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Pneumatic Tires Market Size
pneumatic tires market size is projected to exhibit considerable CAGR during 2024-2032, driven by the increasing production and demand for commercial and passenger vehicles in countries like the U.S., China, Indonesia, India, Germany, and others. The growing preference for personal transport is the key factor driving the industry expansion. According to the statistics by India Brand Equity Foundation (IBEF), the total production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles amounted to 2.22 million units in 2023.
The growth of the construction and industrial sectors, particularly in emerging economies, is fueling the market demand in heavy equipment and machinery, such as loaders, excavators, and forklifts. Moreover, advancements in tire technology, including improvements in materials, tread designs, and manufacturing processes to enhance tire performance, longevity, and fuel efficiency will further stimulate the market growth.
Pneumatic Tires Market Trends
Another notable trend driving the industry expansion is the growing emphasis on sustainability, digitalization, and innovation. Manufacturers are increasingly integrating eco-friendly materials into tire production, such as natural rubber alternatives and recycled materials, in response to higher consumer demand for environmentally responsible products. Furthermore, digitalization is making way for the development of smart tires equipped with sensors for real-time monitoring of tire pressure, temperature, and wear, enhancing safety and efficiency while reducing maintenance costs.
The industry is expected to witness a mixed impact due to the ongoing global inflation that has been taking a toll on every business for the last two years. On the other hand, the automotive sector is dealing with high material costs and supply chain constraints caused due to sanctions imposed on Russia in response to the invasion of Ukraine. This has resulted in increased inflationary pressures and dampened consumer spending, limiting the uptake of pneumatic tires, thus, impacting the industry growth.
Pneumatic Tires Market Analysis
The industry value from the radial tires product type segment may register significant gains between 2024 to 2032, owing to their growing usage in agricultural and industrial applications. These tires offer better handling on wet surfaces and are resilient to punctures, tears, and scratches. Given their long-lasting attributed and good traction, they offer a competitive edge over other tires.
With respect to vehicle type, the market from the motorcycles and bicycles segment will hold a significant share by 2032. The growth is backed by the escalating demand for two-wheelers in developing nations leading to an upsurge in the production and supply of these products. In addition, the increasing preference for private vehicles, availability of vehicle loans at low interest, and improving socio-economic conditions will further boost the market expansion.
North America pneumatic tires industry will generate lucrative growth rate through 2032, driven by the proliferating automobile and defense sector and the existence of prominent key players in the region. Furthermore, the increasing R&D activities leading to the production of technologically advanced products will support the regional outlook over the predicted duration.
Pneumatic Tires Market Share
Some of the significant players in the pneumatic tires industry include:
- Camso Solideal
- Trelleborg Group
- Continental AG
- Hankook Tire & Technology Co., Ltd.
These firms are focusing on several growth strategies and new product innovations to boost their sales and to safeguard their market position.
Pneumatic Tires Industry News
- In October 2022, Michelin expanded its Tweel UTV product range by introducing the 26X11N14 Tweel UTV tire, which was designed to cater to the heavier carrying capabilities of construction, landscaping, and rental vehicles.