Pneumatic Tire Market Size, Share & Trends Analysis Report By Product (Radial, Cross-ply), By Vehicles (2-Wheelers, 4-Wheelers, Aircrafts), By Sales (OEM, Replacement), By Region, And Segment Forecasts, 2024 - 2030

Pneumatic Tire Market Size, Share & Trends Analysis Report By Product (Radial, Cross-ply), By Vehicles (2-Wheelers, 4-Wheelers, Aircrafts), By Sales (OEM, Replacement), By Region, And Segment Forecasts, 2024 - 2030

Pneumatic Tire Market Growth & Trends

The global pneumatic tire market size is expected to reach USD 503.0 billion by 2030, registering to grow at a CAGR of 4.3% from 2024 to 2030 according to a new report by Grand View Research, Inc. Increasing product use in automotive and aerospace sector on account of various advantages such as long shelf life, resistance to cuts, punctures and tears is expected to have a positive impact on the industry over the next seven years

Various factors including changing lifestyle of consumers and rising disposable income have been increasing spending on two and four-wheelers such as SUV’s, passenger and sports cars which in turn is expected to drive product’s need over the next seven years.

Increasing automotive sales in developing countries, India, China, and Indonesia is expected to propel growth over the next seven years. After China, India is projected to be the fastest-growing country as the Government has allowed 100% FDI in the automotive sector. This factor is expected to augment product demand over the forecast period.

Pneumatic tire manufacturing requires low technical complexity and high initial infrastructure investment. Technological advancements and ongoing product innovation to increase yield of raw materials and reduce cost of the manufacturing process will create immense potential over the next seven years. However, raw material availability and price volatility coupled with increasing number of substitutes will challenge growth over the next seven years.

Pneumatic Tire Market Report Highlights

• The radial segment dominated the market and accounted for a share of 70.0% in 2023. The increased flexibility and reduced rolling resistance of radial tires result in improved fuel efficiency, making them a preferred choice for both passenger vehicles and commercial trucks.
• The aircraft segment is expected to grow fastest at a CAGR of 6.5% from 2024 to 2030. This rapid growth is driven by the expansion of the global aviation industry, characterized by increasing passenger traffic and the proliferation of low-cost carriers. The demand for new aircraft to accommodate this growth directly translates to a higher demand for high-performance pneumatic tires capable of withstanding extreme conditions and ensuring safety during takeoff, landing, and taxiing.
• The replacement segment dominated the market in 2023. The growing number of vehicles on the road globally and the increasing awareness among consumers regarding the importance of tire maintenance for safety and performance have significantly contributed to the segment's revenue.
• The North American pneumatic tire market witnessed significant growth in 2023. This growth is driven by several factors, including a surge in commercial vehicle production, continuous technological advancements within the industry, and strategic collaborations and partnerships forged by market participants to solidify their competitive edge.

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