Tire Market Overview:

The global tire market size was valued at USD 172.98 Billion in 2024 and is projected to reach USD 270.66 Billion by 2033, with a CAGR of 4.70% during the forecast period of 2025-2033. Growth is driven by technological advancements and rising demand for eco-friendly and specialized tires due to increasing environmental consciousness. Increasing vehicle sales, stricter governmental regulations, and the rise of electric vehicles are key growth facilitators. 

The increase in global tire market share is due to the increase in vehicle production and sales, infrastructure development of transportation and logistics, the demand for more durable and fuel-efficient tires, the development of smart and airless tires, and the rise in sales of electric and hybrid vehicles. The global tire market increases, because tire manufacturers are experimenting with the use of renewable materials and recycling in tire manufacturing. Growth in the aftermarket replacement tire market is expected as tires are replaced with more frequency. Tire market changes occur due to mobility trends and technology during the years.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Tire Market Key Takeaways

• Current Market Size: USD 172.98 Billion in 2024
• CAGR: 4.70% during 2025-2033
• Forecast Period: 2025-2033
• Asia Pacific holds the largest market share due to the surge in automobile numbers and economic growth.
• Replacement tires dominate the end-use segment, driven by fuel economy and convenience demands.
• Radial tires account for the majority market share, boosted by innovations like tweels for golf carts and special vehicles.
• Passenger cars represent the largest vehicle type segment, supported by rising vehicle sales globally.
• Offline distribution channels lead the market, owing to varied retail formats and value-added services.
• Summer tires dominate the seasonal segment, favored in warm and wet climates for their performance and grip.

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Market Growth Factors

More cars sold in emerging markets drive the global tire market as do regulatory standards. These standards reduce carbon emissions and improve fuel economy. In 2022, the MoRTH, Government of India, made changes to the passenger vehicle tire standards in India. MoRTH established commercial vehicle tire standards for safety and environmental regulation compliance in 2023. The market is expected to grow further, due to people earning more disposable income and production of both passenger vehicles and commercial vehicles increasing.

Tires that last longer, resist rolling, and sustain will also help fuel future growth in the sector. For instance, manufacturers such as Michelin, Pirelli, and Sumitomo Rubber Industries have already developed electric vehicle and commercial aviation tire products. Also, manufacturers such as Kumho Petrochemical and Hankook Tire have collaborated with one another upon bio-based polymer tires, which may be the future of more sustainable tires.

Urbanization, infrastructure development, and an increase in demand for commercial truck, bus, and construction tires in the Asia Pacific region, especially in China and India, will drive the replacement tire market in the Asia-Pacific region. Demand for high-performance tires in the various regions of Europe, where most of the major premium automobile manufacturers are headquartered, will drive the market in the region. All in all, however, it should be a net positive for the tire industry, combined with rising global automotive production and regulation.

Market Segmentation

• Design:
• Radial Market: Holds the largest segment. Growth propelled by usage in golf carts and innovations like tweels (airless tires) developed by Michelin for specialized vehicles.
• Bias Market: Not the dominant design segment.
• End-Use:
• OEM Market: Serves original equipment manufacturers with advanced manufacturing technologies.
• Replacement Market: Largest share, driven by fuel efficiency demands and increasing focus on green energy by manufacturers aiming for carbon neutrality by 2050.
• Vehicle Type:
• Passenger Cars: Largest segment, fueled by growing sales globally including luxury and compact models.
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two Wheelers
• Three Wheelers
• Off-The-Road (OTR)
• Distribution Channel:
• Offline: Largest segment, includes automotive dealerships, specialty shops, and big-box retailers. Benefits from value-added services like wheel alignment.
• Online: Growing but secondary to offline.
• Season:
• All Season Tires
• Winter Tires
• Summer Tires: Largest segment, suited for dry, warm, or wet climates with enhanced grip and performance, popular in performance vehicles.
• Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

Regional Insights

Asia Pacific dominates the tire market with the largest share, driven by increasing passenger and commercial vehicle numbers, especially in China. Major players in this region invest heavily in R&D on tire pressure management systems to meet diverse demands. The growing popularity of two-wheeler tires also supports regional growth prospects. Asia Pacific's expanding economic activities and urbanization are bolstering the market amid rising automotive production.

Recent Developments & News

• June 2025: Bridgestone launched the Turanza EverDrive touring tire, offering an 80,000-mile warranty and superior performance across various conditions.
• March 2025: CEAT introduced the SportDrive tire range in India, featuring ultra-high performance and run-flat technologies.
• February 2025: Eurogrip expanded its Trailhound tyre range in India with SCR and STR variants for motorcycles and adventure bikes.
• December 2023: Sailun Group extended its tire manufacturing plant investment in León, Mexico, via a joint venture with TD International Holding.
• October 2023: TVS Srichakra acquired Super Grip to enter the off-highway tire market.
• February 2024: Cabot Corp. marked four years of success for its engineered elastomer composites in the off-road tire segment.

Key Players

• Apollo Tyres Ltd.
• Bridgestone Corporation
• Continental AG
• Hankook Tire & Technology Co., Ltd.
• Kumho Tire Co., Inc.
• Michelin
• MRF Tyres
• Pirelli Tyre C. S.p.A
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd.
• Toyo Tire Corporation

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