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Automotive Tire Market Size To Reach $620.3Mn By 2030

Automotive Tire Market Size To Reach $620.3 Million By 2030

January 2025 | Report Format: Electronic (PDF)

Automotive Tire Market Growth & Trends

The global automotive tire market size is expected to reach USD 620.3 million by 2030, according to a new report by Grand View Research, Inc., growing at a CAGR of 6.3% from 2025 to 2030. Increasing automotive sales especially in countries such as China, India, Japan, and South Korea is anticipated to favorably impact the global automotive tire market over the forecast period. This growth can be attributed to rising disposable income and improvement in the overall lifestyle of consumers.

Technological proliferation and the development of the innovative and environment-friendly green tires have opened up broad growth avenues for the industry participants. Moreover, increasing radial tire up gradation activities owing to its benefits such lesser vibrations, reduced fuel consumption and extended tire life due to less heat generated has favorably impacted the industry growth.

However, stringent emission norms by governments and regulatory authorities worldwide are expected to challenge demand. For example, on September 1, 2010, the California Air Resources Board’s (ARB’s) Tire Pressure Regulation was formulated to reduce greenhouse gas emissions from vehicles operating with underneath inflated tires by inflating them to the suggested pressure rating.

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Automotive Tire Market Report Highlights

Increasing manufacturing and infrastructure building activities have spurred the sales of light commercial vehicles (LCV). Growing number of LCVs in Europe has led EU regulatory bodies and OEMs to enhance and improve the safety aspects of LCVs.
The tire industry has witnessed a remarkable shift from the traditional to the technically advanced radial products. Radialisation of the truck tire market is anticipated to fuel the demand over the forecast period
Stringent government guidelines worldwide are expected to regulate the global automotive tire market over the coming years. Asia Pacific dominated the automotive tire industry in 2024. The presence of several prominent automobile manufacturers and ancillaries in the region is expected to generate high demand over the forecast period.
Key industry participants include Bridgestone, Continental, Goodyear, Michelin, Pirelli and Sumitomo. Manufacturers are gradually adopting innovative production techniques to gain a competitive advantage over others. Vendors are now adopting modern supply chain and distribution strategies such as e-commerce and retail chains to reach efficiently the end-user apart from the conventional supply to automobile assemblers and aftermarket industry.