According to a recent research report by MarkNtel Advisors, the Global Electric Vehicle Tire Market is expecting around 7.5% CAGR during 2022-27. The market would be driven primarily by the alarming levels of carbon emissions, i.e., compelling governments of different countries worldwide to promote the adoption of fossil fuel alternatives like Electric Vehicles (EVs). It, in turn, is generating growth opportunities for the leading tire manufacturers to manufacture EV-compatible tires that can complement the vehicle performance.
The overall weight of EVs is heavier than ICE vehicles due to the deployment of heavy-weight batteries. Hence, they require robust tires to carry the vehicle's weight while not compromising its performance and delivering better handling & safety.
Furthermore, growing awareness among vehicle owners about the benefits of EV tires like lower rolling resistance, better durability & traction, improved tread patterns, & enhanced load capacity is another aspect playing a crucial role in augmenting the demand for EVs & their tires, and, in turn, driving the global market, further states the research report, “Global Electric Vehicle Tire Market Analysis, 2022.”
Rising Passenger Car Fleet to Boost the EV Tire Market
Currently, passenger cars hold the largest share in the Global Electric Vehicle Tire Market, and the same trend is expected even during 2022-27. It owes to the increasing per capita income of people & hence, their mounting inclination toward private ownership of EVs, with increasing encouragement by the government of different countries toward their adoption to curb the rising carbon emissions.
Besides, as buying new vehicles is a sign of status in some countries, people are increasingly buying passenger EVs and, in turn, stimulating the demand for EV tires. Hence, these aspects indicate that the coming years would be highly beneficial for the growth of the Electric Vehicle Tire Market for passenger cars.
With Extensive Presence of Leading Tire Manufacturers, North America Leads the Electric Vehicle Tire Market
North America, the global leader in the Electric Vehicle Tire Market, is witnessing a rapidly growing adoption of EVs across its different countries. As a result, the production of EV tires in the region has surged significantly in recent years. Various prominent automakers & tire manufacturers have headquarters across several countries in North America, and they are constantly introducing advanced features in their product offerings.
Moreover, favorable government policies for EV adoption, with incentives for buyers, are leading to increasing mergers & acquisitions among tire manufacturers & automakers, which project lucrative prospects for the Electric Vehicle Tire Industry in North America during 2022-27.
The leading companies in the Global Electric Vehicle Tire Market include Continental AG, Bridgestone Corporation, Yokohama Rubber Company Ltd., Hankook Tire & Technology Group, The Goodyear Tire & Rubber Company, Michelin Group, Kumho Tire Company Inc., Pirelli & C. S.p.A, Toyo Tire Corporation, and GITI Tire.
Key Questions Answered in the Research Report