Press release
Rubber Tire Market Forecast (2024-2030): Rising Vehicle Production and Demand for High-Performance Tires to Drive USD 201.35 Billion Growth at 3.8% CAGR
Rubber tire market
According to a new report by Maximize Market Research, the global Rubber Tire market was valued at USD 155.08 billion in 2023 and is expected to grow to USD 201.35 billion by 2030, at a compound annual growth rate (CAGR) of 3.8 % from 2024 to 2030. The growth is underpinned by expanding vehicle manufacturing, rising consumer demand for premium tires, and increasing infrastructure and transport activity across regions.
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Key Highlights
Market size + CAGR: USD 155.08 billion in 2023 → USD 201.35 billion by 2030, CAGR 3.8 %
Leading application/segment: passenger vehicle tires dominate in 2023
Largest / fastest region: Asia Pacific leads in natural rubber production and regional tire demand
Key drivers / trends: growth in vehicle production, premium & speed-rated tires, integration of tire pressure monitoring systems, infrastructure development
Restraints: raw material cost volatility, environmental regulations, supply constraints of natural/synthetic rubber
Top companies: Bridgestone Corporation, Goodyear Tire & Rubber Company, Continental AG, Michelin, Pirelli, Apollo Tyres, MRF, JK Tyre, Sumitomo Rubber Industries, Nokian Tyres
Market Outlook
The rubber tire industry is expected to steadily expand over 2024-2030, though at a moderate pace due to structural constraints in raw materials. The shift toward premium, high performance, and fuel-efficient tires is becoming more pronounced, as consumers and OEMs demand greater durability, safety, and lower rolling resistance. Innovations such as sensors and smart tire technologies (e.g. connected TPMS) are gaining traction, positioning tires to do more than just support load and traction. The industry will likely see continued focus on sustainable and bio-based rubber compounds to meet environmental and regulatory pressures.
However, cost pressures from raw material price fluctuations and supply chain challenges may restrain growth. The need to comply with stricter environmental emissions and manufacturing standards will also shape regional competitive dynamics.
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Regional Insights
United States - Growth & Trends
The United States is a major contributor in North America, driven by strong automotive demand, aftermarket tire replacement, and consumer preference for premium tires. Emphasis on fuel efficiency, safety regulations, and adoption of smart tire systems support growth.
Asia Pacific - Opportunity & Acceleration
In Asia Pacific, the presence of major natural rubber producers, rising vehicle manufacturing in China, India and ASEAN, and infrastructure expansion underpin strong growth. OEMs and tire manufacturers continue investing in regional capacity, especially for passenger vehicles and two-wheelers.
Europe - Trend & Adaptation
Europe is seeing demand influenced by environmental mandates, emission norms, and shifts to sustainable tire design. The region has rising interest in "green tires," recycled materials, and regulatory compliance in production. Manufacturers are updating their product lines to meet EU emission and durability standards.
Middle East & Africa - Growth & Entry
In Middle East & Africa, market growth is more gradual but promising in key economies due to infrastructure development, rising vehicle fleets, and increasing demand for replacement tires. International tire players are exploring expansion or partnerships to enter emerging markets.
Key Players & Competitive Landscape
The rubber tire market is competitive and somewhat fragmented, with a mix of global incumbents and regional manufacturers. Leading players such as Bridgestone Corporation, Goodyear Tire & Rubber Company, Continental AG, Michelin, and Pirelli maintain dominance through strong brand, R&D, global distribution, and technological innovation. Many firms are adopting strategies such as mergers, acquisitions, capacity expansion, and joint ventures to strengthen presence, particularly in growth markets.
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Quote
Demand for premium performance and smart tire capabilities is reshaping the rubber tire industry," said Rohit Singh, Senior Analyst at Maximize Market Research. "While raw material constraints and regulatory pressures persist, innovation in sustainable materials and connected tire systems will unlock growth across key regions.
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MAXIMIZE MARKET RESEARCH PVT. LTD.
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Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
+91 9607365656
About Us
Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.
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