Tire Market Size, Share, Demand and Overview 2034

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Tire Market Size Growth Forecast: What to Expect by 2025?
The tire market has experienced steady growth in recent years. It is projected to increase from $195.93 billion in 2024 to $202.83 billion in 2025, with a CAGR of 3.5%.

How Will the Tire Market Size Evolve and Grow by 2029?
In the following years, the tire market is anticipated to witness regular growth, escalating to a whopping $238.91 billion by 2029 with a compound annual growth rate (CAGR) of 4.2%. Factors such as the adoption of electric vehicles (EV), the advent of autonomous vehicles, the rise of the circular economy, innovative tire materials, and attention to climate change are expected to drive growth during this forecast period. Meanwhile, trends set to prevail in this period encompass the development of smart tire technologies, technological progress in general, an increasing call for sustainable and eco-friendly tires, the growth of tire technological advancements, and the expansion of online tire retailing.

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What Drivers Are Propelling the Growth of Tire Market Forward?
The advancement of the tire market is anticipated to be spurred by increasing vehicle production. The term vehicle production is used to describe the mass manufacture of uniform models of passenger vehicles, light and heavy trucks, pickups, vans, and sport utility vehicles. Tires form a critical part of a vehicle's steering and suspension system, serving crucial roles such as bearing the weight of the vehicle, transmitting traction and braking forces to the road, absorbing bumps from the road, and aiding in maintaining and altering the direction of travel. For example, a report from the European Automobile Manufacturers' Association (ACEA), the primary standards and lobbying organization for the car industry in the European Union, stated that global vehicle production hit 85.4 million in March 2022. This marked a 5.7% rise from 2021. Consequently, the surging production of vehicles propels the expansion of the tire market.

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Which Emerging Trends Are Transforming the Tire Market in 2025?
The emergence of new technologies is a prominent trend being seen in the tire market, with many leading companies in the sector working on innovative solutions to solidify their market standing. For instance, Zhongce Rubber Group, a tire manufacturing company from China, launched a new series of tires called the EV Pro line-up for EV passenger cars in February 2023. These tires incorporate Zuper Silent technology, designed to minimize tire noise by using noise-absorbing materials all-year-round, three-dimensional silent bolts, and a unique soundproof chamber. In addition, the BPOT technology included in the EV PRO enhances handling due to its 5% increased contact area at high speeds, and the exclusive Mixing Technology enhances grip and stability. Furthermore, the mileage of the EV PRO is improved by the second generation Hybrid Silane Compound, while the rolling resistance is enhanced by the DMOT Design Theory.

What Are the Key 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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Who Are the Key Players Shaping the Tire Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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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