Pneumatic Tire Market Size Analysis and Top Companies
The global pneumatic tire market size is anticipated to reach around USD 540.84 billion by 2033 increasing from USD 353.64 billion in 2023, with a CAGR of 4.34%. The top companies in the pneumatic tire are MICHELIN., Continental AG, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Hankook Tire & Technology., THE YOKOHAMA RUBBER CO., LTD., KUMHO TIRE CO., INC., and Others.
Market Report Coverage
| Report Coverage |
Details |
| Market Size by 2033 |
USD 540.84 Billion |
| Market Size in 2023 |
USD 353.64 Billion |
| Market Growth Rate from 2024 to 2033 |
CAGR of 4.34% |
| Largest Market |
Asia Pacific |
| Base Year |
2023 |
| Forecast Period |
2024 to 2033 |
| Segments Covered |
Product, Vehicle, Sales, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
Pneumatic Tire Market Lead Manufacturers
- MICHELIN.
- Continental AG
- Bridgestone Corporation
- The Goodyear Tire & Rubber Company;
- Hankook Tire & Technology.
- THE YOKOHAMA RUBBER CO., LTD.
- KUMHO TIRE CO., INC.
Latest Announcements by Industry Leaders
- October 30, 2024 – Continental AG
- Head of Program Management Private Mobility Tires at Continental - Maria Hanczuch
- Announcement- The European Rubber Journal has recognized Continental's UltraContact NXT by awarding it the Future Tire & Rubber Award in the "Advanced Design: Tires" category. Maria Hanczuch, Head of Program Management for Private Mobility Tires at Continental, expressed her excitement, stating, "We are thrilled to receive this honor from the European Rubber Journal, which highlights our dedicated efforts to make the tire industry and mobility more sustainable. By 2030, we plan for our tires to be made up of over 40 percent renewable and recycled materials. The UltraContact NXT represents a significant milestone in our journey toward achieving these ambitious goals."
Recent Developments
- In January 2024, Michelin unveiled its new X Force Winter tire, designed for severe winter conditions, at Eurosatory 2024. This tire is specifically intended for military vehicles and heavy transport. It improves acceleration on compacted snow by 24% over previous models and features an enhanced grip, which has been verified through extensive testing in Finland. The tire is expected to be available for the 2024-2025 winter season.
- In October 2024, BFGoodrich, a Michelin group company, launched the All-Terrain T/A KO3 tire at Eurosatory 2024. This new product is designed for off-road light vehicles, succeeding the popular T/A KO2. The tire incorporates advanced technology for better durability, snow traction, and resistance to gravel tearing. It will be available in Europe by the start of 2025.
- In September 2024, Bridgestone launched its Potenza Sport tire, catering to high-performance and luxury vehicles. This new product promises improved performance and durability, featuring a high-grip compound and an advanced tread design for superior wet and dry traction. Bridgestone conducted extensive testing to ensure it meets the demands of high-performance drivers and is now available for select vehicle models.
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