Global Tire Market Value to Reach USD 394.55 Billion by 2030, Driven by EV Surge and Technological Innovation

Global Tire (Tyre) Market Overview:

NEW DELHI, May 22, 2025 /PRNewswire/ -- MarkNtel Advisors has recently unveiled comprehensive tire market statistics, highlighting the robust growth trajec  tory of the Global Tire (Tyre) Market. valued at around USD 264.68 billion in 2024 and is projected to reach USD 394.55 billion by 2030, the market is projected to expand at a CAGR of about 6.88% from 2025 to 2030. This growth is primarily driven by rapid urbanization in both developed and developing nations, leading to heightened demand for passenger and commercial vehicles.

As vehicle sales surge, the automobile tire market is witnessing significant transformations, propelled by efficient vehicle designs and enhanced infrastructure. The ongoing and upcoming infrastructural projects are expected to further bolster the demand for construction equipment, contributing to an increase in the market share of tire manufacturers across the board.

Innovations such as low-profile, run-flat, rimless, and green tires are set to play a pivotal role in boosting the tire industry market share in the coming years. The automotive sector's focus on sustainability is reflected in the development of green tires, which contain eco-friendly carbon black, allowing for reduced rolling resistance, increased fuel efficiency, and improved traction on wet surfaces.

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Global Tire Market Statistics:

• Industry Worth in 2024: USD 264.68 Billion
• Projected Valuation by 2030: USD 394.55 Billion
• Forecast Period CAGR: 6.88% (2025–2030)
• Base Year: 2024 | Historical Years: 2020–2023
• Leading Tire Type Segment: Radial Tire
• Leading Region: Asia-Pacific

Global Tire (Tyre) Market Report Key Finding -

1. Market Drivers: EV Production & Infrastructure Growth
   The surge in electric vehicle production, coupled with a global shift toward environmental sustainability, has significantly boosted the demand for specialized EV tires. Additionally, growing urbanization and infrastructural expansion in developing nations such as India and China have led to a sharp increase in vehicle sales, directly impacting tire consumption across all segments.