The Automotive tire market valued at $143.88B in 2024 is projected to reach $232.38B by 2034 with a CAGR of 4.91%, showing significant growth potential.
Automotive Tire Market Critical Observations
- With a 41% market share, Asia Pacific emerged as the leading region in 2024.
- Passenger vehicles accounted for the largest market share at 47% in 2024.
The automotive tire market covers tire manufacturing and sales for passenger cars, commercial vehicles, and two-wheelers. With a focus on innovation, fuel efficiency, and durability, the market continues to expand globally. Rising automotive production and increasing consumer demand for high-performance tires are key growth factors.
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Market Scope
| Report Coverage | Details |
| Market Size by 2034 | USD 232.38 Billion |
| Market Size in 2025 | USD 151.07 Billion |
| Market Size in 2024 | USD 143.88 Billion |
| Market Growth Rate from 2025 to 2034 | CAGR of 4.91% |
| Largest Market | Asia Pacific |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Segments Covered | Season Tire Type, Rim Size, Vehicle Type, Distribution Channel, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Core Factors
- Growing aftermarket sales and demand for customized tires
- Increasing investments in fuel-efficient and lightweight tire solutions
- Expansion of automotive markets in emerging economies
Obstacles
- Rising environmental concerns around tire waste disposal
- High costs associated with developing advanced tire technologies
- Supply chain constraints affecting market stability
Regional Insights
Asia Pacific leads the automotive tire market, fueled by increasing vehicle production and urbanization in key countries like China and India. North America holds a substantial market share due to technological advancements and the popularity of all-season tires. Europe maintains its position in the market with a growing interest in sustainable and high-performance tire technologies.
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Industry Leaders
- MICHELIN
- Toyo Tire Corporation
- Hankook Tire & Technology Co., Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd
- Sumitomo Rubber Industries Ltd
- Nokian Tyres plc
Recent Insights
Recent industry news includes Goodyear’s launch of smart tires featuring sensors that detect road hazards to enhance braking systems. Continental plans to take its automotive unit public on the Frankfurt stock exchange by the end of 2025. In contrast, Sumitomo Rubber USA has closed its Dunlop tire plant in Tonawanda, New York, resulting in substantial layoffs.
Market Segmentation
By Season Tire Type
- Winter
- Summer
- All Season
By Rim Size
- Less than 15
- Between 15 to 20
- Greater than 20
By Vehicle Type
- Commercial Vehicle
- Light Commercial
- Heavy Commercial
- Passenger Car
- Electric Vehicle
By Distribution Channel
- Aftermarket
- OEM
