Growing Vehicle Production Drives Tire Market Growth Emerges as a Core Driver of the Tire Market in 2025

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Tire Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a significant expansion in the size of the tire market. Forecasts indicate an increase from $200.97 billion in 2024 to $211.22 billion in 2025, implying a compound annual growth rate (CAGR) of 5.1%. Factors such as the expansion of the automotive industry, changing consumer priorities in favour of performance and safety, regulatory norms, economic climate, as well as the market for replacement tires, have been instrumental in propelling growth during the historic phase.

Tire Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the tire market is projected to experience consistent expansion. By 2029, it's estimated to reach $250.39 billion, with a compound annual growth rate (CAGR) of 4.3%. The anticipated growth during the forecast period is credited to several factors including the increased adoption of electric vehicles (EV), the development of autonomous vehicles, commitments to circular economy, innovative tire materials, and considerations of climate change. Key trends for the forecasted period comprise smart tire technologies, technological progressions, burgeoning demand for sustainable and eco-friendly tires, advancements in tire technology, and the growth of online tire retailing.

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What Are the Drivers Transforming the Tire Market?
The surge in vehicle manufacturing is anticipated to fuel the tire market's expansion in the future. Vehicle manufacturing involves the bulk production of identical models of passenger cars, heavy and light trucks, pickups, vans, and SUVs. Tires play a pivotal role in the suspension and steering system of a vehicle. They bear the vehicle's load, transfer traction and braking forces to the road, absorb road vibrations, and assist in maintaining and altering the travel direction. For example, a report by the European Automobile Manufacturers' Association (ACEA), the primary lobbying and standards group for the auto industry in the European Union, indicated that the worldwide motor vehicle production touched 85.4 million in March 2022, signifying a 5.7% rise from 2021. Consequently, the escalating vehicle production propels the tire market's growth.

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What Long-Term Trends Will Define the Future of the Tire Market?
Tire market is witnessing a growing trend in the form of technological progressions. Leading organizations in the tire industry are focussing on innovative technologies to consolidate their standing in the market. For example, in February 2023, a tire producer based in China, Zhongce Rubber Group, launched a new series of tires named the EV Pro line-up meant for EV passenger cars. These tires incorporated Zuper Silent technology that decreases tire noise by using all-season noise-soaking compounds, three-dimensional silent bolts and a unique soundproof chamber. Additionally, the EV PRO is equipped with BPOT technology that offers superior handling due to a 5% larger contact area at increased speeds, and Mixing Technology for ideal grip and stability. The Gen II Hybrid Silane Compound further enhances the mileage of EV PRO, while the rolling resistance benefits from the DMOT Design Theory.

Which Segments in the Tire Market Offer the Most Profit Potential?
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 Firms Dominate the Tire Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in 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.

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