Pneumatic Tire Global Market Report 2024

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 expansion observed during the historical period can be attributed to several key factors. These include the growth of the automotive industry, fluctuations in economic conditions impacting consumer spending, evolving environmental regulations driving demand for more efficient vehicles, the increasing size of the vehicle fleet globally, and shifting consumer preferences towards specific vehicle types and features.

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 anticipated growth in the forecast period can be linked to several key factors. These include the globalization of trade facilitating increased demand for tires, fluctuations in raw material prices affecting production costs, government initiatives aimed at promoting the automotive industry, infrastructure development driving the need for tire replacements, and heightened competition among tire manufacturers pushing for innovation.

The anticipated rise in automobile production is poised to significantly propel the growth trajectory of the pneumatic tire market in the coming years. Automobile production, involving the assembly of various components to construct vehicles, drives the demand for pneumatic tires, essential for modern transportation systems across diverse surfaces such as asphalt, concrete, gravel, and dirt. According to data from the European Automobile Manufacturers' Association (ACEA) in May 2023, global motor vehicle production surged to 85.4 million units in 2022, marking a notable 5.7% increase from the previous year. This surge underscores the pivotal role of increasing automobile production in bolstering the pneumatic tire market.

Leading players in the pneumatic tire market are channeling their efforts towards introducing innovative solutions, exemplified by the development of pneumatic single-axle drive tires, aimed at driving market revenues. Pneumatic single-axle drive tires, specifically engineered for heavy-duty vehicles such as commercial trucks, cater to long-haul trucking and other demanding applications. Notably, The Goodyear Tire & Rubber Company launched the Fuel Max 1AD in March 2023, a premium pneumatic tire designed as a single-axle drive tire for super-regional trucking tasks. Boasting an innovative tread shape and advanced compounds, this tire variant promises extended mileage and enhanced performance, featuring additional benefits such as a high-density waffle blade and a hybrid Lug-to-Rib tread pattern.

In May 2023, Yokohama Rubber Co. Ltd. bolstered its Off-Highway Tires (OHT) business by finalizing the acquisition of Trelleborg Wheel Systems Holding AB. This strategic move underscores Yokohama Rubber's commitment to fortifying its position in the commercial tire sector, particularly in the Off-Highway segment. Trelleborg Wheel Systems Holding AB, renowned for manufacturing pneumatic tires catering to agricultural and industrial machinery, aligns seamlessly with Yokohama Rubber's growth strategy, augmenting its portfolio with specialized tire solutions for diverse applications.

Major companies operating in the pneumatic tire market report 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.

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. The countries covered in the pneumatic tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Pneumatic tires are rubber tires infused with pressurized air, widely employed across a spectrum of vehicles including forklifts, tractors, and automobiles. Renowned for their robust rubber treads and exceptional shock absorption capabilities, these tires play a vital role in stabilizing vehicles and mitigating bumps and jolts during operation.

The primary categories of pneumatic tires encompass radial tires and cross-ply tires. Radial tires are characterized by a design where the cords are arranged at a 90-degree angle to the direction of travel, or radially from the center of the tire. Renowned for their superior durability and performance, radial tires find applications across various vehicles including two-wheelers, four-wheelers, passenger cars, aircraft, and others. These tires are distributed through multiple sales channels including original equipment manufacturer (OEM) and aftermarket outlets.

The pneumatic tire research report is one of a series of new reports that provides pneumatic tire market statistics, including the pneumatic tire industry's global market size, regional shares, competitors with an Pneumatic tire market share, detailed pneumatic tire market segments, market trends and opportunities, and any further data you may need to thrive in the pneumatic tire industry. This pneumatic tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The pneumatic tire market also includes sales of standard touring tires, performance tires, racing tires, lawn tires, and garden tires. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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