Global Tire Market Value to Reach USD 394.55 Billion by 2030, Driven by EV Surge and Technological Innovation

Global Tire (Tyre) Market Overview:

NEW DELHI, May 22, 2025 /PRNewswire/ -- MarkNtel Advisors has recently unveiled comprehensive tire market statistics, highlighting the robust growth trajec  tory of the Global Tire (Tyre) Market. valued at around USD 264.68 billion in 2024 and is projected to reach USD 394.55 billion by 2030, the market is projected to expand at a CAGR of about 6.88% from 2025 to 2030. This growth is primarily driven by rapid urbanization in both developed and developing nations, leading to heightened demand for passenger and commercial vehicles.

As vehicle sales surge, the automobile tire market is witnessing significant transformations, propelled by efficient vehicle designs and enhanced infrastructure. The ongoing and upcoming infrastructural projects are expected to further bolster the demand for construction equipment, contributing to an increase in the market share of tire manufacturers across the board.

Innovations such as low-profile, run-flat, rimless, and green tires are set to play a pivotal role in boosting the tire industry market share in the coming years. The automotive sector's focus on sustainability is reflected in the development of green tires, which contain eco-friendly carbon black, allowing for reduced rolling resistance, increased fuel efficiency, and improved traction on wet surfaces.

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Global Tire Market Statistics:

• Industry Worth in 2024: USD 264.68 Billion
• Projected Valuation by 2030: USD 394.55 Billion
• Forecast Period CAGR: 6.88% (2025–2030)
• Base Year: 2024 | Historical Years: 2020–2023
• Leading Tire Type Segment: Radial Tire
• Leading Region: Asia-Pacific

Global Tire (Tyre) Market Report Key Finding -

1. Market Drivers: EV Production & Infrastructure Growth
   The surge in electric vehicle production, coupled with a global shift toward environmental sustainability, has significantly boosted the demand for specialized EV tires. Additionally, growing urbanization and infrastructural expansion in developing nations such as India and China have led to a sharp increase in vehicle sales, directly impacting tire consumption across all segments.
   The increasing popularity of luxury vehicles like SUVs and CUVs, particularly in Asia-Pacific markets, is also a notable growth contributor. Moreover, the rise of car rental and sharing services is boosting the demand for light commercial vehicle (LCV) tires.
2. Tire Industry Challenges: Raw Material Volatility & Regulatory Costs
   Despite strong market momentum, volatility in raw material prices—especially for butadiene and EPDM rubber—continues to pose a significant challenge for tire manufacturers. Environmental regulations around waste disposal and recycling are also driving up production costs, pressuring manufacturers to invest in sustainable alternatives and compliance infrastructure.
3. Innovation in Tire Technology: A Game-Changer
   The tire industry is undergoing rapid innovation, with technologies such as Contact Area Information Sensing (CAIS), rimless tires, and green tires leading the charge. These advancements are not only enhancing vehicle performance and safety but also supporting the industry's pivot towards sustainability and digital transformation in tire sales.
4. Emerging Opportunities for Tire Brand/Companies: EV & Agricultural Tires
   The growing penetration of EVs globally is opening new avenues for high-performance and sustainable tires. In parallel, the market for agricultural vehicle tires is expanding in India, Japan, and South Korea, thanks to modernization in farming equipment and increased mechanization.

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Global Tire Market Segmentation Insights: Who Lead the Industry

• By Type of Vehicle (Two Wheeler, Three Wheeler, Passenger Car, [Light Commercial Vehicle {LCV}, Medium & Heavy Commercial Vehicle {MHCV}], Off the Road Vehicle {...OTR})
• By Demand Type (OEM, Replacement)
• By Tire Type (Radial, Bias)
• By Season (Summer Tires, Winter Tires, All Season Tires)
• By Sales Channel (Direct Sales, Dealer Distributor, Online Platform)
• By Rim Size (Up to 12", 12.1" to 15", 15.1" to 18", 18" to 22.5", 22.6" to 26", 26.1" to 35", 35.1" to 47", Above 47")
• By Price Category (Budget, Economy, Premium)
• By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific)

- Passenger Cars Drive Growth in the Global Tire Market Through 2030

The ongoing production and sales growth of passenger cars, especially in Asian countries like China and India, are significantly impacting the Global Tire Market. Modern passenger cars are fitted with tires made from advanced materials such as Natural Rubber (NR), Synthetic Rubber (SR), and thermoplastic elastomers (TPE). These materials are in high demand as they provide numerous advantages, including enhanced mileage, low rolling resistance, and excellent grip on wet roads.

In addition to being more durable, these modern tire materials exhibit better wear resistance compared to older technologies like steel-belted radials. As a result, they contribute to the overall performance and safety of passenger vehicles. Moreover, the rapid increase in production and sales of passenger cars, particularly SUVs and Crossover Utility Vehicles (CUVs), is driven by a growing consumer interest in these more luxurious options. This trend is expected to further fuel the Global Tire Market for passenger cars in the coming years.

The strong demand for efficient and high-quality tires will continue to play a crucial role in supporting the growth of the tire industry as we move towards 2030. Stay updated on how the passenger car segment evolves and influences the broader tire market landscape.

