Tire Market Report 2025: Industry Growth Due to Booming Electric Vehicles, Integration of Innovative Technologies, etc.

The latest study released on the Global Tire market by Markntel Advisors evaluates market size, trend, and forecast to 2029. The tire market study covers substantial research data by analyzing market trends, growth drivers, opportunities, upcoming challenges, and competitive landscape. According to the report, the Global Tire Market size was valued at around USD 232 billion in 2023. Looking forward, Markntel Advisors estimated the industry to grow at a CAGR of about 4.11% during the forecast period, i.e., 2024-29.

What is Tire?

Tires play a crucial role in automobiles by performing several functions, including holding the vehicle's weight, transmitting energy while accelerating & braking, changing or maintaining direction, etc. They also provide traction between the vehicle & road to absorb shocks. Usually made of rubber, tires comprise tread, beads, jointless cap plies, & other materials, including synthetic rubber, polyester, carbon black, etc. Worldwide, tires are available in a wide range of sizes & styles to suffice the varied requirements of different vehicles & customers. The escalating sales of passenger & commercial vehicles in emerging economies worldwide are driving the tire industry globally. Moreover, both developed & developing countries are witnessing a rapid rise in infrastructural activities, i.e., resulting in higher demand for construction vehicles and, consequently, tires.

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What are the Growth Prospects and Trends in the Global Tire Market?

The growth factors shaping the global Tire industry are as follows:

• The growing automotive industry pushing the need for high-performance tires
• Integration of technological advancement in tire manufacturing
• Rising inclination towards run-flat tires, eco-friendly tires, and smart tires
• Increasing preference for enhanced vehicle performance, fuel efficiency, and safety
• Digitalization introducing tire pressure monitoring systems and connected technologies
• Mounting vehicle production and sales
• Rapid urbanization and changing consumer lifestyles
• Evolving e-commerce and online tire sales
• Growing popularity of electric vehicles

What are the Challenges Restricting the Expansion of Global Tire Market Growth?

The major components hampering the industry's growth are stated below:

• Instability in raw material prices
• Supply chain disruptions and the rising costs of production
• Environmental regulations requiring significant investments in research and development
• Inclination towards ride-sharing services and autonomous vehicles

What is included in Industry Segmentation?

The report has segmented the market into the following categories:

Division by Type of Vehicle:

• Two Wheeler,
• Three Wheeler,
• Passenger Car, [Light Commercial Vehicle {LCV}, Medium & Heavy Commercial Vehicle {MHCV}],
• Off the Road Vehicle {OTR}

Based on Type of Vehicle, the Passenger cars are anticipated to capture significant industry shares in upcoming years. This is owing to the rising sales and production of luxury vehicles such as SUVs & CUVs, globally. The growing preference for car rental and sharing services worldwide further propels the demand for passenger cars.

Division by Tire Type:

• Radial,
• Bias

On the basis of type of tire, radial tires acquired significant shares across the globe and are projected to maintain the performance in the upcoming years.  This growth is further attributed to the rising usage of golf carts. Additionally, the Introduction of tweels, refers to an automotive airless tire held together by rubber spokes, is also acting as another significant growth-inducing factor.

Division by Season:

• Summer Tires,
• Winter Tires,
• All Season Tires

Division by Sales Channel:

• Direct Sales,
• Dealer Distributor,
• Online Platform

Division by Rim Size:

• Up to 12”,
• 1” to 15”,
• 1” to 18”,
• 18” to 22.5”,
• 6” to 26”,
• 1” to 35”,
• 1” to 47”,
• Above 47”

Division by Price Category:

• Budget,
• Economy,
• Premium

Division by Demand Type:

• OEM,
• Replacement

Which Region is Capturing Potential Shares Across the Global Tire Industry in Forthcoming Years?

The regions covered in the marker report are Asia-Pacific, Europe, North America, South America, the Middle East, and Africa. Asia Pacific market is recognized as the highest contributor to the Tire market owing to the elevating number of passenger and commercial vehicles, in countries, including China. Moreover, the emerging popularity of two-wheeler tires is projected to fuel the regional market in the coming years.

How Industry Players Strengthen the Growth of the Tire Industry Worldwide?

To strengthen their market position, certain market players such as Bridgestone Corporation, Continental AG, Hankook & Company Co., Ltd., Michelin, Nokian Tyres Plc, Pirelli & C. S.P.A., Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd, Toyo Tire Corporation, MRF Limited, CEAT Limited, JK Tire & Industries Ltd., Apollo Tires Ltd, Zhongce Rubber Group Co., Ltd., Sailun Group Co., Ltd, and Others, are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward to futuristic growth and betterment.

Additionally, Highlighting the recent update that demonstrates the further growth and market expansion:

• Michelin in 2024 revealed two new truck tires, the X Line Energy 3, and X Multi Energy 2, at IAA Transportation 2024. These tires are engineered for long-distance travel, prioritizing fuel efficiency and improved grip while maintaining excellent mileage.
• CEAT in 2024 launched the CrossDrive AT tire in India, designed for all-terrain vehicles. This tubeless tire focuses on durability and traction across various surfaces, catering to the rising demand for off-road adventures among consumers seeking versatile performance.
• Apollo Tires in 2024 introduced 'AVOLVE', incorporating a mobility service business model into its operations. This servitization approach delivered bespoke solutions to its target clientele, particularly commercial vehicle fleet operators, optimizing their operational efficiencies and propelling their business growth.

Future Outlook of the Tire Industry

As per the analytical report published by Markntel Advisors, the Tire industry is anticipated to grow & flourish during the forecast period as the above-stated factors are changing the market landscape and opening doors to the market players. Market players can enhance their market size & revenue by meeting the changing market dynamics and evolving consumer expectations. Additionally, market players with the help of SWOT analysis can adjust their existing settings regarding the evolving market trends, which would ultimately augment the size & volume of the entire industry at the global level.

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