Global Tire Market Growing at a CAGR of 4.11% By 2030, Driven by Electric Vehicles and Sustainability Trends

The Global Tire Market, valued at approximately USD 232 billion in 2023, is projected to grow at a CAGR of 4.11% from 2024 to 2029, fueled by rising vehicle production, technological advancements, and the expanding electric vehicle (EV) sector 1. Tires play a critical role in vehicle performance, safety, and efficiency, with increasing demand for radial tires, eco-friendly materials, and smart tire technologies. The market is segmented by vehicle type (passenger cars, commercial vehicles, two-wheelers), demand (OEM, replacement), and sales channels (online, offline). Asia-Pacific dominates due to rapid urbanization and industrial growth, while innovations like run-flat and airless tires reshape industry standards 15.

Tire Market Forecast (2024-2029)

• CAGR of 4.11%: The market will expand steadily, reaching new heights with radial tires leading demand due to durability and fuel efficiency 1.

• EV Boom: The rise of electric vehicles necessitates specialized tires, driving 15-20% growth in EV-specific tire segments 16.

• Sustainability Push: Green tires and retreading gain traction, with the retread market expected to hit USD 7.11 million by 2030 11.

• Raw Material Volatility: Fluctuating rubber and synthetic material prices may challenge cost structures 1.

• Asia-Pacific Dominance: China and India lead growth, supported by automotive manufacturing expansions 15.

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Tire (Tyre) Market Key Trend:

Technological Advancement to be a Trending Aspect in the Market - Numerous technological advancements have been made in the tires, and nowadays, many manufacturers are launching highly advanced & innovative tyres in the market, thus becoming a trending aspect across the Tire Market in the present years. The introduction of rimless tires, green tires, and the usage of lightweight elastomers & metals such as alloys & carbon fiber or composites like manganese bronze & nickel aluminum bronze to manufacture tires are some of the technological advancements being done in the industry.

Furthermore, prominent tire manufacturers are integrating nanotechnology and other cutting-edge software & innovations into their tire production processes, resulting in a diverse range of advanced tire options. For instance, Bridgestone Tires, a renowned tire and rubber manufacturer, employs Contact Area Information Sensing (CAIS) technology to gather & assess data regarding the tire's contact area, enabling the detection of road conditions. Hence, with these advancements the future of transportation would transform completely, thus contributing to encouraging the market growth.

Tyre Industry Competitive Landscape [Top Tire Manufacturer Companies]

The global tire market is highly competitive, with key players focusing on R&D, sustainability, and digital sales channels. Major companies 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 firms are investing in smart tires, EV-compatible designs, and circular economy initiatives to maintain market dominance 15.

Key Takeaways from the Tire Market Report

• The passenger car segment holds the largest share, driven by SUV and luxury vehicle demand.

• Radial tires dominate due to performance benefits, while bias tires remain niche.

• Online tire sales are rising, with e-commerce platforms gaining 20%+ traction.

• Government policies promoting EVs and sustainability are accelerating market shifts 16.

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Tyre Industry Industry Recent Development

• In 2023, Yokohama Off-Highway Tires (YOHT) launched the Agri Star II R - I, a radial tire with Stratified Layer Technology (SLT) for enhanced durability in agricultural applications 1.

Tire Global Market Segmentation & Regional Analysis

By Vehicle Type

> Two-wheeler

> Three-wheeler

> Passenger Car

> Commercial Vehicle

> 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

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Frequently Asked Questions (FAQs)

• What is the current size of the global tire market?

• How does the EV sector impact tire demand?

• Which region dominates the tire industry?

• What are the key challenges facing tire manufacturers?

• How are technological advancements shaping tire innovation?

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