Commercial Tire Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application

Overview

The global commercial tire market is experiencing significant growth, driven by increasing demand for commercial vehicles and an upsurge in logistics and transportation activities. With a projected compound annual growth rate (CAGR) of approximately 5.3%, the market is expected to reach a value of around $52.5 billion by 2025. This growth can be attributed to the expansion of e-commerce and the rise in freight transportation, necessitating a robust and efficient transport fleet.

Market Size

The size of the commercial tire market was estimated at about $38 billion in 2020, and it is expected to grow to $52.5 billion by 2025. This growth reflects an increasing shift towards the adoption of new technologies in tire manufacturing, as well as a strong emphasis on sustainability and durability.

Market Share & Trends Analysis Report

By Product Type

The market can be segmented into several types of commercial tires, including:

• Radial tires: Currently holding a market share of approximately 65%.
• Bias tires: Expected to witness a moderate growth rate of 3% to 5% over the forecast period.

By Key Players

The commercial tire market is competitive, with key players including:

• Deestone
• PT Multistrada
• Giti Tire
• Omni United
• Casumina
• Danang Rubber
• Saovang Rubber

These companies are focusing on research and development, mergers and acquisitions, and strategic partnerships to enhance their market presence.

By Process

The manufacturing process of commercial tires is broadly divided into:

• Raw materials processing
• Tire building
• Curing and finishing

The raw materials processing segment is projected to grow at a rate of 4% to 6% by 2025, aided by advances in material science and technology.

By Application

Commercial tires are crucial for various applications, such as:

• Light Commercial Vehicles (LCVs)
• Medium & Heavy Commercial Vehicles (M&HCVs)

The LCV segment holds a dominant market share of approximately 58%, while the M&HCV segment is anticipated to grow at a CAGR of 5% from 2025 to 2030.

By End-Use

The end-use segments for commercial tires include:

• Transportation and logistics
• Construction
• Mining
• Agriculture

The transportation and logistics sector accounts for more than 50% of the market share, driven by the increase in freight and passenger transportation activities.

By Region

Regionally, the market can be segmented into:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa

Asia-Pacific is a major contributor, with a market share of around 45%, fueled by rapid urbanization and a growing automotive industry.

Market News

Recent developments in the commercial tire market include:

• Policy changes aimed at reducing carbon emissions, leading to increased demand for eco-friendly tires.
• Innovations in tire manufacturing processes focusing on sustainable materials and enhanced durability.
• Mergers and acquisitions among leading players to bolster research and development capabilities, as seen with Giti Tire's recent acquisition of a new R&D facility.
• Government investments in infrastructure projects, which will, in turn, boost the demand for construction and heavy vehicles leading to increased tire sales.

Segment Forecasts, 2025 - 2030

The commercial tire market is expected to flourish with estimated growth rates as follows:

• Light Commercial Vehicles: Projected CAGR of 5% - 7%
• Medium & Heavy Commercial Vehicles: Expected CAGR of 4% - 6%

In terms of geographic growth, Asia-Pacific is anticipated to remain dominant, while North America and Europe are also expected to show steady growth attributed to the ongoing technological advancements and regulatory frameworks promoting high-quality tires.

Conclusion

In conclusion, the commercial tire market is on a rising trajectory, with robust growth forecasts fueled by increasing demand in transportation and logistics, technological advancements in tire manufacturing, and significant investments across sectors. Stakeholders in the market should keep an eye on innovations and regulatory changes that can create further opportunities for growth in this dynamic industry.