The Global Electric Vehicle Tire (Tyre) market is growing at an exponential rate to grow at a significant rate over the forecasted period on account of a significant rise in the demand for an electric vehicle in the China, US, Europe, boost in a government initiative to curb air pollution and greenhouse gas emissions and burgeoning investment towards infrastructure development. Besides these, rising electrification of vehicles such as two/three-wheelers, buses, and trucks and increasing government support in the development of EV technology are positively impacting the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Electric Vehicle Tire (Tyre) Market Analysis, 2021”, the Global Electric Vehicle Tire (Tyre) market is anticipated to grow at a CAGR of around 7.5% during 2021-26F. Based on the Vehicle Type, Passenger car acquired the majority market share in 2020. The growth is accredited to burgeoning sales of electric passenger car globally, the launch of advanced electric cars in the developing economies such as India along with the introduction of new tires by the market players for electric and hybrid vehicles which have low rolling resistance and reduce running costs.
“Global Electric Vehicle Tire (Tyre) Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Electric Vehicle Tire (Tyre) providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Exhibits Fastest Growth
Asia-Pacific is projected to register fastest growth in the Global Electric Vehicle Tire (Tyre) market in 2020. This is due to launch of various electric car such as Tata Altroz EV, Haima Bird Electric EV1 and Audi e-tron in India in the near future, burgeoning sales of EV in China & Japan and introduction of specialized electric two-wheeler tyre by the market players. Besides these, strong foothold of giant key players in the region, increasing popularity of autonomous and electric vehicles and rising government initiative to replace conventional gas-burning car from eco-friendly cars by 2030 are predicted to significantly propel the growth of Global Electric Vehicle Tire (Tyre) market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Electric Vehicle Tire (Tyre) Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Electric Vehicle Tire (Tyre) market are 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, GITI Tire etc.
Key questions answered in the study