Global Tire Market Size, Share, Trends, And Strategic Forecast Report 2026-2031 Revenue To Reach USD 288.1 Billion As EV-Optimized Tires And Premiumization Drive 4.4% CAGR
Dublin, Oct. 20, 2026 (GLOBE NEWSWIRE) -- "Global Tire Market Strategic Research Report" has been added to ResearchAndMarkets.com's offering.
The global tire market is entering 2025-26 amid significant structural transformation, supported by changing vehicle technologies, premiumisation, regional manufacturing expansion and resilient replacement demand. Valued at USD 222.1 billion in the base year, the market is forecast to reach USD 288.1 billion by 2031. This represents a 4.4% compound annual growth rate -- exceeding the historical growth rate of 3.8%. Annual tire transactions currently exceed 2.39 billion units and are projected to rise to 2.81 billion units by 2031.
Market value is shifting from low-cost commodity replacement products toward high-margin, technologically advanced tire categories. The transition to electric vehicles is a major catalyst, as EV platforms require purpose-engineered tires with reinforced sidewalls, advanced compounds and sound-absorbing technology. Demand for EV-compatible tires is expanding at double-digit rates as automakers address vehicle weight, torque, efficiency, durability and cabin noise requirements.
Premiumisation is also reshaping the global tire industry, particularly across mature automotive markets. Revenue is becoming increasingly concentrated among manufacturers supplying 18-inch-and-above fitments, creating opportunities for companies with strong research capabilities, advanced materials expertise and established premium product portfolios. These developments are encouraging tire manufacturers to prioritize product differentiation, higher-value applications and technology-led growth.
Radial tires held the largest global tire market share in 2024, reflecting their broad use across passenger cars, commercial vehicles and other transportation applications. The aftermarket accounted for 63.3% of the market, supported by the non-discretionary nature of tire replacement and the continuing need for vehicle maintenance. OEM demand represented the remaining 36.7%, linking this segment more closely to automotive production volumes and new vehicle sales.
Asia-Pacific captured 48% of global tire market volume and revenue in 2024, establishing the region as the industry's largest geographic market. China, India and Japan collectively represented 72% of the Asia-Pacific market. Their position is supported by extensive automotive manufacturing capacity, large vehicle fleets, infrastructure investment, growing replacement demand and the continued expansion of Asian tire manufacturers.
Report Coverage
- Global tire market forecasts by value and volume, using 2025 as the base year and extending through 2031. Market segmentation by type, covering Radial Tires, Bias Tires, Specialty Tires and Retreaded Tires. Application analysis across Passenger Cars, Light Commercial Vehicles, Trucks & Buses, Two-Wheelers, Agricultural Vehicles, and Off-Highway & Construction. Region-wise and country-level forecasts identifying geographic demand patterns and market opportunities. Assessment of major growth drivers and market inhibitors, including the EV powertrain transition and the expansion of Asian manufacturers. Profiles of twenty key companies, providing insight into competitive positioning, strategic priorities and industry participation. Porter's Five Forces, PESTLE and SWOT analysis to evaluate the competitive and operating environment. Analysis of trends expected to influence the market through 2031, including EV-optimized tire architecture and Tire-as-a-Service models.
Intended Users
The report is designed for decision-makers and industry participants seeking reliable insight into global tire market growth, competitive dynamics, technology adoption and future demand. It is particularly relevant to:
- C-level executives and company directors in tire, rubber and automotive businesses. Investment managers and automotive sector analysts evaluating market potential and company strategy. Manufacturers, suppliers, distributors and other organizations operating across the tire manufacturing value chain.
By combining market forecasts, segment analysis, regional data, competitive intelligence and strategic frameworks, the report supports business planning, investment assessment, market entry evaluation and long-term decision-making across the global tire industry.
Key Topics Covered:
Executive Summary Industry Overview & Market Forecast Market Segmentation by Tire Type (Radial, Bias, Specialty, Retreaded) Market Segmentation by Application/Sales Channel Regional Market Forecast Country-Level Market Analysis & Forecast Market Drivers, Restraints & Opportunities Company Profiles (20 companies including Bridgestone, Michelin, Goodyear, Continental, Sumitomo, Yokohama, Pirelli, Hankook, Sailun, Linglong, CEAT, MRF, Cooper, Apollo Tyres, Maxxis, Nexen, Giti, Toyo, Zhongce, Triangle) Competitive Landscape Porter's Five Forces Analysis PESTLE Analysis Industry SWOT Analysis Future Trends & Innovation OutlookCompanies Featured
- Bridgestone Corporation Compagnie Generale des Etablissements Michelin The Goodyear Tire and Rubber Company Continental AG (Tires Group Sector) Sumitomo Rubber Industries, Ltd. The Yokohama Rubber Co., Ltd. Pirelli and C. S.p.A. Hankook Tire and Technology Co., Ltd. Sailun Group Co., Ltd. Linglong Tire Co., Ltd. CEAT Ltd. MRF Ltd. (Madras Rubber Factory) Cooper Tire and Rubber Company Apollo Tyres Ltd. Maxxis International (Cheng Shin Rubber Ind. Co., Ltd.) Nexen Tire Corporation Giti Tire Pte. Ltd. Toyo Tire Corporation Zhongce Rubber Group Co., Ltd. Triangle Tyre Co., Ltd.
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