 report by The Business Research Company offers
comprehensive insights into the current state of the market and highlights
future growth opportunities.
Market Size -
The pneumatic tire market size has grown rapidly in recent years. It will grow
from $355.16 billion in 2023 to $392.55 billion in 2024 at a compound annual
growth rate (CAGR) of 10.5%. The growth in the historic period can be
attributed to growth of the automotive industry, economic conditions,
environmental regulations, rising vehicle fleet, consumer preferences.
The pneumatic tire market size is expected to see strong growth in the next few
years. It will grow to $554.95 billion in 2028 at a compound annual growth rate
(CAGR) of 9%. The growth in the forecast period can be attributed to
globalization of trade, raw material prices, government initiatives, infrastructure
development, competition among tire manufacturers. Major trends in the forecast
period include technological innovations, smart tires and sensor integration,
innovations in tire materials, advancements in tire design and technology, tire
connectivity and vehicle-to-tire communication.
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Scope Of Pneumatic Tire Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Pneumatic Tire Market Overview
Market Drivers -
Increasing automobile production is expected to propel the growth of the
pneumatic tire market going forward. Automobile production refers to the
process of assembling components to build automobiles, trucks, and other motor
vehicles. Pneumatic tires are used in modern transportation systems as they
allow vehicles to travel over various surfaces, including asphalt, concrete,
gravel, dirt, and sand. For instance, in May 2023, according to the European
Automobile Manufacturers' Association (ACEA), a Belgium-based automobile
industry, 85.4 million motor vehicles were produced globally in 2022,
representing a 5.7% increase from 2021. Therefore, increasing automobile
production is driving the growth of the pneumatic tire market.
Market Trends -
Major companies operating in the pneumatic tire market are focused on
introducing innovative solutions, such as pneumatic single-axle drive tires, to
drive their revenues in the market. Pneumatic single-axle drive tires refer to
a type of air-filled tire designed to be used in commercial trucks and other
heavy-duty vehicles for long-haul trucking and other heavy-duty applications.
For instance, in March 2023, The Goodyear Tire & Rubber Company, a US-based
tire manufacturing company, launched the Fuel Max 1AD, a type of pneumatic tire
specifically designed as a premium single-axle drive tire for use in
super-regional trucking jobs. The tire is built with an innovative tread shape
and combines features and compounds meant to deliver extended miles to removal.
The new Fuel Max 1AD tire has additional features and advantages such as a
high-density waffle blade, a hybrid Lug-to-Rib tread pattern, and an innovative
new tread composition.
The pneumatic tire market covered in this report is segmented –
1) By Product Type: Radial Tires, Cross-Ply Tires
2) By Vehicle Type: Two Wheelers, Four Wheelers, Passenger Cars, Aircraft,
Other Vehicle Types
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
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Regional Insights -
Asia-Pacific was the largest region in the pneumatic tire market in 2023. North
America is expected to be the fastest-growing region in the forecast period.
The regions covered in the pneumatic tire market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle East,
Africa.
Key Companies -
Major companies operating in the pneumatic tire market are Sumitomo Rubber
Industries Ltd. (SRI), Continental AG, Bridgestone Corporation, Michelin, The
Goodyear Tire & Rubber Company, Hankook tire Co. Ltd, Pirelli & C.S.,
The Yokohama rubber co. Ltd, Trelleborg AB, CST Tires, Apollo tires, Cooper
tire & rubber company, MRF Tyres, Camso Solideal, JK tire & Industries
Ltd, Nexen Tire Corporation, Nokian Tyres plc, Balkrishna Industries Limited
(BKT), Aichi, TVS Rubber, Kumho tire Co, Purcell Tire & Rubber Co, Maxam
Tire, Mitas Moto, Millennium Tire, Chaoyang Tires LLC, CM Rubber Technologies,
TOKAI Solid Tire
Table of Contents
1. Executive Summary
2. Pneumatic Tire Market Report Structure
3. Pneumatic Tire Market Trends And Strategies
4. Pneumatic Tire Market – Macro Economic Scenario
5. Pneumatic Tire Market Size And Growth
…..
27. Pneumatic Tire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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