Tire Market Size to Surpass USD 270.66 Billion by 2033 | At CAGR 4.70%

IMARC Group, a leading market research company, has recently released a report titled "Tire Market Size, Share, Trends and Forecast by Design, End-Use, Vehicle Type, Distribution Channel, Season, and Region, 2025-2033." The study provides a detailed analysis of the industry, including the tire market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Market Overview

The global tire market size reached USD 172.98 Billion in 2024. It is expected to grow to USD 270.66 Billion by 2033, exhibiting a CAGR of 4.70% during the forecast period from 2025 to 2033. Growth is primarily driven by technological advancements in tire manufacturing and increased demand for eco-friendly and specialized tires due to rising environmental awareness.

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Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Tire Market Key Takeaways

• Current Market Size: USD 172.98 Billion in 2024
• CAGR: 4.70%
• Forecast Period: 2025-2033
• Major market drivers include rising vehicle sales and increasing demand for tires in emerging economies.
• Government regulations for tire safety and environmental standards significantly influence the market.
• Popularity of high-performance and specialized tires is accelerating market demand.
• Growing production of vehicles for electrification supports market growth.
• Asia Pacific dominates the market due to increased automobile numbers and economic growth.

Market Growth Factors

The tire market benefits from rising vehicle sales and increasing tire demand in emerging economies. This is supported by higher expenditure capacities among individuals and a surge in the automotive industry output, especially in passenger and commercial vehicles. For instance, passenger vehicle sales in India demonstrated 14.19% growth in October 2020 compared to the previous year. Governmental bodies are implementing stringent regulations to promote safety and environmental sustainability, further fueling growth. Notably, India's Ministry of Road Transport and Highways updated motor vehicle rules in 2022 and 2023 to improve tire performance and environmental standards.

Technological advancements in tire manufacturing have enhanced fuel efficiency, durability, and performance, opening new growth avenues. Leading manufacturers actively invest in R&D to launch novel tire variants, including tires for electric vehicles (EVs) that offer optimal fuel efficiency. For example, Sumitomo Rubber Industries introduced FALKEN "e. ZIEX" tires designed specifically for EVs in 2023. The adoption of sustainable materials like solution-polymerized styrene-butadiene rubber (Eco-SSBR) and bio-based oils is also expanding, reflecting a shift toward greener products as seen in initiatives by Continental and Kumho Petrochemical in collaboration with Hankook Tire.

The market also grows through the rising demand for high-performance tires tailored to regions and vehicle types. Summer tires dominate due to their suitability for dry, warm, or wet climates, providing superior grip, stability, and handling. The expanding automotive industry, including increased production of commercial and passenger vehicles, supports tire demand growth. Additionally, initiatives targeting carbon neutrality by 2050 encourage investments in zero-carbon technologies, sustaining the replacement market segment and advancing green mobility trends globally.

Market Segmentation

Design:

• Radial Market: Accounts for the majority of market share; growth driven by rising use in golf carts and development of airless tweel tires for vehicles like ATVs, military, and light construction.

• Bias Market: Not dominant but included in market analysis.

End-Use:

• OEM Market: Original equipment manufacture market segment.
• Replacement Market: Holds the largest market share; influenced by fuel economy focus and convenience demand. OEMs' advanced manufacturing technology enhances product differentiation.

Vehicle Type:

• Passenger Cars: Leading segment due to the increasing number of passenger vehicles and diverse vehicle types including sedans, SUVs, and compact cars.

• Light Commercial Vehicles

• Medium and Heavy Commercial Vehicles

• Two Wheelers

• Three Wheelers

• Off-The-Road (OTR) Vehicles

Distribution Channel:

• Offline: Largest share due to automotive dealerships, specialty tire shops, and big-box retailers providing professional advice and installation services.

• Online: Smaller segment but growing.

Season:

• All Season Tires

• Winter Tires

• Summer Tires: Dominant segment, suitable for warm and humid climates, offering enhanced grip and stability.

Region:

• North America: United States, Canada

• Asia Pacific: China, Japan, India, South Korea, Australia, Indonesia, Others

• Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Others

• Latin America: Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others

• Middle East and Africa: Turkey, Saudi Arabia, Iran, United Arab Emirates, Others

Regional Insights

Asia Pacific holds the largest market share due to a high number of passenger and commercial vehicles, particularly in China. The region's economic growth and extensive R&D investments in advanced tire pressure monitoring systems (TPMS) further bolster market development. The emergence of two-wheeler tire demand additionally supports future growth prospects.

Recent Developments & News

• June 2025: Bridgestone launched the Turanza EverDrive touring tire featuring an 80,000-mile warranty, advanced wear resistance, and enhanced control in multiple conditions.

• March 2025: CEAT introduced the SportDrive range in India with ultra-high performance and run-flat tires for luxury cars and SUVs.

• February 2025: Eurogrip launched SCR and STR variants in its Trailhound range targeting classic motorcycles and large adventure bikes in India.

• February 2024: Cabot Corp.'s engineered elastomer composites gained traction in the off-road tire segment.

• December 2023: Sailun Group expanded its tire manufacturing plant in Leon, Mexico, via a joint venture.

• October 2023: TVS Srichakra acquired Super Grip in Tennessee to enter the off-highway tire business.

Key Players

• Apollo Tyres Ltd.
• Bridgestone Corporation
• Continental AG
• Hankook Tire & Technology Co., Ltd.
• Kumho Tire Co., Inc.
• Michelin
• MRF Tyres
• Pirelli Tyre C. S.p.A
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd.
• Toyo Tire Corporation

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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