Pneumatic Tire Market Driven by Increasing Automotive Production and Technological Advancements
The pneumatic tire market has become an integral part of the automotive industry, providing essential components for various vehicles, including passenger cars, commercial vehicles, and off-road vehicles. Pneumatic tires offer numerous advantages over solid tires, such as improved shock absorption, better traction, and enhanced fuel efficiency. These tires are designed to distribute the vehicle's weight evenly, reducing road vibrations and providing a smoother ride. The increasing demand for comfortable and safe transportation has led to a surge in the adoption of pneumatic tires across different vehicle segments.
Additionally, advancements in tire technology, such as the development of run-flat tires and self-sealing tires, have further boosted market growth. The rising focus on sustainability has also driven manufacturers to develop eco-friendly tire options, incorporating renewable materials and improving overall tire performance.
The pneumatic tire market is estimated to be valued at USD 368.99 Bn in 2024 and is expected to reach USD 496.90 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 4.34% from 2024 to 2031.
Pneumatic Tire Market-https://www.coherentmi.com/ind....ustry-reports/pneuma
