TBR Tire Market Size

TBR Tire Market size was over USD 17.8 billion in 2023 and is predicted to cross USD 43.1 billion by the end of 2036, expanding around 7.6% CAGR during the forecast timeline, i.e., 2024-2036. In 2024, the industry size of TBR tires is evaluated at USD 19.1 billion.

Growing industrialization has led to an alarming increase in pollution, requiring the implementation of strict norms and regulations to control the rate of contaminants. According to the Natural Resources Defence Council (NRDC) in December 2023, tires contribute a significant share in releasing pollutants in ecosystems, making them the second largest oceanic microplastic source. Furthermore, to reduce the amount of carbon emissions from vehicles, the governments of several regions have imposed fuel efficiency standards. It was estimated by NRDC in 2023, that about 27% of non-exhaust emissions could be reduced by the implementation of zero-emission vehicles. This acts as a growth factor for the TBR tire market worldwide.

A recent report by the U.S. Department of Transportation’s National Highway Traffic Safety Administration in April 2022 announced New Vehicle Fuel Economy Standards for Model Year 2024-2026. These Corporate Average Fuel Economy (CAFÉ) standards require about an average of 49 mpg in industry-wide fleets from light trucks and passenger cars. This model is predicted to decrease fuel consumption by 200 billion gallons by 2050.