Tires Market Growth Accelerates Amid EV Revolution

Tires Market Summary

The global tires market was valued at USD 143.06 billion in 2024 and is projected to reach USD 173.93 billion by 2030, advancing at a CAGR of 3.4% from 2025 to 2030. This steady expansion is closely tied to the ongoing growth of the automotive sector, particularly across emerging economies where rising disposable incomes and increasing vehicle ownership continue to stimulate tire demand.

The rapid acceleration of the electric vehicle (EV) ecosystem has introduced fresh performance requirements. EVs require tires engineered for low rolling resistance, enhanced load-bearing strength, reduced noise, and extended durability—factors that are reshaping product innovation. At the same time, expanding urban infrastructure projects and large-scale construction activities are strengthening demand for commercial vehicle tires, especially across logistics, public transport, and heavy-duty applications. The e-commerce boom further intensifies this trend, driving sustained need for both light and heavy commercial vehicle tires.

Fleet-based mobility models are also contributing to rising consumption. Logistics providers, ride-hailing platforms, and vehicle rental operators prioritize cost efficiency and high-mileage performance, increasing demand for retreadable and long-lasting commercial tires. Meanwhile, agriculture and construction activities are fueling interest in off-the-road (OTR) solutions built for tractors, mining trucks, and heavy machinery. The emergence of autonomous vehicles and connected mobility systems is accelerating the development of smart tires equipped with IoT-enabled sensors that monitor air pressure, tread wear, and road interaction in real time—enhancing operational safety and predictive maintenance capabilities.

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Innovation remains central to the sector’s transformation. Advancements such as self-sealing tires, airless technologies, and intelligent monitoring systems are elevating safety and performance standards. Sustainability initiatives are also gaining momentum, with manufacturers incorporating recycled rubber, bio-based materials, and energy-efficient production processes to reduce environmental impact. Regulatory frameworks aimed at improving fuel efficiency and lowering emissions are further encouraging the rollout of eco-conscious, high-performance designs. In addition, demand for premium and ultra-high-performance tires—particularly within luxury vehicle segments and motorsports—continues to strengthen as consumers seek superior grip, control, and durability.

Key Market Trends & Insights

  • Asia Pacific led globally, accounting for 44.3% revenue share in 2024.
  • The Middle East & Africa region is expected to register a significant CAGR over the forecast period.
  • By distribution channel, the aftermarket segment dominated with 63.3% revenue share in 2024.
  • By vehicle type, passenger cars held the leading position with 32.6% revenue share in 2024.

Market Size & Forecast

  • 2024 Market Size: USD 143.06 Billion
  • 2030 Projected Market Size: USD 173.93 Billion
  • CAGR (2025–2030):4%
  • Asia Pacific: Largest regional contributor in 2024

Key Tires Company Insights

The competitive ecosystem features established global leaders alongside emerging innovators shaping next-generation mobility solutions.

The Michelin Group maintains a diversified portfolio spanning passenger cars, trucks, buses, agriculture, aviation, construction vehicles, and motorsports—including high-performance tires used in Formula 1 and endurance racing.

Bridgestone Corporation delivers passenger, commercial, and OTR tires while leading advancements in run-flat and fuel-efficient technologies. The company also emphasizes sustainability through initiatives such as guayule-based natural rubber development.

Among emerging and innovation-driven participants, Continental AG is recognized for advanced solutions like ContiSeal self-sealing tires and ContiSense sensor-integrated systems, alongside winter and ultra-high-performance offerings designed to enhance safety and efficiency.

Sumitomo Corporation supports passenger and light truck segments under brands such as Dunlop and Falken, focusing on advanced rubber compounding and EV-oriented, fuel-efficient designs.

Key Tires Companies

The following organizations collectively shape global trends and command substantial revenue share:

  • 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 tires market is progressing steadily, supported by expanding vehicle ownership, EV adoption, fleet-based mobility, and infrastructure development worldwide. With projected growth from USD 143.06 billion in 2024 to USD 173.93 billion by 2030 at a CAGR of 3.4%, innovation and sustainability are becoming central pillars of advancement. Smart tire technologies, eco-friendly materials, and premium performance solutions are reshaping competitive strategies. As mobility systems evolve toward electrification, automation, and digital connectivity, tire manufacturers are positioning themselves at the intersection of safety, efficiency, and sustainable performance.

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