Tires Market 2030: A Global Perspective

The global tires market was valued at USD 143.06 billion in 2024 and is projected to reach USD 173.93 billion by 2030, reflecting a CAGR of 3.4% from 2025 to 2030. Market growth is primarily driven by the rapid expansion of the automotive sector, particularly in emerging economies where increasing disposable incomes and rising vehicle ownership are major contributors.

The expanding electric vehicle (EV) market has also increased the demand for specialized tires engineered for low rolling resistance, greater durability, and improved energy efficiency. Urbanization and infrastructure development projects are further driving the need for commercial vehicle tires, especially in construction, logistics, and public transportation. Additionally, the growing e-commerce sector has led to heightened demand for both heavy-duty and light commercial vehicle tires to support last-mile and long-distance delivery services.

Fleet management growth—spanning logistics firms, ride-hailing companies, and rental services—continues to boost tire consumption. Fleet operators typically favor high-mileage, retreadable, and cost-efficient tires, supporting the market for durable commercial vehicle tires. Meanwhile, the agriculture and construction sectors are fueling demand for off-the-road (OTR) tires used in heavy machinery, tractors, and mining equipment. Advancements in autonomous and connected vehicles have also encouraged the development of smart tires equipped with IoT sensors that monitor tire pressure, tread wear, and road conditions in real time to enhance safety and performance.

Technological innovation remains a major market driver, with advancements such as airless tires, self-sealing tires, and smart sensor-integrated tires improving efficiency and safety. Sustainability trends are also reshaping the industry, as manufacturers adopt bio-based materials, recycled rubber, and more energy-efficient production processes. Government regulations aimed at improving fuel efficiency, minimizing emissions, and enhancing road safety are further accelerating the adoption of eco-friendly, high-performance tire technologies. Growing consumer interest in premium and high-performance tires—especially in luxury vehicle and motorsport applications—continues to support overall market growth.

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Key Market Trends & Insights

• Asia Pacific Leads the Market: In 2024, Asia Pacific accounted for 44.3% of global revenue, driven by rapid automotive industry expansion in China, India, Japan, and Southeast Asia. Demand for passenger vehicles, commercial trucks, and two-wheelers continues to rise as urbanization and income levels increase. Government initiatives such as China’s Made in China 2025 and India’s Atmanirbhar Bharat have further strengthened domestic tire production. The region's growing EV market is also driving innovation in low rolling resistance and energy-efficient tire technologies.
• Aftermarket Dominance by Distribution Channel: The aftermarket segment held 63.3% of the market share in 2024. Increasing vehicle numbers and frequent tire replacement needs—due to road conditions and wear—support steady aftermarket demand. E-commerce platforms have expanded consumer access to a variety of tire brands and price options, while stringent safety regulations are promoting timely tire replacements. Advancements in tire durability and performance have also increased consumer preference for premium aftermarket options.
• Passenger Cars Leading by Vehicle Type: The passenger cars segment accounted for 32.6% of global revenue in 2024. Demand is supported by rising adoption of fuel-efficient and durable tires, as well as ongoing advancements in radial and tubeless tire technology. The expanding EV market is increasing demand for specialized low-rolling-resistance tires, while replacement cycles and strong aftermarket activity further contribute to segment growth. Consumer interest in high-performance and premium tires also encourages innovation within this category.

Market Size & Forecast

• 2024 Market Size: USD 143.06 Billion
• 2030 Projected Market Size: USD 173.93 Billion
• CAGR (2025-2030): 3.4%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Prominent players in the global tires market include The Michelin Group and Bridgestone Corporation, alongside emerging participants such as Continental AG and Sumitomo Corporation.

• Michelin offers a broad portfolio spanning passenger car tires, truck and bus tires, agricultural and industrial tires, motorcycle tires, and specialized aviation and construction tires. The company is also a leader in high-performance motorsports tires, including those used in Formula 1 and endurance racing.
• Bridgestone Corporation supplies tires for passenger vehicles, commercial trucks, OTR applications, and industrial equipment. It is recognized for innovations in run-flat and fuel-efficient tires and is actively advancing sustainability through initiatives like guayule-based natural rubber production.
• Continental AG provides high-performance and all-season tires for passenger cars, SUVs, commercial trucks, and motorcycles. The company is known for advanced technologies such as ContiSeal (self-sealing tires) and ContiSense (sensor-enabled smart tires), along with a wide range of UHP and winter tires.
• Sumitomo Corporation produces passenger car, light truck, and high-performance tires under leading brands such as Dunlop and Falken. The company focuses on advanced rubber compounding and fuel-efficient designs tailored to the needs of EVs and hybrid vehicles.

Key Players

• The Michelin Group
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire and Rubber Company
• Sumitomo Corporation
• Pirelli Tyre S.p.A
• Yokohama Tire Corporation
• Hankook Tire and Technology Co., Ltd.
• Toyo Engineering Corporation
• Kumho Tyre (Australia) Pty Ltd.

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Conclusion

The global tires market is positioned for stable growth through 2030, driven by rising vehicle ownership, expanding EV adoption, and rapid development across the commercial, industrial, and logistics sectors. Technological advancements—including smart tires, airless technology, and eco-friendly materials—are transforming the industry, while sustainability regulations encourage the creation of more energy-efficient and environmentally responsible products. Asia Pacific maintains its leadership position due to strong automotive production and government support for local manufacturing. With increasing demand from passenger cars, commercial fleets, and off-the-road applications, the tires market is set for continued innovation and expansion in the years ahead.