“According to the latest research study, the demand of the global Rubber Tire Market size & share was valued at approximately USD 166.8 Billion in 2024 and is expected to reach USD 172.4 Billion in 2025 and is expected to reach a value of around USD 237.1 Billion by 2034, at a compound annual growth rate (CAGR) of about 3.36% during the forecast period 2025 to 2034.”
Overview
According to industry analysts at CMI, demand for passenger cars, commercial fleets, and replacement sales stimulates the North American tire market. The North American tire market is strong for premium tires, radials, sustainable solutions, and smart tire technologies. The U.S. is a big market because it has high vehicle ownership and logistics expansion. Canada is associated with winter and all-season tires, while Mexico supports the region through a growing manufacturing base and increasing domestic automotive sales. Stringent fuel efficiency standards and safety regulations have driven advancements in tire technology. E-commerce and logistics ride high further on the demand for replacement tires, keeping the aftermarket segment rather crucial all over the region.
Key Trends & Drivers
- The Rising Vehicle Ownership: Considering a growing middle class in Asia-Pacific and Latin America, vehicle ownership is on a rapid rise in the categories of passenger cars and two-wheelers. Mostly, demand is driven by increasing affordability, urbanization, and infrastructure development activities. Thus, OEM tire sales increase accordingly, and the aftermarket, in turn, throws recurring opportunities for tire replacement.
- Aftermarket Development: Other aftermarket demands push the intentions for growth and are further supported by road conditions, accidents, and causes for shorter replacement cycles. The faster growth of e-commerce websites and multi-brand tire outlets has increased accessibility and choice for consumers. Additionally, increased awareness of tire safety and performance provides additional thrust to premium replacement product demand.
- Technological Evolution: Continuous technical advances in radial, tubeless, and smart tires are reshaping the market. Milestones on this path foster better fuel efficiency, safety checks, and longer life for the respective tires. Eco-measures, including low-rolling-resistance and recyclable tires, are being encouraged with the onset of stringent regulations. Any adoption of technological measures for tire manufacturing would thus guarantee market growth in the long term and aid sustainability objectives.
Source: globenewswire