Tires Market To Witness Massive Growth By 2030
Tires Market Summary The global tires market size was estimated at USD 143.06 billion in 2024 and is projected to reach USD 173.93 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.4% from 2025 to 2030. This growth is largely fueled by the steady expansion of the global automotive industry, particularly in emerging economies where an increase in disposable income, rapid urbanization, and rising vehicle ownership are contributing to a higher demand for various types of tires, ranging from passenger car tires to commercial and specialty tires used across diverse industries. The electric vehicle (EV) segment is also playing a critical role in driving market demand, as the transition toward sustainable mobility accelerates. EVs require specialized tires that feature low rolling resistance to improve battery efficiency, as well as enhanced durability to withstand the unique weight distribution and torque characteristics of electric drivetrains. This dem...