How big is the tires market?

The global tires market size was estimated at USD 143.06 billion in 2024 and is expected to reach USD 147.44 billion in 2025.

What is the tires market growth?

The global tires market is expected to grow at a compound annual growth rate of 3.4% from 2025 to 2030 to reach USD 173.93 billion by 2030.

Which segment accounted for the largest tires market share?

Based on vehicle type, the passenger cars segment dominated the market and accounted for the largest revenue share of 32.6% in 2024. Expansion of the automotive aftermarket sector, characterized by increased vehicle replacement rates and consumer preference for high-performance tires, has significantly contributed to market growth.

Who are the key players in tires market?

Some of the key players operating in the tires market include 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.

What are the factors driving the tires market?

The key factors that are driving the tires market include rising global vehicle production, increasing demand for EV-compatible and fuel-efficient tires, advancements in smart tire technology, and stringent government regulations on emissions.