From the 2.6 billion tires produced last year to the $202.4 billion industry projected for 2030, the global tire market is rolling at a relentless pace, driven by innovation and massive regional shifts.
Key Takeaways
- In 2023, the global tire market was valued at approximately USD 156.6 billion
- The global tire market is projected to reach USD 202.4 billion by 2030, growing at a CAGR of 3.7% from 2024 to 2030
- Passenger car tire segment accounted for 52% of global tire market revenue in 2023
- Global tire production reached 2.6 billion units in 2023
- China produced 780 million passenger car tires in 2023, accounting for 40% of global output
- India manufactured 170 million tires in 2023, up 8% from 2022
- Asia-Pacific region held 55% of global tire market share in 2023
- North America tire market was valued at USD 38.2 billion in 2023
- Europe generated USD 42.5 billion in tire sales in 2023
- Michelin held 15.2% global tire market share in 2023 by revenue
- Bridgestone commanded 14.8% of the global tire market in 2023
- Goodyear Tire & Rubber had 10.5% market share globally in 2023
- Electric vehicle tire demand grew 25% YoY globally in 2023
- Sustainable tire materials usage increased to 35% in new tires by 2023
- Run-flat tire technology adoption rose 18% in premium segments 2023
The global tire industry is large and growing, led by passenger vehicle tires.
Key Players & Shares
- Michelin held 15.2% global tire market share in 2023 by revenue
- Bridgestone commanded 14.8% of the global tire market in 2023
- Goodyear Tire & Rubber had 10.5% market share globally in 2023
- Continental AG occupied 9.3% of the world tire market in 2023
- Pirelli & C. S.p.A. captured 6.7% global share in 2023
- Hankook Tire held 5.4% of global tire sales in 2023
- Sumitomo Rubber Industries (Dunlop) had 4.8% market share in 2023
- Yokohama Rubber Co. accounted for 3.9% globally in 2023
- Cooper Tire (Goodyear subsidiary) 3.2% share in 2023 worldwide
- Top 10 tire makers controlled 75% of global market in 2023
- ZF Friedrichshafen acquired 4.1% tire market share via Vredestein in 2023
- Toyo Tire Corporation held 3.5% global share in 2023
- Nexen Tire 2.8% market share worldwide 2023
- Kumho Tire 2.4% global position in 2023
- Linglong Tire Group 2.1% share emerging in 2023
- Triangle Tire 1.9% global market share in 2023
- Sailun Tire 1.7% worldwide in 2023
- Prinx Chengshan 1.5% share in 2023 global tires
- Doubled Star (Double Coin) 1.3% market share 2023
- Guizhou Tire 1.1% global presence in 2023
Key Players & Shares Interpretation
In the global tire industry, where Michelin and Bridgestone lead the pack by a mere whisper, the top ten players dominate three-quarters of the road, while the rest jostle for position like commuters in a frantic, multi-billion dollar roundabout.
Market Size & Revenue
- In 2023, the global tire market was valued at approximately USD 156.6 billion
- The global tire market is projected to reach USD 202.4 billion by 2030, growing at a CAGR of 3.7% from 2024 to 2030
- Passenger car tire segment accounted for 52% of global tire market revenue in 2023
- Commercial vehicle tires represented 28% of the global tire market share by value in 2022
- Off-the-road (OTR) tires contributed USD 24.5 billion to the global market in 2023
- Global tire market revenue from radial tires reached USD 112.3 billion in 2023
- Two-wheeler tire segment generated USD 18.7 billion globally in 2023
- The aftermarket tire segment was valued at USD 92.4 billion in 2023 worldwide
- OEM tire market size stood at USD 64.2 billion in 2023 globally
- Winter tire market reached USD 28.9 billion in 2023 on a global scale
- Global tire exports totaled USD 85.3 billion in 2023
- Replacement tire market share was 65% of total global demand in 2023
- Light truck tire segment valued at USD 35.6 billion globally in 2023
- Agricultural tire market size was USD 12.1 billion in 2023 worldwide
- Mining tire market reached USD 8.9 billion in 2023 globally
- Aircraft tire market valued at USD 3.2 billion in 2023
- Bicycle tire global market was USD 4.5 billion in 2023
- Global tire retreading market size hit USD 5.8 billion in 2023
- Premium tire segment grew 5.2% to USD 78.4 billion in 2023
- Economy tire market stable at USD 45.2 billion globally 2023
- Heavy-duty tire market USD 42.7 billion in 2023 globally
- Earthmover tire segment USD 10.3 billion worldwide 2023
- All-terrain tire market valued at USD 9.8 billion in 2023
- High-performance tire sector USD 22.1 billion globally 2023
- SUV tire demand drove USD 28.4 billion in 2023 market
Market Size & Revenue Interpretation
Despite a clear growth trajectory to a staggering $200-billion-plus future, the global tire industry remains firmly rooted, with the ever-revolving aftermarket segment and the humble passenger car tire still driving over half of its considerable revenue, proving that the world runs on rubber in more ways than one.
