EV Tires Market Trends, Growth, Future Demand, Analysis and Forecast by 2031

According to assessment, sales of EV tires are projected to increase at 12% -14% CAGR over the next ten years (2021-2031). Increased average vehicle life, higher kilometers driven per year, growing concern for maintenance and safety, technological developments leading to longer tire life, and other factors are boosting the EV tires market.

What is Driving Demand for EV Tires?

Electric cars require unique tires for a variety of reasons. When compared to internal combustion vehicles, their tires must manage more weight and give more torque to the road when pulling away from a halt, according to the business. Tire noise is considerably more noticeable in electric cars than in internal-combustion vehicles because of their near-silent powertrains, where it is partially hidden by engine noise.

The demands imposed on future electric car tires and mileage are of the utmost importance. Tires and wheels, in particular, can have a significant impact on EV range. Changing factory low-rolling-resistance tires and aerodynamic wheels for aftermarket components has been shown to reduce range while improving handling in multiple tests.

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With the introduction of electric vehicles and their significantly lower propulsion noise emissions, it is now possible to assess tire-road noise more accurately through cruise measurements, even at speeds where a combustion engine propulsion system would normally cause measurement results to be skewed.

Low rolling resistance between the tire and the road surface, which leads to less energy waste, is important for ensuring a high range with a single battery charge. The EU tire label’s rolling resistance rating has been used as the major selection factor for possible EV tires. The tire label rating for wet grip was the second selection factor, with a lower number implying a shorter braking distance.

US and Canada Demand Outlook of EV Tires

North America is projected to be one of the most lucrative markets for EV tires. This is owing to fact of high rate of adoption of EVs in this region.

The demand for automotive tires in the United States is being boosted by rising sales of electric vehicles and the development of technologically advanced autonomous vehicles. The country’s tire business is growing due to changes in taxation policy and a movement in customer demand toward safer, more comfortable, and longer-lasting tires.

The market in the US is fiercely competitive, and major manufacturers are turning to inorganic techniques to boost their revenue generation and expand their market share. Strategic collaboration and mergers with vehicle manufacturers are examples of inorganic strategy.

Europe Demand Outlook for EV Tires

The EV tires market in Europe is expected to develop as demand for electric vehicles grows, offering sales opportunities for EV tires. In industrialized countries such as Germany, Italy, France, U.K. and others, large firms have production units. As a result of this, manufacturers will be able to better track and manage their technical and operational activities. As a result, product demand is anticipated to rise.

Who are the Key Manufacturers and Suppliers of EV Tires?

Some of the leading manufacturers and suppliers of EV tires Continental AG, Bridgestone, Pirelli & C. S.p.A., Goodyear Tire & Rubber Co., Hankook Tire & Technology Co., Ltd., Yokohama Rubber Co., Ltd., Apollo Tyres, Michelin, Nokian Tyres, Cooper Tire & Rubber Company, Falken Tyre and others

Key Segments

By Product Type

• Radial Tires
• Bias Tires
• Composite Tires

By Tire Size

• Up to 14”
• 15”-18”
• Above 18”

By Propulsion

• BEV
• HEV
• PHEV

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Sales Channel

• OEM
• Aftermarket

By Region

• North America (U.S., Canada)
• Latin America (Mexico, Brazil)
• Europe (Germany, Italy, France, U.K, Spain, Russia)
• South Asia & Pacific (India, ASEAN, Australia & New Zealand)
• East Asia (China, Japan, South Korea)
• Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey)

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Report Highlights:

• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint