Commercial Tire Market Size, Share and Growth Projections by 2034

Commercial Tire Market Trends, Forecasts and Key Insights

The commercial tire market is expected to increase from USD 119.89 billion in 2025 to USD 149.47 billion by 2034, growing at a CAGR of 2.48% throughout the forecast period from 2025 to 2034.

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Introduction

The commercial tire market is a crucial branch of the automotive materials industry. This industry deals in manufacturing and distribution of tires for commercial vehicles. There are different types of tires developed in this sector consisting of radial tires, bias tires and solid tires. These tires are designed for numerous vehicles such as light commercial vehicles, medium commercial vehicles and heavy commercial vehicles. It finds various application in several sectors including transportation, construction, agriculture, mining and some others. The growing demand for commercial vehicles in different parts of the world has contributed to the market expansion. This market is expected to grow drastically with the growth of the tire industry across the globe.

• According to the OICA, around 145602 commercial vehicles were sold in Spain during 2022 that increased to 178509 in 2023.

Highlights of the Commercial Tire Market

• North America held the largest share of the commercial tire market due to the growing demand for radial tires in this region.
• Asia Pacific is expected to grow with a significant CAGR due to the presence of several tire manufacturing companies in this region.
• The light commercial vehicles segment dominated the market due to the rising development in the e-commerce sector around the world.
• The transportation segment led the market due to the increasing demand for freight services across the world.

Commercial Tire: Stats and Figures

• According to the ATMA, the Indian tire industry is projected to generate a revenue of US$ 22 billion by 2032.
• According to a report of SEMA, the revenue of the performance/special purpose tires, off-road/oversize tires, and custom wheels segment in 2023 was US$ 6.70 billion.
• According to the OICA, around 229324 commercial vehicles were sold in Italy during 2023.
• According to the SIAM, around 9.68 lakhs commercial vehicles were sold in India during FY 2023-24.

Industry Leader Announcement

In November 2024, Vishal Pawar, the senior vice president of global sales and supply chain at CEAT made an announcement stating that, “CEAT’s entry into the USA TBR market marks an important milestone for us. We are excited to introduce our range of products developed keeping in mind customer centricity by leveraging our global expertise and local market insights, The products are engineered with advanced technology and tested extensively at our R&D facility and independently with testing agencies in the USA to ensure performance and durability for American trucking professionals.”

Geographical Insights

North America held the highest share of the commercial tire market. The growing demand for commercial vehicles along with the presence of numerous tire manufacturing brands has boosted the market growth. Also, the rising development in the e-commerce sector coupled with advancements in automotive technology has played a crucial role in shaping the industrial landscape. In North America, the U.S. is the major contributor of this industry. The rise in the number of e-commerce shops and the presence of numerous commercial vehicle companies such as Ford and Chevrolet has driven the market expansion.

Competitive Landscape

The commercial tire market is a highly competitive industry with the presence of several dominating players. Some of the crucial players in this industry consists of Pirelli, Kumho, Dunlop, Bridgestone, Continental, Hankook, Sumitomo, Trelleborg and some others. These companies are constantly engaged in developing tires for commercial vehicles and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of Bridgestone, around 45% of the revenue was generated from the Americas region followed by others.

Market Segmentations

By Vehicle Type

• Light Commercial Vehicles
• Medium Commercial Vehicles
• Heavy Commercial Vehicles

By Tire

• Radial Tires
• Bias Tires
• Solid Tires

By Application

• Transportation
• Construction
• Agriculture
• Mining

By Distribution Channel

• Online
• Offline
• Wholesalers

By Region

• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa