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.
Electric car tires vary from conventional vehicle tires in that they are designed to minimize road noise and increase range while accommodating the greater load within an electric engine. That said, they, like traditional tires, fulfill the same standards such as steering accuracy, and other factors making it a wise choice for other vehicles as well.
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More average vehicle life by greater attention to performance and safety, technical advancements resulting in longer tire durability, and other reasons are driving the EV tire industry.
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.
Recent Developments in the EV Tires Industry
- Falken Company, located in Japan, created the Ecorun A-A Tires in May of 2018. Further, it has teamed up with Toyota to create an electric passenger automobile. In this case, A is the benchmark for wet grip performance as well as its efficiency on road.
- Michelin launched the development of a new tire type in March 2021, with the goal of reducing noise while the EV propulsion. In comparison to the previous state, this shift was over 20%. As a result, the user and customer may enjoy a more comfortable ride.
- P Zero All Season Plus in Elect product line was introduced in the United States in March 2022. It is Pirelli’s first replacement tires — tires that may also suit a car if the primary tires wear out — built exclusively for EVs.
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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
By Region:
- North America (USA, Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, UK, Spain, Russia)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- East Asia (China, Japan, South Korea)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Türkiye)
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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