According to Stratistics MRC, the Global Rubber Tire Market is accounted for $124.84 billion in 2020 and is expected to reach $206.61 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Rise in demand for utility vehicles across the globe, increase in awareness among consumers regarding vehicle maintenance and increase in number of cross-border and long haul freight transport are the major factors propelling the market growth. However, volatility in raw material prices and shortage of natural rubber cultivation are hampering the market growth.

Based on vehicle type, the passenger vehicle segment is going to have a lucrative growth during the forecast period owing to the rising purchase power parity of society, which, in turn, is fuelling consumer demand for vehicles. Significant sales of passenger vehicles and continued advancements have flourished its growth in the past few years. In addition, introduction to electric vehicles along with integration of advanced drive assistance technologies in the passenger vehicles especially for 

semi-luxury and luxury vehicles expected to magnificently boost its demand over the coming years.

By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the high usage of agriculture tractors in China and India. Asia-Pacific is the largest producer as well as consumer with Thailand being the largest producing country of natural rubber and China being the largest consumer. Asia Pacific is expected to witness the highest growth in the market across the globe. Growth in the automotive and construction industries is a key driver of the market in this region.