According to Cognitive Market Research, the global Commercial Tire market size is USD 34512.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.
North America holds the major market of more than 40% of the global revenue with a market size of USD 13804.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounts for a share of over 30% of the global market size of USD 10353.66 million.
Asia Pacific holds the market of around 23% of the global revenue with a market size of USD 7937.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America holds the market of more than 5% of the global revenue with a market size of USD 1725.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa holds the market of around 2% of the global revenue with a market size of USD 690.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The aftermarket segment is the dominant category. The dominance of the aftermarket segment can be attributed to the large number of commercial vehicles in operation that require regular tire replacement.
