Market Research Report

Global Electric Vehicle Tire Market Research Report: Forecast (2024-2030)

Electric Vehicle (EV) Tire Market - By Type of Tire (Radial, Bias), By Vehicle Types (Passenger Car, Two-Wheeler & Three-Wheeler, Commercial Vehicle, others), By Price Category (Bu......dget, Premium, Economy), By Demand Type (OEM, Replacement), By Sales Channel (Direct Sales, Online, Dealers/ Exclusive Outlets), By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”), and others Read more

  • Tire
  • Aug 2024
  • Pages 198
  • Report Format: PDF, Excel, PPT

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Market Insights & Analysis: Global Electric Vehicle Tire Market (2024-30):

The Global Electric Vehicle Tire Market size was valued at USD 3.1 Billion in 2023 and is projected to reach USD 13.4 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.7% during the forecast period, i.e., 2024-30. The growth of the market is likely to be fueled by the growing adoption of EVs across different countries worldwide on account of the various government initiatives for reducing the alarming carbon emission levels. Since fossil fuels are becoming a prominent cause of air pollution and are deteriorating environmental conditions, there's a burgeoning need for fuel alternatives, which, in turn, is promulgating EV adoption and encouraging the leading tire companies to manufacture EV-compatible tires.

Moreover, the increasing sophistication and diversity of electric vehicle models, including electric cars, buses, trucks, and two-wheelers, are widening the scope of the EV tire market, necessitating a diverse range of tire sizes, tread patterns, and load-bearing capacities to accommodate different vehicle types and driving conditions. Additionally, the automotive industry's ongoing efforts to develop next-generation electric vehicles with higher performance capabilities, longer battery life, and improved safety features drive demand for high-performance EV tires that deliver superior traction, handling, and durability.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR(2024-2030) 18.7%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, The UK, France, Italy, Spain, Others
Asia-Pacific: China, India, Japan South Korea, Australia Others
South America: Brazil, Other
Middle East & Africa: UAE, Saudi Arabia, South Africa Others
Key Companies Profiled 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.
Market Value (2023) USD 3.1 Billion

 

Besides, as heavy batteries used in EVs increase their overall vehicle weight & put extra strain on tires, it is crucial to deploy tires with such load-carrying capacities that promote the overall vehicle performance. Moreover, growing consumer awareness about the various benefits of EV tires like lower rolling resistance, enhanced durability, improved tread patterns, & enhanced load capacity is playing a crucial role in driving their demand worldwide. Furthermore, other capabilities like greater average vehicle life, longer range, low maintenance, & high safety, among others, are also contributing to the notably expanding Electric Vehicle Tire Market.


Global Electric Vehicle Tire Market Research Report: Forecast (2024-2030)

Global Electric Vehicle Tire Market Drivers:

Rising Production of EVs Worldwide Uplifting the Requirement for Electric Vehicle Tires– In recent years, Greenhouse emissions have increased at an alarming rate due to the consistent increase in transportation activities & rapid industrialization. As per the International Energy Agency, in 2022, more global emissions reached approximately 8 Gt, an increase of about 250 Mt or about 3% compared to the previous year. These emissions contribute to global warming and air pollution, leading to adverse health effects and environmental degradation. Therefore, the official authorities across the globe are encouraging the adoption of sustainable transportation modes, including EVs. This, in turn, is resulting in the increased sales of EVs across the Globe, facilitating the requirement for EV-specific tires. Also, to cater to this growing demand for EVs, top companies are expanding their production units. For instance, in 2024, BYD announced to set up an EV manufacturing facility in Turkey. Similarly, other players are also ramping up the production of EVs, which would generate the demand for EV-specific tires directly from the original equipment manufacturers and contribute to enlarging the market size during the forthcoming years.

Global Electric Vehicle Tire Market Challenges:

Fluctuating Raw Material Costs & Supply Chain Issues Impede Market Growth – The prices of rubber, a critical raw material for EV tires have remained highly volatile due to the demand-supply gap & utilization of rubber in other industries. As per Logistics Insider, an industry-specific logistics media company, the prices of natural rubber are witnessing a surge in the Asian & North American regions. Along with this, due to the trade barriers between several regions, the supply chain is also adversely affected. In addition, the geopolitical tensions among nations, like Russia-Ukraine, Iran-Israel, etc., are also affecting the trade routes owing to which there is a spike in rubber prices. This price fluctuation is resulting in higher production costs of electric vehicle tires. Therefore, to maximize profits, the top players are selling EV-specific tires at relatively higher costs. Hence, several consumers with limited financial resources are using retreaded tires or conventional tires rather the EV-specific tires, restraining market growth.