Production Volumes
- Global tire production reached 2.6 billion units in 2023
- China produced 780 million passenger car tires in 2023, accounting for 40% of global output
- India manufactured 170 million tires in 2023, up 8% from 2022
- United States tire production totaled 290 million units in 2023
- Europe produced 520 million tires in 2023, with Germany leading at 120 million
- Bias tire production globally was 450 million units in 2023
- Radial passenger car tire output hit 1.8 billion units worldwide in 2023
- Truck and bus tire production reached 380 million units in 2023 globally
- Motorcycle tire production was 650 million units in 2023 worldwide
- OTR tire production totaled 120 million units in 2023 globally
- Thailand produced 110 million tires in 2023
- Indonesia tire output was 95 million units in 2023
- South Korea manufactured 140 million tires in 2023
- Brazil produced 75 million tires domestically in 2023
- Russia tire production reached 60 million units in 2023 despite sanctions
- Vietnam exported 25 million tires in 2023, production total 40 million
- Mexico tire production hit 120 million units in 2023
- Turkey manufactured 55 million tires in 2023
- Global PCR tire production 1.95 billion units in 2023
- TBR tire global output 410 million units in 2023
Production Volumes Interpretation
The world is spinning on China's dime, producing enough tires to circle the globe countless times, yet the real traction seems to be in the relentless competition where everyone is racing to roll their own.
Regional Markets
- Asia-Pacific region held 55% of global tire market share in 2023
- North America tire market was valued at USD 38.2 billion in 2023
- Europe generated USD 42.5 billion in tire sales in 2023
- China's tire market size reached USD 45.1 billion in 2023
- India tire market grew to USD 12.8 billion in 2023 at 10% CAGR
- Latin America tire consumption was 250 million units in 2023
- Middle East & Africa tire market valued at USD 15.3 billion in 2023
- Japan's tire production and sales totaled USD 18.9 billion in 2023
- Brazil imported 45 million tires in 2023
- Southeast Asia tire market expanded to USD 22.4 billion in 2023
- Australia tire consumption 25 million units in 2023
- South Africa tire market USD 3.1 billion in 2023
- Germany tire sales 110 million units in 2023
- France imported 45 million tires in 2023
- UK tire replacement market USD 4.2 billion in 2023
- Canada tire market USD 8.5 billion in 2023
- Argentina consumed 30 million tires in 2023
- UAE tire imports reached 15 million units in 2023
- Saudi Arabia tire market USD 2.8 billion in 2023
- Global tire market in APAC grew 4.5% in 2023 to USD 85.6 billion
Regional Markets Interpretation
While Asia-Pacific steers the global tire market with over half its revenue, the road to profit is paved with highly varied local traffic, from China's billion-dollar dominance and India's rapid growth to Europe's steady premium sales and the Americas' massive import appetites.
Trends & Sustainability
- Electric vehicle tire demand grew 25% YoY globally in 2023
- Sustainable tire materials usage increased to 35% in new tires by 2023
- Run-flat tire technology adoption rose 18% in premium segments 2023
- Smart tire market projected to grow at 22% CAGR to 2030 from 2023 base
- Recycled tire material in production hit 28% globally in 2023
- Airless tire prototypes entered testing phase by 5 major firms in 2023
- Low rolling resistance tires saved 15 billion liters fuel globally in 2023
- Autonomous vehicle tire R&D investment topped USD 2.5 billion in 2023
- Bio-based rubber usage in tires reached 12% worldwide in 2023
- Tire industry carbon emissions reduced 12% globally via green tech in 2023
- 40% of new tires in EU featured low-emission compounds in 2023
- Digital twin technology adopted by 20% tire manufacturers in 2023
- Hydrogen-powered tire curing plants operational at 3 sites in 2023
- Regenerative braking tire designs in testing for 15% energy recovery by 2023
- Nano-composite materials boosted tire life 25% in lab tests 2023
- Fleet tire management software market grew 16% to USD 4.2B in 2023
- Recapped tires saved 2.5 million tons rubber globally in 2023
- 3D-printed tire concepts by 4 companies advanced to prototype 2023
- Global tire R&D spend reached USD 12.5 billion in 2023
Trends & Sustainability Interpretation
The tire industry is dramatically reinventing the wheel, racing towards sustainability and intelligence while quietly reducing its carbon footprint, all because the future of mobility demands far more than just round and black.
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