- Asia-Pacific Set to Be the Largest Tire Market from 2025 to 2030

According to a recent report by MarkNtel Advisors, the Asia-Pacific region is expected to become the biggest tire market in the world between 2025 and 2030. This growth is due to several important factors. Big car companies like BMW and Volkswagen have opened manufacturing plants in the region, making it a key area for car production. The rising sales of passenger and commercial vehicles, driven by rapid urban growth and increased industrial activity in countries like China and India, are also helping the tire market grow. As a result, both car makers and tire manufacturers are working together to expand their operations. Many new production plants are being built, which is boosting the tire market in Asia-Pacific.

Additionally, the automotive sector in this region has seen a lot of investment thanks to lower production costs, available labor, and supportive government policies encouraging foreign investment. Countries like South Korea, Japan, and India are also investing in their agricultural sectors, which is increasing the demand for farming equipment and tires and further supporting market growth.

"The findings from the Global Tire Market Analysis, 2025 report show that the Asia-Pacific region is becoming essential for the tire industry. As the market continues to grow, it's important for tire manufacturers to adapt to the changing needs of consumers and industry trends in this vibrant region."

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Competitive Landscape: Dominated by Global Giants

Top players dominating the Global Tire Market include:

• Bridgestone Corporation
• Continental AG
• Hankook & Company Co., Ltd.
• Michelin
• Nokian Tyres Plc
• Pirelli & C. S.P.A.
• Sumitomo Rubber Industries, Ltd.
• The Yokohama Rubber Co., Ltd.
• Toyo Tire Corporation
• MRF Limited
• CEAT Limited
• JK Tire & Industries Ltd.
• Apollo Tires Ltd
• Zhongce Rubber Group Co., Ltd.
• Sailun Group Co., Ltd
• Others

These companies hold significant market shares due to extensive product portfolios, innovation leadership, and global distribution networks.

Strategic Collaborations & Market Expansion

Strategic alliances between tire manufacturers and automotive giants in India and China are driving regional growth. Investments in local production facilities, supported by low-cost labor and lenient regulations, are reshaping the global supply chain.

Tyre Market Recent Developments:

• CEAT launched WINENERGY X3-R tires for electric buses (2022).
• Yokohama Off-Highway Tires introduced Agri Star II R – I, a high-durability agricultural radial tire (2023).

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List of Tables

1. Table 1: Global Tire Market Size & Analysis By Revenues (USD Million)
2. Table 2: Global Tire Market Size & Analysis By Unit Sold (Thousand Units)
3. Table 3: Tire Market Size & Forecast By Vehicle Type
4. Table 4: Two-wheeler Market Size & Forecast 2020-2030 (Thousand Units)
5. Table 5: Three-wheeler Market Size & Forecast 2020-2030 (Thousand Units)
6. Table 6: Passenger Car Market Size & Forecast 2020-2030 (Thousand Units)
7. Table 7: Commercial Vehicle Market Size & Forecast 2020-2030 (Thousand Units)
8. Table 8: LCV Market Size & Forecast 2020-2030 (Thousand Units)
9. Table 9: MHCV Market Size & Forecast 2020-2030 (Thousand Units)
10. Table 10: OTR Market Size & Forecast 2020-2030 (Thousand Units)
11. Table 11: OEM Market Size & Forecast 2020-2030 (Thousand Units)
12. Table 12: Replacement Market Size & Forecast 2020-2030 (Thousand Units)
13. Table 13: Radial Market Size & Forecast 2020-2030 (Thousand Units)
14. Table 14: Bias Market Size & Forecast 2020-2030 (Thousand Units)
15. Table 15: Summer Tires Market Size & Forecast 2020-2030 (Thousand Units)
16. Table 16: Winter Tires Market Size & Forecast 2020-2030 (Thousand Units)
17. Table 17: All Season Tires Market Size & Forecast 2020-2030 (Thousand Units)
18. Table 18: Tire Market Size & Forecast By Region

List of Figures

1. Figure 1: Global Tire Market Dynamics (Drivers & Challenges)
2. Figure 2: Global Tire Market Porter Five Analysis
3. Figure 3: Global Tire Market Regulations, Policies and Type Standards
4. Figure 4: Global Tire Hotspots and Opportunities
5. Figure 5: North America Tire Market Size & Analysis By Revenues (USD Million)
6. Figure 6: North America Tire Market Size & Analysis By Unit Sold (Thousand Units)
7. Figure 7: Europe Tire Market Size & Analysis By Revenues (USD Million)
8. Figure 8: Asia-Pacific Tire Market Size & Analysis By Unit Sold (Thousand Units)
9. Figure 9: Global Tire Market Key Strategic Imperatives for Success & Growth
10. Figure 10: Company Profiles Overview Chart

About Us –

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

Similar Report Topic –

• Global Winter Tire Market – it is projected to grow at a CAGR of around 5.12% by 2027
• Global Off the Road (OTR) Tire Market – In 2023, the size was valued at around USD 24.5 billion & is projected to grow at a CAGR of around 4.8% by 2023
• Global Electric Vehicle Tire Market - In 2023, the size was valued at USD 3.1 Billion and is projected to reach USD 13.4 Billion by 2030
• India Two-Wheeler Tire Market – it is estimated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024–30.
• Europe Tire Market Analysis -  By Country (The UK, Germany, France, Italy, Spain, Poland, The Netherlands, Romania, Belgium, Slovakia, Finland, Norway, Sweden, Denmark, Rest of Europe)

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