Tire Market is expected to Grow at a CAGR of 8.2% through 2030
The global tire market is experiencing growth due to increasing automotive production, rising demand for electric vehicles, and advancements in tire technology. These factors contribute to enhanced performance, sustainability, and safety. These are the factors driving the market in the forecast period.
According to TechSci Research report, “Tire
Market –Global
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2020-2030F,” The Global tire market was valued at USD 279.80 billion in 2024 and is estimated to reach USD 447.08 billion by 2030, growing with a CAGR a of 8.2% by value in the forecast years, The global tire industry is poised for strong growth as the demand for vehicles, both personal and commercial, continues to rise. A significant factor is the increasing popularity of electric vehicles (EVs), which require specially designed tires for efficiency and durability. Innovations in tire technology are also improving fuel efficiency, safety, and longevity. With a growing emphasis on eco-friendly vehicle components, tire producers are focusing on developing sustainable solutions to meet consumer expectations for high-performance, long-lasting products. Trends such as the emergence of smart tires, which feature real-time data tracking for tire pressure and temperature, are shaping the market. The integration of AI and IoT is providing valuable insights into tire performance, allowing predictive maintenance and better management of tire life. Furthermore, the growing preference for sustainable tires made from recycled or renewable materials highlights the increasing demand for environmentally responsible products, pushing manufacturers to prioritize green innovations and improved durability.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Global Tire Market".
Tire Market Is Segmented By Vehicle Type, Demand Category, Tire Construction Type, By Region, By Country (80 Countries).
The tire market is segmented by vehicle type, encompassing various categories such as passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers, and off-the-road (OTR) vehicles. Passenger cars, which include a wide range of sedans, hatchbacks, and SUVs, require tires that prioritize comfort, durability, and fuel efficiency for everyday use. Light commercial vehicles, including vans and small trucks, typically demand tires that can handle heavier loads while maintaining a balance of performance and cost-effectiveness. For medium and heavy commercial vehicles, tires are designed to endure higher weight capacities and frequent long-distance travel, with an emphasis on durability and road traction.
Two-wheelers, including motorcycles and scooters, require tires that provide excellent grip and stability, given the different riding conditions they encounter. These tires are often designed for performance, safety, and handling on both urban roads and off-road terrain. Three-wheelers, commonly used for transportation and logistics in certain regions, also have specific tire requirements focused on load-bearing capacity and maneuverability in tight spaces. Off-the-road (OTR) vehicles, which are used in industries like mining, construction, and agriculture, need heavy-duty tires capable of withstanding harsh, uneven terrains while offering exceptional traction and resilience. The tire needs for these different vehicle categories vary significantly in terms of size, material composition, and performance characteristics, influencing manufacturers to develop specialized products tailored to each segment’s unique requirements. Each segment is responding to changing consumer demands, evolving regulations, and technological advancements, creating a dynamic market landscape.
The Asia-Pacific region is projected to experience rapid growth in the tire market by 2024. This is primarily due to the increasing demand for vehicles across countries like China, India, and Japan, driven by rising disposable incomes and expanding urbanization. The region's automotive sector, which includes both passenger and commercial vehicles, is witnessing significant expansion, directly contributing to the growth of tire consumption. The growing popularity of electric vehicles in the region is also boosting the demand for specialized tires designed to enhance energy efficiency and performance. In addition to the automotive sector, the rapid development of infrastructure, particularly in countries like India and China, is increasing the demand for off-the-road (OTR) tires for construction and mining activities. The shift towards eco-friendly and high-performance tires is gaining momentum, as consumers and industries alike become more conscious of environmental sustainability. Governments in the region are also implementing stricter regulations regarding emissions and tire safety, further pushing innovation and investment in tire technologies. The Asia-Pacific tire market benefits from a combination of high vehicle production, large-scale infrastructure projects, and a rising preference for advanced tire technologies. These factors, along with favorable economic conditions, make the region the fastest-growing in 2024.
Some of the major companies
operating in the Global Tire Market include:
- The Michelin Group
- Bridgestone Corporation
- Goodyear Tire and Rubber Company
- Continental AG
- Pirelli & C. S.p.A.
- Hankook Tire & Technology Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
- The Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
- Cheng Shin Rubber Industry Co
- Toyo Tire Corporation
- Shandong Linglong Tire Co., Ltd.
- Giti Tire Corporation
- Apollo Tyres Ltd.
- Sailun Group Co. Ltd
- Madras Rubber Factory Ltd.
- Kumho Tire Co. Inc.
- Nokian Tires plc
- Nexen Tire Corporation
- JK Tire & Industries Ltd.
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The increasing demand for advanced and sustainable automotive technologies, particularly in electric vehicles (EVs) and hybrid models, is driving the growth of the global tire market. The growing consumer preference for electric and hybrid vehicles, which require specialized tires for improved performance, energy efficiency, and durability, is expected to fuel this trend. Stricter government regulations focused on reducing carbon emissions and promoting eco-friendly transportation options are also accelerating the adoption of advanced tire technologies. As electric vehicles and high-performance models gain popularity, the demand for tires that optimize energy efficiency, reduce rolling resistance, and offer longer lifespans is anticipated to rise. This shift is expected to boost the growth of the global tire market in the forecast period.
“Tire Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Region, By Country (80 Countries) 2020-2030F” has
evaluated the future growth potential of global tire market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Global Tire Market.
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