Tires

Global Tires Market to Reach 3.1 Billion Units by 2030

The global market for Tires estimated at 2.5 Billion Units in the year 2024, is expected to reach 3.1 Billion Units by 2030, growing at a CAGR of 3.6% over the analysis period 2024-2030. Radial Tires, one of the segments analyzed in the report, is expected to record a 3.8% CAGR and reach 2.5 Billion Units by the end of the analysis period. Growth in the Bias Tires segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at 411.6 Million Units While China is Forecast to Grow at 5.0% CAGR

The Tires market in the U.S. is estimated at 411.6 Million Units in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of 723.5 Million Units by the year 2030 trailing a CAGR of 5.0% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.0% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Global Tires Market - Key Trends & Drivers Summarized

Tires are fundamental components of vehicles, providing the critical interface between the vehicle and the road. A tire is a ring-shaped component that surrounds a wheel`s rim to transfer the vehicle’s load from the axle through the wheel to the ground and to provide traction on the surface traveled over. Most tires, such as those for automobiles and bicycles, are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface. Modern tires are typically made from rubber compounds reinforced with materials like steel and synthetic fibers. Over the years, tire technology has evolved, introducing innovations such as radial tires, which feature layers of fabric cords arranged at right angles to the direction of travel, offering superior flexibility and durability compared to bias-ply tires.

The tire industry has continuously adapted to meet the demands of new vehicle technologies and changing consumer preferences. In recent years, there has been a significant shift towards the development of environmentally friendly tires. Manufacturers are increasingly focusing on producing tires that reduce rolling resistance, thereby improving fuel efficiency and lowering carbon emissions. Additionally, the advent of electric vehicles (EVs) has spurred the need for tires specifically designed to handle the unique performance characteristics of these vehicles, such as higher torque and heavier battery loads. Innovations such as run-flat tires, which allow a vehicle to continue driving for a limited distance after a puncture, and self-sealing tires, which automatically seal small punctures, have also gained popularity.

The growth in the tire market is driven by several factors, including advancements in tire technology, increasing vehicle production, and rising consumer awareness about vehicle safety and performance. Technological innovations, such as the development of smart tires equipped with sensors to monitor tire pressure and temperature, are enhancing vehicle safety and performance. The expanding electric vehicle market is also boosting demand for specialized tires that cater to the unique needs of EVs. Furthermore, the trend towards sustainable and eco-friendly products is prompting manufacturers to invest in the development of tires made from renewable materials and those that offer improved fuel efficiency. Additionally, the increasing prevalence of ride-sharing and mobility services is driving demand for durable, high-performance tires that can withstand higher usage rates. These factors collectively contribute to the robust growth of the tire market, reflecting its critical role in the evolving automotive landscape.

SCOPE OF STUDY:

The report analyzes the Tires market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Product Type (Radial, Bias); Vehicle Type (Passenger Cars, Trucks, Buses, Two-Wheelers, Off-The-Road); End-Use (Replacement, OEM)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; Rest of Asia-Pacific; Latin America; Brazil; Rest of Latin America; Rest of World.

Select Competitors (Total 142 Featured) -

• Apollo Tyres Ltd.
• Bridgestone Corporation
• CEATLtd.
• Cheng Shin Rubber Ind. Co. Ltd.
• Continental AG
• Giti Tire Pte. Ltd.
• Hankook Tire Co., Ltd.
• JK Tyre & Industries Ltd.
• Maxxis International
• Michelin
• MITAS A.S.
• MRF Ltd.
• Nexen Tire Corporation
• Nokian Tyres plc
• Pirelli & C. S.p.A.
• Shandong Linglong Tire Co., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Techking Tires Ltd.
• The Yokohama Rubber Co., Ltd.
• Titan International, Inc.
• Toyo Tire Corp.
• Zhongce Rubber Group Co., Ltd.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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