Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Electric Vehicle Tire Market, 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. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Electric Vehicle Tire Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2023: USD 3.1 Billion
- CAGR (2024-2030): 18.7%
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Global Electric Vehicle Tire Market Segmentation Breakdown:
The Electric Vehicle Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By 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.
- By Vehicle Type
- Passenger Car
- Two Wheeler & Three Wheeler
- Commercial Vehicle
- Others
Amongst these three, passenger cars are anticipated to dominate the Global Electric Vehicle Tire Market with the largest market share.
- By Price Category
- Budget
- Premium
- Economy
- By Distribution Channel
- OEM
- Aftermarket
- By Sales Channel
- Direct Sales
- Online
- Dealers/ Exclusive Outlets
- By Rim Diameter
- Up to 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 30”
- 1” to 35”
- 1” to 47”
- Above 47”
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30.
MarkNtel Advisors Highlights Key Market Drivers for Electric Vehicle Tire Market:
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.
A Comprehensive Analysis of Leading Companies in Global Electric Vehicle Tire Market
- 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
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Electric Vehicle Tire Market 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.
What are the growth Opportunity driving the Global Electric Vehicle Tire Market?
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.
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