The global automotive tire market is valued at $143.88B in 2024 and is expected to reach $232.38B by 2034, growing at a CAGR of 4.91%.
Automotive Tire Market Key Takeaways
- Asia Pacific led the global market in 2024, holding a 41% market share.
- The passenger vehicle segment captured 47% of the market share in 2024.
The automotive tire market involves the production and sale of tires for a wide range of vehicles. Factors such as rising automotive production, technological advancements, and the demand for eco-friendly tires are fueling market growth. Regional trends and consumer preferences play a vital role in market dynamics.
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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 |
Key Drivers
Key drivers of the automotive tire market include technological advancements in tire manufacturing, increased vehicle production, and a growing preference for high-performance tires. The push for sustainability, coupled with the adoption of electric vehicles, also plays a significant role in driving market trends.
Opportunities
- Increasing demand for electric vehicles, driving the need for specialized tires
- Advancements in smart and connected tire technologies
- Growing interest in sustainable and eco-friendly tires
Challenges
- Fluctuating raw material prices affect production costs
- Intense competition among key market players
- Complexities in tire recycling and environmental regulations
Regional Insights
The automotive tire market in Asia Pacific leads globally due to robust vehicle production and increasing consumer demand for high-performance tires. North America shows significant growth driven by advancements in technology and a rising preference for all-season tires. In Europe, the market remains stable, with a focus on environmentally friendly tires and stringent government regulations supporting growth.
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Market Key Players
- 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 News
In recent developments within the automotive tire industry, Goodyear has introduced smart tires equipped with sensors capable of detecting hazardous road conditions, such as rain and ice, to enhance automatic emergency braking systems. Continental has announced plans to list its automotive unit on the Frankfurt stock exchange by the end of 2025, aiming to streamline operations and increase company value. Additionally, the closure of Sumitomo Rubber USA’s Dunlop tire plant in Tonawanda, New York, has resulted in the loss of 1,500 jobs, highlighting ongoing challenges in the manufacturing sector.
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