The global tire market size is expected to reach USD 318.57 Billion in 2028 and register a revenue CAGR of 3.3% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by ongoing industrialization and economic expansion. It is further surging personal income levels in developing countries and increasing production of vehicles. In addition, rising living standards and high income levels of consumers are driving sales of luxurious passenger cars and premium bikes. Expansion of the global automotive industry is also expected to drive revenue growth of the tire market as demand for tire depends upon growth of automobile production. Implementation of stringent regulations regarding CO2 emission is resulting in rising popularity of electric vehicles across the world. Growth in the production of electric vehicles is projected to drive development of advanced tires in the automobile industry.

Rising occurrences of various types of automotive racing across the world is boosting demand for high-performance tires. Increasing purchase of crossover vehicles, luxury passenger cars, and sport utility vehicles is further fueling sales of high-performance tires. Automakers nowadays are striving persistently to develop high-performance tires that can provide year-round drivability, enhanced speed performance, and extended wear. In Europe, presence of a large number of OEM such as Renault, Volkswagen, Daimler, BMW, and Ferrari is resulting in increasing demand for high-performance tire in the region.

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The tire industry is currently experiencing significant impacts from various macroeconomic factors. The global expansion of transportation infrastructure, rising industrialization, and population growth are leading to an increased demand for effective transportation systems in various sectors, such as automotive, construction, agricultural, and mining. This heightened demand for transportation is directly linked to an increased need for tires, as they are an essential component of vehicles used in these industries.

Moreover, there is a growing trend among consumers for durable tires with longer lifespans. This consumer demand is pushing tire manufacturers to invest in research and development to create cutting-edge materials and technologies that can enhance the durability and longevity of tires. By producing longer-lasting tires, manufacturers can meet customer expectations and contribute to reduced waste in the tire industry.

Environmental concerns are also influencing the tire industry's direction. Manufacturers are increasingly focusing on sustainable resources to create environmentally friendly and energy-efficient tires. Natural Rubber, sourced from rubber trees, is one such sustainable resource. Additionally, biodegradable polymers are gaining popularity as an alternative to traditional tire materials that are non-biodegradable and contribute to environmental pollution.

Advancements in nanotechnology and composite materials are also driving revenue growth in the tire market. These technological innovations offer the potential for tires with improved performance characteristics, such as better grip, fuel efficiency, and overall safety.

Design Outlook (Revenue, USD Billion; 2018-2028)

• • Radial Tires
  • Bias Tires

Season Outlook (Revenue, USD Billion; 2018-2028)

• • Summer Tires
  • Winter Tires
  • All-season Tires

Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)

• • Passenger Cars
  • Light Commercial Vehicles
  • Medium Heavy Commercial Vehicles
  • Two-wheelers
  • Three-wheelers
  • Off-the-road (OTR)

End-use Outlook (Revenue, USD Billion; 2018-2028)

• • OEM
  • Replacement

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Regional Markets Highlighted in the Global Tire Market Report:

• North America
  • S.
  • Canada
  • Mexico
• Europe
  • Germany
  • K.
  • Italy
  • France
  • BENELUX
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East Africa
  • Saudi Arabia
  • A.E.
  • South Africa
  • Rest of Middle East Africa

Top Companies Profiled in the Report:

Apollo Tyres Limited, Bridgestone Corporation, Continental AG, Goodyear Tire Rubber Company, Michelin, Pirelli C. S.p.A., Yokohama Rubber Company, Hankook Tire Technology, Kumho Tire, and Madras Rubber Factory (MRF). 

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