 

Global Electric Vehicle Tire Market Trend:

High-Performance & Smart EV Tires to Augment Market Growth – With the evolution of new technologies in the EV industry, the tires for electric vehicles have also undergone significant transformation. Traditionally, the EV-specific tires were developed based on the generic electric car models and provided a moderate efficiency. However, with the increasing introduction of next-generation electric automotive models, the demand for the tires that suit these vehicles is also surging. The top companies are launching highly efficient EV-specific tires that provide ultra-low rolling resistance, improved wet & dry traction, and are highly durable. This, in turn, is gaining the attention of the consumers seeking tires that improve their vehicle’s operational efficiency.

Along with this, the market players are actively incorporating the technology into the tires to provide details about the tire pressures & air to the customers. In 2022, the company, JK Tire launched a complete range of EV-specific smart radial tires that are equipped with sensors. These tires would provide real-time information about the surrounding environment helping customers to make informed decisions about their vehicles, and supporting market growth in the forthcoming years.

Global Electric Vehicle Tire Market (2024-30): Segmentation Analysis

The Global Electric Vehicle Tire Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Vehicle Type:

  • Passenger Cars
  • Two Wheelers
  • Three Wheelers
  • Commercial Vehicles

Amongst these three, passenger cars are anticipated to dominate the Global Electric Vehicle Tire Market with the largest market share. It attributes principally to favorable government policies and incentives for EV adoption, coupled with the growing disposable income of people, i.e., driving their interest in private vehicle ownership for the daily commute, i.e., depicting an escalating fleet size of EVs worldwide and flourishing Electric Vehicle Tire Market for passenger cars. On the other hand, commercial EVs are expecting swift traction in the coming years, which, in turn, would significantly contribute to the market growth for EV tires. It owes principally to the increasing focus of governments on bringing green mobility solutions to the transportation & logistics sectors as a step toward reducing carbon emissions. Hence, the expected rise in the sales of commercial EVs would promulgate the demand for compatible tires and augment the overall market growth in the years to come.

Based on Type of Tire:

  • Radial
  • Bias

Here, radial tires are anticipated to gain swift momentum in the global market over the forecast years. It owes to the active participation of prominent tire manufacturers in the research & development of radial tires with advanced features that can complement EV capabilities & enhance their overall performance. For Instance,

  • In May 2022, Bridgestone introduced a new series of radial tires, 'R192E,' which offer ultra-low rolling resistance, high load-carrying capacity, and maximum operation on a single charge for electric buses.

These tires come with exceptional cross rib spikes, multiple gripping edges, and wide grooves to deliver better control on wet & dry roads propelling their adoption and market share in the Global Electric Vehicle Tire Market.

Global Electric Vehicle Tire Market (2024-30): Regional Projection

Geographically, the Global Electric Vehicle Tire Market expands across:

  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30. The rapidly increasing adoption of EVs, coupled with the extensive presence of prominent automakers & tire manufacturers, are creating growth opportunities to introduce new varieties of EV tires, which, in turn, would drive the market across North America in the coming years. Besides, stringent regulations laid by governments of different countries across countries like the US & Canada to curb carbon emissions are also contributing to the growing EV fleet size and, in turn, positively influencing the regional market. Moreover, strategic mergers & collaborations of tire manufacturers with automakers further project a pool of remunerative prospects for regional market growth through 2030. On the other hand, Europe is anticipated to demonstrate the fastest market growth during 2024-30, owing to stringent government regulations for curbing the alarming levels of carbon emissions, i.e., instigating a growing adoption of EVs and flourishing sales of EV tires across the region.

Global Electric Vehicle (EV) Tire Industry Recent Development:

  • 2023: Sumitomo Rubber Industries announced to launch of Falken Ziex, a new line of replacement tires for electric vehicles in Europe.
  • 2022: Goodyear Tire & Rubber Company., launched its new electric drive all-season tire in four new sizes with about 60,000-mile tread life and limited warranty.

Gain a Competitive Edge with Our Global Electric Vehicle Tire Market Report

  • Global Electric Vehicle Tire Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • Global Electric Vehicle Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Don't Need a Global Report? Focus on reports for specific countries and regions

Frequently Asked Questions

   A. Electric Vehicle Tire Market is expected to grow at a CAGR of around 20% during 2024-2030.

   A. Rising Emission Rates Across the Globe Creating Demand for Electric Vehicles Worldwide to Drive Electric Vehicle Tire Market during 2024-2030.

