What is Global Pneumatic Tires Market?
The Global Pneumatic Tires Market is a vast and dynamic sector that encompasses a wide range of products used in various industries. Pneumatic tires, which are filled with air or foam, are primarily used in vehicles and industrial machinery due to their ability to absorb shocks and provide a smooth ride. The market for these tires is global, meaning it spans across all continents and countries, catering to a diverse range of needs and applications. The market's size and value are determined by factors such as demand and supply dynamics, technological advancements, and the economic conditions of various regions. The Global Pneumatic Tires Market is continually evolving, with new trends and developments shaping its future.
Solid Pneumatics, Air Pneumatics in the Global Pneumatic Tires Market:
The Global Pneumatic Tires Market is segmented into two main types: Solid Pneumatics and Air Pneumatics. Solid Pneumatic tires are made from solid rubber and are typically used in heavy-duty applications such as forklifts and industrial tractors. They are durable, puncture-resistant, and can withstand heavy loads, making them ideal for use in harsh and demanding environments. On the other hand, Air Pneumatic tires are filled with air and are commonly used in passenger vehicles and light trucks. They provide a comfortable ride and excellent traction, but are more prone to punctures and damage. The choice between Solid and Air Pneumatics depends on the specific requirements of the application, with each type offering its own set of advantages and disadvantages.
Forklift Trucks, Trailers, Industrial Tractors, Airport Apron Vehicles, Other in the Global Pneumatic Tires Market:
The Global Pneumatic Tires Market finds its application in various areas such as Forklift Trucks, Trailers, Industrial Tractors, Airport Apron Vehicles, and others. Forklift trucks, for instance, rely heavily on solid pneumatic tires due to their ability to withstand heavy loads and resist punctures. Trailers and industrial tractors also use these tires for the same reasons. Airport apron vehicles, which require smooth and reliable movement, typically use air pneumatic tires. Other applications of pneumatic tires include construction equipment, agricultural machinery, and even bicycles. The versatility and wide range of applications of these tires contribute significantly to the growth and dynamism of the Global Pneumatic Tires Market.
Global Pneumatic Tires Market Outlook:
The Global Pneumatic Tires Market has shown significant growth over the years. In 2023, the market was valued at US$ 322230 million and is projected to reach US$ 553060 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.9%. This growth can be attributed to the increasing demand for these tires in various industries, advancements in tire technology, and the overall growth of the automotive sector. In 2022, China, one of the leading players in the tire industry, exported 7.65 million tons of rubber tires, marking a year-on-year increase of 4.7%. The export value was 131.418 billion, an increase of 16%, contributing to a trade surplus of 103.709 billion yuan, an increase of 15.89 billion. These figures highlight the robustness and potential of the Global Pneumatic Tires Market.
| Report Metric | Details |
| Report Name | Pneumatic Tires Market |
| Accounted market size in 2023 | US$ 322230 million |
| Forecasted market size in 2030 | US$ 553060 million |
| CAGR | 7.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Michelin, Continental AG, Bridgestone Corporation, Cooper Tire & Rubber Company, The Goodyear Tire and Rubber Company, Hankook Tire Co. Ltd., The Yokohama Rubber Co. Ltd., Sumitomo Rubber Industries Ltd., Pirelli & C.S.p.A, Kumho Tire Co., Inc. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
