In the current year 2023, the net worth of the global EV tire market is estimated to be around US$ 9,444.1 million. As per the market analysis report projections, EV tire sales are to grow at a CAGR of 26.6% during the next 10 years. This report also predicts that the total valuation of the market would be around US$ 99,884.7 million by 2033.
The Electric Vehicle (EV) Tires Market involves the manufacturing, distribution, and sale of tires specifically designed and optimized for electric vehicles. These tires are engineered to meet the unique requirements and characteristics of electric vehicles, considering factors such as vehicle weight distribution, torque delivery, energy efficiency, range optimization, and sustainability. Here’s an overview of the EV Tires Market:
Market Overview:
Scope: The market encompasses a variety of tires tailored for electric vehicles, including passenger cars, commercial vehicles, buses, and specialty electric vehicles such as electric trucks and vans.
Key Players: Major tire manufacturers, including global tire brands and specialty tire companies, are involved in producing EV tires, along with tire technology providers focusing on innovation in materials, tread designs, and performance characteristics.
Market Dynamics: Factors such as the growth of electric vehicle adoption, advancements in tire technology, environmental considerations, regulatory requirements, and consumer preferences influence market demand and product development in the EV tires segment.
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Market Trends:
EV-Specific Tire Lines: Introduction of EV-specific tire lines by tire manufacturers, featuring specialized designs, constructions, and materials tailored to the unique requirements and performance characteristics of electric vehicles, including EV passenger cars, SUVs, and commercial vehicles.
Green Tire Technologies: Adoption of sustainable tire manufacturing processes, eco-friendly materials, and green tire technologies in EV tire production, aimed at reducing environmental impact, lowering carbon emissions, and supporting eco-conscious consumer preferences.
Smart Tire Solutions: Development of smart tire technologies, tire sensors, and tire monitoring systems for electric vehicles, providing real-time data on tire pressure, temperature, tread wear, and performance metrics to enhance safety, efficiency, and maintenance practices.
Winter and All-Season Performance: Expansion of EV tire offerings with specialized winter tires and all-season tires designed to deliver optimal performance, traction, and handling characteristics in cold climates, snowy conditions, and diverse weather environments.
Customization and Personalization: Increasing demand for customized tire solutions, personalized tire configurations, and optional tire features tailored to specific electric vehicle models, driving preferences, and usage requirements of EV owners and fleet operators.
Noise Reduction Technology: Integration of noise reduction technologies, sound-absorbing materials, and advanced tread designs in EV tires to minimize road noise, cabin noise, and tire-related vibrations, enhancing comfort levels and driving experiences for electric vehicle occupants.
Market Drivers:
Electric Vehicle Adoption: The rising adoption of electric vehicles worldwide, driven by government incentives, emissions regulations, consumer awareness, and advancements in electric vehicle technology, fuels demand for specialized tires optimized for electric vehicle performance and efficiency.
Energy Efficiency Concerns: Increasing focus on energy efficiency, sustainability, and environmental impact reduction in automotive manufacturing and transportation sectors, leading to demand for low rolling resistance tires that contribute to improved fuel economy and reduced greenhouse gas emissions.
Range Optimization: The importance of maximizing driving range and battery life in electric vehicles, making tire selection and tire performance crucial factors for electric vehicle manufacturers and consumers aiming to optimize range, efficiency, and overall driving experience.
Safety and Performance: Prioritization of safety, handling, and performance attributes in tire selection for electric vehicles, as tire characteristics directly influence vehicle dynamics, stability, braking distances, and overall roadworthiness, affecting driver and passenger safety.
OEM Fitment and Recommendations: Original equipment manufacturers (OEMs) specifying EV-specific tires and tire brands as original equipment fitments for electric vehicle models, influencing consumer choices and aftermarket tire purchases based on OEM recommendations and performance requirements.
Consumer Awareness: Increasing awareness among consumers about the importance of tire selection, tire maintenance, and tire performance characteristics in electric vehicles, driving demand for specialized EV tires designed to meet the unique needs and requirements of electric vehicle owners.
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Key Takeaways from the EV Tires Market Study Report
- Germany is the leading region in the manufacturing of EV tires and contributes around 11.2% of the market share alone. In the previous year 2022, it generated a revenue of US$ 832.2 million from the production and sales of EV tires.
- The United States comes in second in the production of EV tires and is figured out to be contributing up to 9.3% of the market share. In the year it contributed a revenue share of nearly US$ 691 million through the presence of some leading manufacturing companies here.
- On the other hand, the United Kingdom is the fastest growing market for sales of EV tires in the Europe region. The year-on-year growth rate for the UK EV tire market is predicted to be around 22.4% from 2023 to 2033.
- China, with a strong manufacturing base, is an emerging market for EV tires that is growing at an annual rate of 20.8%.
- India is the fastest-growing market in demand for EV tires and is expected to register an above-average CAGR of 30.4% through 2033.
- Contrarily, Australia for strengthening its electric mobility is witnessing a substantial increase in demand for EV tires over these years. The overall market in Australia is anticipated to grow promisingly and achieved an EV tire business of US$ 1 billion by 2033.
Competitive Landscape for the EV Tires Market
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, and Falken Tyre are some of the major players in the global EV tire market.
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Key Segments
By Product Type:
- Radial Tires
- Bias Tires
- Composite Tires
- Others
By Tire Size:
- Up to 14”
- 15”-18”
- Above 18”
By Propulsion:
- BEV
- HEV
- PHEV
- Others
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
- Others
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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