The global tyre market value reached USD 333.86 Billion in 2023. The market is further expected to grow at a CAGR of 6.30% in the forecast period of 2024-2032 to reach a value of about USD 578.58 Billion.
Base Year
Historical Year
Forecast Year
| Global Tyre Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 333.86 |
| Market Size 2032 | USD Billion | 578.58 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.3% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 6.9% |
| CAGR 2024-2032 - Market by Country | India | 7.7% |
| CAGR 2024-2032 - Market by Country | China | 7.5% |
| CAGR 2024-2032 - Market by Vehicle Type | Two Wheelers | 7.2% |
| CAGR 2024-2032 - Market by Sales Channel | Aftermarket | 9.0% |
| Market Share by Country 2023 | Europe | 23.4% |
The global tyre market offers numerous benefits, including enhanced mobility, economic growth, and job creation across various sectors. It supports technological advancements that improve vehicle performance, safety, and fuel efficiency. The market also contributes to sustainability through eco-friendly tyres and reduced environmental impact. Innovations lead to better fuel economy, increased safety, and improved performance, such as enhanced grip and ride comfort. Canada's automotive production, valued at USD 74,598 million according to Statistics Canada, makes a substantial contribution to the industry.
Tyres are essential to global trade and supply chains, enabling the transportation of goods and influencing the tyre market dynamics and trends. Additionally, they offer customisation options, durability, and longevity, while supporting green technologies and recycling efforts. The market adapts to changing consumer needs, including electric and autonomous vehicles, making it key to the modern economy.
Value in USD Billion
2024-2032
Tyre Market Outlook
*this image is indicative*
The tyre market value is being boosted by the increasing use of sustainable and eco-friendly materials, the development of smart tyre technology, and the growth of retreading services.
The growing adoption of electric vehicles (EVs) is driving manufacturers to develop tyres specifically designed for EV needs. These tyres are built to accommodate the added weight of EVs, their distinct torque characteristics, and the requirement for low rolling resistance. In April 2024, Michelin launched a new range of tyres for EVs, enhancing energy efficiency. The UK government’s 2030 ban on new petrol and diesel cars has further increased demand for such specialised products.
As sustainability becomes a key focus, tyre manufacturers are incorporating eco-friendly materials such as bio-based rubbers, recycled components, and sustainable production processes. In January 2024, Continental introduced an eco-friendly tyre made from renewable materials to reduce environmental impact. The European Union’s Green Deal has significantly influenced this trend, encouraging innovation in tyre manufacturing to improve recyclability and reduce carbon footprints.
Smart tyres, equipped with sensors to track tyre pressure, wear, and temperature, are becoming a significant trend in the market. In March 2024, Bridgestone launched smart tyre technology, integrating data analysis to improve vehicle performance and safety. The U.S. Department of Transportation is investing in smart transportation systems, driving the development of smart tyres that enhance safety, reduce fuel consumption, extend tyre lifespan, and improve the overall driving experience.
Retreading, the process of refurbishing worn tyres, is becoming popular as a cost-effective and environmentally friendly alternative to buying new tyres. In February 2024, Michelin announced the opening of a new retreading facility in France to meet rising demand. The U.S. Environmental Protection Agency (EPA) is promoting retreading as part of its broader waste reduction strategy, helping reduce tyre waste in landfills. Retreading offers significant savings for commercial fleets and supports sustainability by extending the life of tyres.
