Global Tires Market to Reach 3.1 Billion Units by 2030

The global market for Tires estimated at 2.4 Billion Units in the year 2023, is expected to reach 3.1 Billion Units by 2030, growing at a CAGR of 3.6% over the analysis period 2023-2030. Radial Tires, one of the segments analyzed in the report, is expected to record a 3.7% CAGR and reach 2.5 Billion Units by the end of the analysis period. Growth in the Bias Tires segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at 400.4 Million Units While China is Forecast to Grow at 5.0% CAGR

The Tires market in the U.S. is estimated at 400.4 Million Units in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 723.5 Million Units by the year 2030 trailing a CAGR of 5.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.0% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Global Tires Market - Key Trends & Drivers Summarized

Tires are fundamental components of vehicles, providing the critical interface between the vehicle and the road. A tire is a ring-shaped component that surrounds a wheel`s rim to transfer the vehicle’s load from the axle through the wheel to the ground and to provide traction on the surface traveled over. Most tires, such as those for automobiles and bicycles, are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface. Modern tires are typically made from rubber compounds reinforced with materials like steel and synthetic fibers. Over the years, tire technology has evolved, introducing innovations such as radial tires, which feature layers of fabric cords arranged at right angles to the direction of travel, offering superior flexibility and durability compared to bias-ply tires.

The tire industry has continuously adapted to meet the demands of new vehicle technologies and changing consumer preferences. In recent years, there has been a significant shift towards the development of environmentally friendly tires. Manufacturers are increasingly focusing on producing tires that reduce rolling resistance, thereby improving fuel efficiency and lowering carbon emissions. Additionally, the advent of electric vehicles (EVs) has spurred the need for tires specifically designed to handle the unique performance characteristics of these vehicles, such as higher torque and heavier battery loads. Innovations such as run-flat tires, which allow a vehicle to continue driving for a limited distance after a puncture, and self-sealing tires, which automatically seal small punctures, have also gained popularity.

The growth in the tire market is driven by several factors, including advancements in tire technology, increasing vehicle production, and rising consumer awareness about vehicle safety and performance. Technological innovations, such as the development of smart tires equipped with sensors to monitor tire pressure and temperature, are enhancing vehicle safety and performance. The expanding electric vehicle market is also boosting demand for specialized tires that cater to the unique needs of EVs. Furthermore, the trend towards sustainable and eco-friendly products is prompting manufacturers to invest in the development of tires made from renewable materials and those that offer improved fuel efficiency. Additionally, the increasing prevalence of ride-sharing and mobility services is driving demand for durable, high-performance tires that can withstand higher usage rates. These factors collectively contribute to the robust growth of the tire market, reflecting its critical role in the evolving automotive landscape.