The Global Tire (Tyre) Market size was valued at around USD 264.68 billion in 2024 and is projected to reach USD 394.55 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.88% during the forecast period, i.e., 2025-30. according to MarkNtel Advisors Study.

Global Tire (Tyre) Market Driver:

Mounting Prevalence of Electric Vehicles – One of the most prominent factors projected to drive the Tyre Market during 2025-30 is the rapidly surging electric vehicle (EV) production across developing countries. Growing awareness about the environment, coupled with increasing oil & gas prices worldwide, are shifting consumers toward buying EVs, which, in turn, would contribute significantly to the Tire Market growth.

Electric cars require special tires for a variety of reasons. In comparison with ICE (Internal Combustion Engine) vehicles, tires used in EVs have to deal with more weight & provide better torque. Hence, with the burgeoning EV sales across developed countries, the demand for their tires would also ascend significantly, upscaling the demand graph in the future years.

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Key Market Reports Highlights

• Market Dimensions & Projections
• Pricing Evaluation
• Recent Strategic Moves by Companies
• Primary Stakeholders
• Import/Export Trend Analysis
• Competitive Landscape Assessment
• Emerging Opportunities
• Market Trends and Indicators

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Global Tire (Tyre) Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2024

-Historical Period: 2020 to 2023

-Forecast Period: 2025 to 2030

• By Vehicle Type
  • Two-wheeler- Market Size & Forecast 2020-2030, (Thousand Units)
  • Three-wheeler- Market Size & Forecast 2020-2030, (Thousand Units)
  • Passenger Car- Market Size & Forecast 2020-2030, (Thousand Units)
  • Commercial Vehicle -Market Size & Forecast 2020-2030, (Thousand Units)
    • Light Commercial Vehicle (LCV) -Market Size & Forecast 2020-2030, (Thousand Units)
    • Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2020-2030, (Thousand Units)
  • Off-the-Road Vehicle (OTR)-Market Size & Forecast 2020-2030, (Thousand Units)
• By Demand Type
  • OEM – Market Size & Forecast 2020-2030, (Thousand Units)
  • Replacement – Market Size & Forecast 2020-2030, (Thousand Units)
• By Tire Type
  • Radial- Market Size & Forecast 2020-2030, (Thousand Units)
  • Bias – Market Size & Forecast 2020-2030, (Thousand Units)
• By Season
  • Summer Tires- Market Size & Forecast 2020-2030, (Thousand Units)
  • Winter Tires – Market Size & Forecast 2020-2030, (Thousand Units)
  • All Season Tires- Market Size & Forecast 2020-2030, (Thousand Units)
• By Sales Channel
  • Direct Sales- Market Size & Forecast 2020-2030, (Thousand Units)
  • Dealer Distributor – Market Size & Forecast 2020-2030, (Thousand Units)
  • Online Platform- Market Size & Forecast 2020-2030, (Thousand Units)
• By Rim Size
  • Up to 12” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 12.1” to 15” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 15.1” to 18” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 18” to 22.5” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 22.6” to 26” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 26.1” to 35” – Market Size & Forecast 2020-2030, (Thousand Units)
  • 35.1” to 47” – Market Size & Forecast 2020-2030, (Thousand Units)
  • Above 47” – Market Size & Forecast 2020-2030, (Thousand Units)
• By Price Category
  • Budget- Market Size & Forecast 2020-2030, (Thousand Units)
  • Economy- Market Size & Forecast 2020-2030, (Thousand Units)
  • Premium- Market Size & Forecast 2020-2030, (Thousand Units)
• By Region
  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – 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, Others are looking forward to strengthening their market positions.

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Global Tire (Tyre) Industry Recent Development:

2022: CEAT revealed new WINENERGY X3-R tires, which is specifically designed for electric buses to be used on urban roads.

2023: Yokohama Off-Highway Tires (YOHT) launched Agri Star II R – I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug.

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