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The EMR’s report titled “Global Tyre Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Design
Market Breakup by Type
Market Breakup by Season
Market Breakup by Vehicle Type
Market Breakup by Sales Channel
| CAGR 2024-2032 - Market by | Vehicle Type |
| Two Wheelers | 7.2% |
| Passenger Cars | 6.8% |
| Three Wheelers | 6.5% |
| Light Commercial Vehicles | XX% |
| Medium and Heavy Commercial Vehicles | XX% |
| Off-The-Road (OTR) | XX% |
| CAGR 2024-2032 - Market by | Sales Channel |
| Aftermarket | 9.0% |
| OEM | XX% |
Market Breakup by Region
| CAGR 2024-2032 - Market by | Region |
| Asia Pacific | 6.9% |
| North America | 6.5% |
| Europe | XX% |
| Latin America | XX% |
| Middle East | XX% |
| CAGR 2024-2032 - Market by | Country |
| India | 7.7% |
| China | 7.5% |
| Mexico | 7.0% |
| Brazil | 6.8% |
| UK | 6.6% |
| USA | XX% |
| Canada | 6.4% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Japan | XX% |
| Australia | XX% |
| Saudi Arabia | 6.1% |
According to tyre market analysis, tube tyres dominate the market as they are generally more affordable and easier to repair, with punctures being fixable without specialised equipment. They offer excellent grip and are often preferred for specific uses, such as bicycles and motorcycles. Tube tyres also maintain air pressure effectively, making them reliable in various driving conditions. In January 2024, CEAT launched a new tube-type motorcycle tyre designed to offer improved grip and durability. This product aims to meet the increasing demand from riders seeking dependable performance in different conditions, showcasing CEAT’s commitment to quality in the two-wheeler market.
| 2023 Market Share by | Region |
| Europe | 23.4% |
| North America | XX% |
| Asia Pacific | XX% |
| Latin America | XX% |
| Middle East | XX% |
The growth of the tyre market is further supported by the benefits of tubeless tyres, which offer better fuel efficiency due to their lighter weight and improved heat dissipation. They also enhance safety by allowing slower air loss in the event of a puncture, giving drivers more time to respond. Additionally, tubeless tyres are easier to repair and require less maintenance. In April 2024, Yokohama introduced the BluEarth-Es ES32 tubeless tyre, designed for eco-conscious consumers. This product focuses on low rolling resistance and reduces environmental impact, while still delivering excellent performance for everyday driving.
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The tyre market key players design and manufacture a broad range of products, including tyres for cars, trucks, buses, and industrial uses. These companies prioritise innovation, continually enhancing tyre performance, durability, and safety. Their products serve various industries, including automotive, aerospace, and construction. Additionally, they are committed to sustainability, implementing initiatives to reduce environmental impact through eco-friendly tyre designs and production methods.
Founded in 1931, Bridgestone is a Japanese multinational company based in Tokyo, Japan. It ranks as one of the world’s largest tyre and rubber manufacturers, recognised for its technological innovations in tyre production. Bridgestone offers a broad array of products for cars, trucks, and industrial use.
Founded in 1889, Michelin Group is a French multinational company headquartered in Clermont-Ferrand, France. R...
Founded in 1871, Continental AG is a German multinational corporation based in Hanover, Germany. A leader in t...
Established in 1872, Pirelli & C. S.p.A is an Italian multinational company based in Milan, Italy. Famous for ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the tyre market report include Goodyear Tire & Rubber Company, Yokohama Rubber Co., Ltd., Hankook Tire & Technology Co., Ltd., Sumitomo Rubber Industries, Ltd., Giti Tire Pte Ltd., Toyo Tire Corp., Maxxis International and MRF Ltd., among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the tyre market reached an approximate value of USD 333.86 Billion.
The market is assessed to grow at a CAGR of 6.30% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 578.58 Billion by 2032.
The major drivers of the market include the thriving automobile industry, increasing population, globalisation and industrialisation, rising demand from the developing regions, and technological advancements.
Key trends aiding market expansion include the rapidly rising automotive production globally.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
By design, the market is divided into radial and bias.
Based on season, the market is divided into winter tyre, summer tyre, and all-season tyre.
Two-wheeler and three-wheeler, passenger vehicle, heavy commercial vehicle, and light and medium commercial vehicle, and other vehicles are considered in the report.
The market uses both OEM and aftermarket sales channels for the product.
The competitive landscape consists of Bridgestone Corporation, Michelin Group, Continental AG, Pirelli & C. S.p.A, Goodyear Tire & Rubber Company, Yokohama Rubber Co., Ltd., Hankook Tire & Technology Co., Ltd., Sumitomo Rubber Industries, Ltd., Giti Tire Pte Ltd., Toyo Tire Corp., Maxxis International, and MRF Ltd., among others.
Based on type, the market is segmented into tubeless tyre and tube tyre.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| Report Features | Details |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Design |
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| Breakup by Type |
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| Breakup by Season |
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| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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