From powering over 1.8 billion replacement sales globally to being reengineered for sustainability and electric vehicles, the tire industry is a monumental and rapidly evolving economic force.
Key Takeaways
- The global tire market was valued at USD 156.8 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030, reaching USD 225.1 billion.
- In 2022, the U.S. tire market revenue reached $57.5 billion, with replacement tires accounting for 78% of total sales.
- Asia-Pacific held 48% of the global tire market share in 2023, driven by high vehicle production in China and India.
- U.S. tire manufacturers shipped 340.2 million tires in 2023, up 2.1% from 2022.
- Global tire production reached 2.6 billion units in 2023, China producing 740 million.
- Michelin produced 170 million tires in 2023 across 68 plants worldwide.
- U.S. consumers replaced 240 million passenger tires in 2023.
- Global tire sales volume was 1.8 billion units in replacement market 2023.
- Walmart captured 15% of U.S. tire retail sales in 2023, $2.1 billion revenue.
- Smart tire technology market projected to grow from USD 1.9 billion in 2023 to USD 8.5 billion by 2030 at 23% CAGR.
- Run-flat tire market size was USD 7.2 billion in 2023, expected 6.8% CAGR to 2030.
- Airless tire market valued at USD 42 million in 2023, projected to USD 2.5 billion by 2032 at 52% CAGR.
- Global tire recycling reached 1.2 billion units processed in 2023.
- EU mandates 35% sustainable materials in tires by 2030, 100% by 2050.
- Michelin aims for 100% sustainable tires by 2050, 40% by 2030.
The global tire market is growing strongly, led by Asia and electric vehicle demand.
Innovation & Technology
- Smart tire technology market projected to grow from USD 1.9 billion in 2023 to USD 8.5 billion by 2030 at 23% CAGR.
- Run-flat tire market size was USD 7.2 billion in 2023, expected 6.8% CAGR to 2030.
- Airless tire market valued at USD 42 million in 2023, projected to USD 2.5 billion by 2032 at 52% CAGR.
- Tire pressure monitoring systems (TPMS) market reached USD 18.5 billion in 2023 globally.
- Self-sealing tire technology adopted in 12% of new premium tires in 2023.
- Michelin Uptis airless tire entered testing with GM in 2023, zero flat promise.
- Pirelli Cyber Tire with 5G sensors launched for F1-derived road use 2023.
- Continental PremiumContact 7 tire with BlackChili compound improves wet grip by 16%.
- Goodyear SightLine intelligent tire tech monitors wear via sensors, OEM in 2023.
- Bridgestone Turanza EV tires reduce rolling resistance by 15% for EVs.
- Hankook iON EV tires with OptiCure process cut curing time 30%.
- 3D-printed tires by Goodyear One concept eliminates 2-stage molding.
- Nokian Hakkapeliitta 10 snow tire with Dual Stud tech, 22% better braking.
- Trelleborg agricultural tires with low-pressure IF/VF tech reduce soil compaction 40%.
- RFID tire tagging reached 25% adoption in fleet management 2023.
- Graphene-enhanced tires by Continental boost durability 30%.
- Bio-based tire compounds by Bridgestone use 50% sustainable materials.
- Pirelli P Zero All Season Plus Elect with foam for noise reduction 4dB.
- Michelin Pilot Sport EV tire acoustic foam cuts cabin noise 20%.
- Smart tread depth sensors in Kumho Ecsta PS71, accuracy 95%.
- Vredestein Quatrac Pro EV tire optimized for 25% more range.
- Toyo Proxes Sport SUV with Nano Balance tech, +10% wet handling.
- Dunlop Sport Maxx RT 2 with 3D i-Speed sidewall venting.
- Firestone Firehawk AS V2 with Hydro-Grip tech, 25% wet traction.
- Recapped tires with sensor integration up 18% in fleets 2023.
- AI-based tire design software reduced development time 40% at OEMs.
Innovation & Technology Interpretation
While the humble tire is frantically evolving from a simple air-filled doughnut into a sensor-laden, AI-designed, and sustainably sourced super-component, it's clear the industry's future is inflating with intelligence, deflating its environmental footprint, and promising to make flats a flatliner.
Market Size & Revenue
- The global tire market was valued at USD 156.8 billion in 2023 and is expected to grow at a CAGR of 5.2% from 2024 to 2030, reaching USD 225.1 billion.
- In 2022, the U.S. tire market revenue reached $57.5 billion, with replacement tires accounting for 78% of total sales.
- Asia-Pacific held 48% of the global tire market share in 2023, driven by high vehicle production in China and India.
- The European tire market size was EUR 33.5 billion in 2022, projected to grow at 3.8% CAGR through 2028.
- Passenger car tire segment dominated with 52% market share globally in 2023, valued at USD 81.5 billion.
- Commercial vehicle tires market was worth USD 42.3 billion in 2023, expected to hit USD 58.7 billion by 2030 at 4.8% CAGR.