   A. 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 among others are the top players in the Electric Vehicle Tire Market.

   A. Radial is the leading type of tire in the Electric Vehicle Tire Market.

   A. North America is the leading region in the Electric Vehicle Tire Market.

   A. Surging Government Initiatives in Establishing Electric Vehicle Charging Infrastructure are the growth opportunities in the Electric Vehicle Tire Market.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on Global Electric Vehicle Tire Market
  5. Global Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
        1. Radial
        2. Bias
      2. By Vehicle Type
        1. Passenger Car
        2. Two Wheeler & Three Wheeler
        3. Commercial Vehicle
        4. Others
      3. By Price Category
        1. Budget
        2. Premium
        3. Economy
      4. By Distribution Channel
        1. OEM
        2. Aftermarket
      5. By Sales Channel
        1. Direct Sales
        2. Online
        3. Dealers/ Exclusive Outlets
      6. By Rim Diameter
        1. Up to 12”
        2. 12.1” to 15”
        3. 15.1.” to 18”
        4. 18.1” to 20”
        5. 20.1” to 22.5”
        6. 22.6” to 30”
        7. 30.1” to 35”
        8. 35.1” to 47”
        9. Above 47”
      7. By Region
        1. North America
        2. South America
        3. Europe
        4. Middle East & Africa
        5. Asia-Pacific
      8. By Competitors
        1. Competition Characteristics
        2. Market Share & Analysis
        3. Competitive Metrix
  6. North America Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
      2. By Vehicle Type
      3. By Price Category
      4. By Distribution Channel
      5. By Sales Channel
      6. By Rim Diameter
      7. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    4. Canada Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    5. Mexico Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
  7. South America Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
      2. By Vehicle Type
      3. By Price Category
      4. By Distribution Channel
      5. By Sales Channel
      6. By Rim Diameter
      7. By Country
        1. Brazil
        2. Others
    3. Brazil Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
  8. Europe Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
      2. By Vehicle Type
      3. By Price Category
      4. By Distribution Channel
      5. By Sales Channel
      6. By Rim Diameter
      7. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Others
    3. Germany Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    4. The UK Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    5. France Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    6. Italy Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    7. Spain Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
  9. Middle East & Africa Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
      2. By Vehicle Type
      3. By Price Category
      4. By Distribution Channel
      5. By Sales Channel
      6. By Rim Diameter
      7. By Country
        1. UAE
        2. Saudi Arabia
        3. South Africa
        4. Others
    3. UAE Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    4. Saudi Arabia Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    5. South Africa Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
  10. Asia-Pacific Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. Market Revenues
      2. Unit Sold
    2. Market Share & Analysis
      1. By Type of Tire
      2. By Vehicle Type
      3. By Price Category
      4. By Distribution Channel
      5. By Sales Channel
      6. By Rim Diameter
      7. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Others
    3. China Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    4. India Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    5. Japan Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    6. South Korea Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
    7. Australia Electric Vehicle Tire (Tyre) Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. Market Revenues
        2. Unit Sold
      2. Market Share & Analysis
        1. By Type of Tire
        2. By Vehicle Type
        3. By Price Category
        4. By Distribution Channel
        5. By Sales Channel
        6. By Rim Diameter
  11. Global Tire (Tyre) Market of Electric Vehicles Government Regulations and Policies
  12. Global Electric Vehicle Tire (Tyre) Market Trends & Insights
  13. Global Electric Vehicle Tire (Tyre) Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  14. Global Electric Vehicle Tire (Tyre) Market Hotspot & Opportunities
  15. Global Electric Vehicle Tire (Tyre) Market Key Strategic Imperatives for Success & Growth
  16. Competition Outlook
    1. Competition Matrix
      1. Target Markets
      2. Research & Development
      3. Collaborations & Strategic Alliances
      4. Key Business Expansion Initiatives
      5. Business Restructuring- Mergers, Acquisitions, JVs
      6. Strategic Initiatives
    2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans
      1. Continental AG
      2. Bridgestone Corporation
      3. Yokohama Rubber Company Ltd.
      4. Hankook Tire & Technology Group
      5. The Goodyear Tire & Rubber Company
      6. Michelin Group
      7. Kumho Tire Company Inc.
      8. Pirelli & C. S.p.A
      9. Toyo Tire Corporation
      10. GITI Tire
  17. Disclaimer


Electric Vehicle Tire Market Segmentation

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

Data Trangulation

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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