Leading Growth Driver in the Tire Market in 2025: Growing Vehicle Production Drives Tire Market Growth Driver's Influence

What combination of drivers is leading to accelerated growth in the tire market?
The surge in the production of vehicles is anticipated to spur the advancement of the tire market. Producing vehicles in mass quantities, including identical models of passenger cars, heavy and light trucks, pickups, vans, and sport utility vehicles, is what vehicle production embodies. Playing a critical role in a vehicle's suspension and steering system, tires primary responsibilities are to carry the weight of the vehicle, communicate traction and braking power to the road surface, soak up road jitters, and alter and preserve travel direction. For instance, global production of motor vehicles hit 85.4 million as per a report in March 2022 by the European Automobile Manufacturers' Association (ACEA), the core lobbying and standards body for the automobile industry in the European Union, demonstrating a 5.7% spike from the previous year. Hence, the expansion of vehicle production significantly influences the growth of the tire market.

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What is the projected compound annual growth rate (CAGR) of the tire market from 2025 to 2034, and what factors influence it?
In recent times, the tire market has seen robust growth. From $200.97 billion in 2024, it is anticipated to rise to $211.22 billion in 2025, showing a compound annual growth rate (CAGR) of 5.1%. Several factors like advancements in the auto industry, consumer predilection for performance and safety, regulatory requirements, economic conditions, and the ever-growing replacement tire market have contributed to the growth seen in the historic period.

Expectations are set for the tire market size to experience consistent growth within the upcoming years. It's predicted to increase to a value of $250.39 billion by 2029 with a compound annual growth rate (CAGR) of 4.3%. This growth during the forecast period is believed to stem from the adoption of electric vehicles (EV), the rise of autonomous vehicles, the push for circular economy initiatives, advancements in tire material technologies, and sensitivity towards climate change. Upcoming trends during this period are projected to be innovative smart tire technologies, technological progress, an increased demand for sustainable and environmentally friendly tires, technological evolution in tire manufacturing, and the growth of online tire retailing.

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How are the latest trends influencing the growth of the tire market?
One significant trend gaining traction in the tire market today is the rise of technological advancements. Companies majoring in tire business are investing in the creation of new technologies to bolster their dominance in the market. For example, Zhongce Rubber Group, a tire manufacturer based in China, launched a new range of tires, referred to as the EV Pro line-up, for EV passenger vehicles in February 2023. These tires incorporate Zuper Silent technology, resulting in diminished tire noise via the use of noise-absorbent compounds suitable for all seasons, three-dimensional silent bolts, and a specific chamber designed for soundproofing. In addition, the EV PRO series employs BPOT technology, promising superior handling due to a 5% enlarged contact surface area during high-speed navigation, and Mixing Technology for enhanced grip and stability. Further, the introduction of the Gen II Hybrid Silane Compound has elevated the mileage of the EV PRO line, while the application of the DMOT Design Theory has made strides in reducing rolling resistance.

What are the major segments of the tire market and their role in driving growth?
The tire market covered in this report is segmented -

1) By Type: Bias Tire, Radial Tire, Belted Bias
2) By Distribution Channel: Online, Offline
3) By Application: Cars, Bicycles, Motorcycles, Buses, Trucks, Heavy Equipment, Aircraft, Other Applications
4) By End-Use: Replacement Tires, OEM Tires

Subsegments:
1) By Bias Tire: Cross Ply Tires, Diagonal Ply Tires
2) By Radial Tire: Passenger Radial Tires, Truck Radial Tires, Specialty Radial Tires
3) By Belted Bias: Belted Bias Passenger Tires, Belted Bias Truck Tires

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Which regions are key players in the growth of the tire market?
Asia-Pacific was the largest region in the tire market in 2024. The regions covered in the tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the tire market?
Major companies operating in the tire market include Sumitomo Corporation, Continental AG, Bridgestone Corporation, Michelin Group, The Goodyear Tire and Rubber Company, Maxxis International, Yokohama Tire Corporation, Pirelli Tyre SpA, Zhongce Rubber Group Co Ltd., Cheng Shin Rubber Ind. Co Ltd., Sailun Group Co Ltd., Apollo Tyres Ltd., Trelleborg AB, MRF Limited, Kumho Tyre Pty. Ltd., Shandong Linglong Tire Co Ltd., Linglong Tire Co Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Hankook Tire and Technology Co Ltd., Nokian Tyres plc, Double Coin Holdings Ltd., JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co Ltd., Guizhou Tyre Co Ltd., Alliance Tire Group, Aeolus Tyre, GT Asia Pacific Holdings Pte. Ltd., Federal Corporation, JINYU Tire Group Co Ltd.

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What Is Covered In The Tire Global Market Report?

•Market Size Forecast: Examine the tire market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the tire market for a structured understanding.
•Key Players Overview: Analyze major players in the tire market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tire market.
•Segment Contributions: Evaluate how different segments drive overall growth in the tire market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tire market.
•Industry Challenges: Identify potential risks and obstacles affecting the tire market.
•Competitive Landscape: Review strategic developments in the tire market, including expansions, agreements, and new product launches.

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