- Off-the-road tires market valued at USD 12.1 billion in 2022, growing at 5.5% CAGR to 2030.
- U.S. tire imports totaled $15.2 billion in 2023, with China supplying 45% of volume.
- Global tire market for electric vehicles reached USD 18.4 billion in 2023, forecasted to grow at 22% CAGR.
- Latin America tire market size was USD 14.7 billion in 2022, with Brazil leading at 40% regional share.
- Middle East & Africa tire market valued at USD 9.8 billion in 2023, growing at 4.2% CAGR to 2029.
- Two-wheeler tire market globally was USD 28.5 billion in 2023, Asia-Pacific at 65% share.
- Aircraft tire market size stood at USD 2.1 billion in 2022, projected to USD 3.2 billion by 2030 at 5.3% CAGR.
- Retreaded tire market globally valued at USD 4.7 billion in 2023, expected 6.1% growth to 2030.
- Premium tire segment accounted for 35% of global market revenue in 2023, totaling USD 55 billion.
- Global radial tire market was USD 112.4 billion in 2022, with 55% share in passenger cars.
- Bias tire market size reached USD 44.2 billion in 2023, dominant in agriculture applications.
- U.S. original equipment tire market revenue was $12.8 billion in 2023.
- China tire market valued at CNY 450 billion in 2023, exporting 280 million units.
- India tire market size hit INR 850 billion in FY2023, growing 8% YoY.
- German tire market revenue was EUR 8.2 billion in 2022, with 42% replacement share.
- Japanese tire market stood at JPY 1.2 trillion in 2023, led by Bridgestone and Michelin.
- South Korean tire market valued at KRW 15 trillion in 2023, exports up 5%.
- Canadian tire market size was CAD 6.5 billion in 2023, imports 70% of supply.
- Australian tire market revenue reached AUD 4.2 billion in 2022, replacement 82%.
- Russian tire market valued at RUB 250 billion in 2023 despite sanctions.
- Turkey tire market size was TRY 45 billion in 2023, production up 12%.
- Thailand tire market hit THB 120 billion in 2023, export hub for ASEAN.
- Mexico tire market revenue USD 5.8 billion in 2023, nearshoring boost.
- Global tire aftermarket projected to USD 210 billion by 2028 from USD 162 billion in 2023.
Market Size & Revenue Interpretation
The world is quite literally rolling in money, from the mundane commute and massive truck tires to the soaring aviation sector, proving that as long as things move—and increasingly, move electrically—the tire industry will keep inflating steadily alongside them.
Production & Shipments
- U.S. tire manufacturers shipped 340.2 million tires in 2023, up 2.1% from 2022.
- Global tire production reached 2.6 billion units in 2023, China producing 740 million.
- Michelin produced 170 million tires in 2023 across 68 plants worldwide.
- Bridgestone global output was 190 million tires in FY2023, Japan plants at 70% capacity.
- Continental AG shipped 82 million tires in 2023, with 45% from Europe.
- Goodyear Tire produced 155 million units in 2023, U.S. plants contributing 40%.
- Pirelli manufactured 78 million tires in 2023, 60% premium segment.
- Hankook Tire produced 92 million tires in 2023, exports 85% of output.
- Sumitomo Rubber Industries output reached 120 million tires in FY2023.
- China's tire production capacity hit 1.2 billion units in 2023, utilization 65%.
- India produced 210 million tires in FY2023, MRF leading with 35 million.
- EU tire production was 245 million units in 2022, down 3% from prior year.
- U.S. replacement tire shipments totaled 268 million in 2023.
- Brazil tire production reached 75 million units in 2023, exports 22 million.
- Southeast Asia tire output was 380 million in 2023, Thailand 140 million.
- Passenger car tire production globally 1.35 billion units in 2023.
- Truck and bus tire production hit 420 million units worldwide in 2023.
- Agricultural tire output was 85 million units in 2023, U.S. 12 million.
- Motorcycle tire production reached 950 million units in 2023, India 420 million.
- Radial truck tire production grew 4.5% to 320 million units in 2023.
- U.S. OE tire shipments were 72.2 million in 2023, up 3.8%.
- Global retread tire production was 280 million units in 2023.
- Yokohama Rubber produced 55 million tires in FY2023, 30% in Americas.
- Cooper Tire output 70 million tires pre-merger in 2023.
- Linglong Tire produced 120 million units in 2023, capacity expansion to 200M.
- Double Coin Tire output 48 million in 2023, focus on exports.
- Triangle Tire produced 52 million tires in 2023.
- Sailun Tire Group output 75 million units in 2023.
- Prinx Chengshan produced 40 million tires in 2023.
- Guizhou Tire output 28 million in 2023.
Production & Shipments Interpretation
Behind the world's 2.6 billion-tire mountain, China's colossal but underutilized production, the West's steady roll of replacements, and the fierce, segmented battle among global giants reveals an industry that is simultaneously spinning in place, racing forward, and looking over its shoulder for the next market turn.
