Tires Market Forecast (2025-2032): Projected Growth to USD 191.25 Billion at 4.2% CAGR

Tires Market size was valued at USD 137.61 Billion in 2024 and the total Tires revenue is expected to grow at a CAGR of 4.2% from 2025 to 2032, reaching nearly USD 191.25 Billion.

Tires Market Overview:

The tires market is experiencing steady growth, driven by the expansion of the automotive industry, particularly in emerging economies. Rising vehicle production and sales are fueling demand for both original equipment manufacturers (OEM) and replacement tires. Advancements in tire technology, such as the development of high-performance and eco-friendly tires, are also contributing to market growth. Additionally, increasing consumer awareness regarding vehicle maintenance and safety is encouraging regular tire replacements, further propelling the market.

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Tires Market Dynamics:

Several factors are influencing the dynamics of the tires market. Technological innovations have led to the development of smart tires equipped with sensors that monitor tire pressure and temperature, enhancing vehicle safety and performance. The growing emphasis on sustainability has prompted manufacturers to invest in the production of green tires, which offer lower rolling resistance and improved fuel efficiency. However, the market faces challenges such as fluctuating raw material prices and stringent environmental regulations, which can impact production costs and profitability.

Tires Market Outlook and Future Trends:

Looking ahead, the tires market is poised for continued growth, with emerging trends focusing on sustainability, technological advancements, and changing consumer preferences. The adoption of electric and autonomous vehicles is expected to influence tire design and performance requirements, leading to the development of specialized tires tailored for these vehicles. Additionally, the integration of advanced materials and manufacturing processes will enhance tire durability and efficiency. The increasing popularity of online tire retailing and direct-to-consumer sales channels is also reshaping the market landscape, offering consumers greater convenience and a wider selection of products.

Key Recent Developments:

Recent developments in the tires industry highlight its dynamic nature and adaptability to changing market conditions. For instance, Michelin reported that its first-quarter 2025 sales were slightly below expectations due to stronger-than-anticipated seasonality and rising market volatility, particularly from newly imposed U.S. tariffs. The company noted that its local-to-local strategy, with 70% of its tires sold in the U.S. produced domestically, should help mitigate disruptions. Additionally, JPMorgan analysts have predicted a significant rise in U.S. car tire prices due to new tariffs imposed on key tire-exporting countries, which could substantially elevate domestic tire prices. Moreover, Goodyear and other major tire manufacturers are facing class-action lawsuits in the U.S., accused of conspiring to overcharge for replacement tires between 2021 and 2023. The companies have denied the allegations, asserting that their pricing reflects competitive market behavior.

Tires Market Segmentation:

by Type

Radial Tires
Bias Tires
Non-Pneumatic Tires

by Vehicle Type

Passenger Cars
Commercial Cars
Off-Road Cars

by Distribution Channel

OEM
Aftermarket

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Some of the current players in the Tires Market are:

1. Cooper Tire & Rubber Company (U.S)
2. Goodyear Tire & Rubber Company (U.S)
3. Avon Tyres (U.K)
4. Continental AG (Germany)
5. MITAS A.S. (Czech Republic)
6. Michelin (France)
7. Nokian Tyres Oyj (Finland)
8. Pirelli & C. S.p.A (Italy)
9. Apollo Tyres Ltd (India)
10. MRF (India)
11. CEAT (India)
12. JK Tyre & Industries Ltd (India)
13. Madras Rubber Factory Ltd. (India)
14. Bridgestone Corporation (Japan)
15. Toyo Tire & Rubber Co., Ltd. (Japan)
16. Sumitomo Corporation (Japan)
17. Yokohama Tire Corporation (Japan)
18. Giti Tire Pte. Ltd (Singapore)
19. Cheng Shin Rubber Ind. Co. Ltd (Taiwan)
20. Maxxis International (Taiwan)
21. Hankook Tire Co., Ltd (South Korea)
22. Kumho Tire Co., Inc (South Korea)
23. Nexen Tire Corporation (South Korea)
24. Zhongce Rubber Group Co., Ltd. (China)
25. Sailun Group Co. Ltd. (China)
26. Shandong Linglong Tire Co., Ltd (China)

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