Tire Market Size Projected To Reach $250.39 Billion By 2034 With A Cagr Of 4.3%

The Tire Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Tire Market Size During the Forecast Period?
In recent times, there's been a substantial increase in the size of the tire market. From $200.97 billion in 2024, it is projected to soar to $211.22 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. The historical period's growth can be traced back to factors like the expansion of the automotive industry, consumer predilection for performance, safety standards, economic climate, and the market for replacement tires.

The size of the tire market is anticipated to experience a consistent increase in the coming years, expanding to a value of $250.39 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 4.3%. Factors such as the emerging adoption of electric vehicles (EV), self-driving cars, initiatives related to circular economy, advancements in tire constructing materials, and climate change focus contribute to the expected growth in the forecast period. The forecast period will also see key trends like smarter tire technologies, technological progressions, increased preference for sustained and environmentally friendly tires, advancements in tire innovation, and the growth of online tire commerce.

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What Are the High-Growth Segments in the Tire Market?
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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What Key Drivers Are Expected to Influence Future Tire Market Growth?
The escalating production of vehicles is set to boost the evolution of the tire market in the foreseeable future. This refers to the mass production of identical car models, such as passenger cars, heavy and light-duty trucks, pickup trucks, vans, and sports utility vehicles in large volumes. Tires serve as a crucial element of a vehicle's suspension and steering system, with their main roles being to support the vehicle's weight, transmit traction and braking forces to the road, absorb road shocks, as well as alter and sustain the travel direction. For example, as per a report released by the European Automobile Manufacturers' Association (ACEA), the principal lobbying and standards body for the automotive industry in the European Union, there was a global production of 85.4 million motor vehicles in March 2022, an increment of 5.7% compared to 2021. Thus, this escalating production of vehicles is what propels the growth of the tire market.

Which Companies Hold the Largest Share Across Different Tire Market Segments?
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.

What Trends Are Driving Growth in The Tire Market?
The emergence of new technologies is a leading trend observed in the tire market. To solidify their market standing, key companies within the tire industry are investing in innovation and new technological developments. Highlighting this, the Chinese tire manufacturer Zhongce Rubber Group, in February 2023, unveiled their new EV Pro line-up of tires, intended for EV passenger vehicles. These tires incorporate the Zuper Silent technology which diminishes tire noise by the use of all-season noise absorption compounds, three-dimensional silent bolts, and a distinct soundproof chamber. Additionally, the EV PRO range is equipped with BPOT technology that enhances handling through a 5% increased contact area at high velocities, complemented by a Mixing Technology that augments grip and stability. Additionally, the Gen II Hybrid Silane Compound boosts the EV PRO's mileage while the DMOT Design Theory augments rolling resistance.

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What Are the Emerging Geographies for The Tire Market Growth?
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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Tire Market?
2. What is the CAGR expected in the Tire Market?
3. What Are the Key Innovations Transforming the Tire Industry?
4. Which Region Is Leading the Tire Market?

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