Sales & Distribution
- U.S. consumers replaced 240 million passenger tires in 2023.
- Global tire sales volume was 1.8 billion units in replacement market 2023.
- Walmart captured 15% of U.S. tire retail sales in 2023, $2.1 billion revenue.
- Discount Tire chain sold 45 million tires in 2023 across 1,100 stores.
- Tire Rack online sales hit 3.2 million tires in 2023, 20% growth.
- Amazon tire sales revenue reached $1.8 billion in U.S. 2023 via partners.
- Europe replacement tire sales 210 million units in 2022.
- China domestic tire sales 520 million units in 2023.
- India tire sales volume 230 million units in FY2023, 10% YoY increase.
- Commercial tire sales in U.S. totaled 32 million units replacement in 2023.
- Online tire sales globally grew to 12% market share in 2023, $25 billion.
- Costco tire sales 8 million units in 2023, centers at 500 locations.
- Pep Boys sold 4.5 million tires in 2023, focus on services.
- Monro Inc. tire revenue $1.2 billion in FY2023, 650 stores.
- Les Schwab chain sales 12 million tires in 2023, Pacific Northwest dominant.
- Brazil tire sales 65 million units in 2023, imports 35%.
- Germany tire retail sales EUR 7.5 billion in 2023.
- UK tire market sales 40 million units replacement 2023.
- France tire sales 38 million units in 2023.
- Australia tire sales 25 million units in 2023, imports 90%.
- Average U.S. tire price rose 8% to $162 per passenger tire in 2023.
- Winter tire sales in Europe hit 120 million units in 2022-2023 season.
- All-season tire sales dominated U.S. with 65% share in 2023.
- EV-specific tire sales grew 35% to 15 million units globally 2023.
- Farm tire sales U.S. 5.2 million units in 2023.
- 35-inch+ off-road tire sales up 22% to 1.8 million in U.S. 2023.
- Michelin held 18% global tire sales share in 2023.
- Bridgestone 15% global sales share, $27 billion revenue 2023.
- Goodyear 9% share, replacement focus 75% sales.
- Continental 8% global tire sales market share 2023.
Sales & Distribution Interpretation
The sheer volume of tires being replaced is a testament to a world perpetually on the move, where the economic friction is literal, fueling a multi-billion dollar industry that spins from massive chains to digital carts, all while the rubber—increasingly electric, oversized, or seasonal—meets a road of rising prices and shifting global demand.
Sustainability & Regulations
- Global tire recycling reached 1.2 billion units processed in 2023.
- EU mandates 35% sustainable materials in tires by 2030, 100% by 2050.
- Michelin aims for 100% sustainable tires by 2050, 40% by 2030.
- Global tire industry CO2 emissions totaled 500 million tons in 2023.
- U.S. tire-derived fuel used 130 million scrap tires in 2023.
- Recycled tire material in new tires reached 15% average in EU 2023.
- Bridgestone reduced water usage 25% per tire to 2,200 liters in 2023.
- Goodyear carbon neutral manufacturing goal by 2040, Scope 3 50% cut by 2030.
- Continental tire rolling resistance down 20% since 2010 via silica tech.
- Pirelli 40% renewable/sustainable materials in 2023 tires.
- Natural rubber sustainable sourcing 100% goal by 2030, 60% in 2023.
- China tire industry energy intensity down 18% since 2015 to 0.35 tce/ton.
- U.S. EPA tire efficiency consumer education reached 80% awareness 2023.
- EU tire labeling regulation Phase 3 mandates wet grip, rolling resistance, noise.
- Global ban on mercury in tires phased in, 98% compliance 2023.
- Tire industry invested USD 2.5 billion in R&D for green tires 2023.
- Recovered rubber usage in tires up to 12% in Japan 2023.
- India voluntary tire recycling rate 85% of generated waste 2023.
- Brazil scrap tire reuse 94% in energy recovery or civil engineering 2023.
- Low rolling resistance tires saved 1.2 billion liters fuel globally 2023.
- Michelin reduced tire weight 14% since 1990, saving 8kg CO2 per tire.
- Synthetic rubber from bio-isoprene plants operational, 20,000 tons 2023.
- Fleet tire retreading saved 25 million barrels oil equivalent 2023.
- California Proposition 65 tire chemical limits enforced, 95% compliance.
- Global Sustainable Tyre & Rubber Programme certified 30% plantations 2023.
- U.S. tire exports down 5% due to sustainability tariffs in EU 2023.
- Carbon black from tire pyrolysis recycled 500,000 tons 2023.
Sustainability & Regulations Interpretation
While the tire industry still has a mountain of old rubber to climb and a daunting emissions peak to summit, the collective push for sustainable materials, recycling breakthroughs, and efficiency gains suggests it is finally trying to deflate its environmental footprint instead of just spinning its wheels.
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