Global Electric Vehicle Tire Market Size By Vehicle Type, By Tire Type, By Technology Geographic Scope And Forecast

Electric Vehicle Tire Market Size And Forecast

Electric Vehicle Tire Market size was valued at USD 3.17 Billion in 2023 and is projected to reach USD 5.53 Billion by 2031, growing at a CAGR of 7.2% during the forecast period 2024-2031.

Global Electric Vehicle Tire Market Drivers

The market drivers for the Electric Vehicle Tire Market can be influenced by various factors. These may include

• Growing Global Adoption of Electric automobiles One major factor propelling the electric vehicle tyre market is the increasing global adoption of electric automobiles. The need for tyres specifically made for electric vehicles is rising as more people choose to drive electric cars as a result of government incentives and environmental concerns.
• Regulatory Policies Manufacturers are being incentivized to increase the production of electric vehicles by the stricter emissions and fuel economy rules. Automakers are being forced by these laws to make investments in electric car technologies, including tyres designed specifically for electric vehicles to increase economy and range.
• Technological Developments The market is being driven by developments in tyre technology, such as the creation of tyres with reduced rolling resistance and tyres made especially for the weight distribution and torque characteristics of electric vehicles. The goal of these developments is to improve the efficiency and performance of electric cars.
• Growing Awareness of Sustainable Mobility Consumer choices for electric vehicles are being influenced by an increasing awareness of environmental challenges and the need for sustainable transportation solutions. Consequently, there’s a rise in demand for tyres that support the general efficiency and sustainability of electric vehicles.
• Infrastructure Development The availability of more electric vehicle charging stations is encouraging consumers to embrace electric automobiles. The sales of electric vehicles are being driven by this increase, which in turn is driving up demand for tyres that are appropriate for these vehicles.
• Economic Incentives The adoption of electric vehicles is being aided by government subsidies, tax breaks, and incentives for electric vehicle purchasers. By lowering the initial cost barrier, these incentives increase customer appeal for electric vehicles and drive up demand for related goods like tyres.
• Enhanced Durability and Performance To optimise efficiency and range, electric vehicles frequently need tyres with certain performance traits, like low rolling resistance and excellent durability. The market for tyres for electric vehicles is expanding as a result of tyre manufacturers’ innovation to suit these criteria.

Global Electric Vehicle Tire Market Restraints

Several factors can act as restraints or challenges for the Electric Vehicle Tire Market. These may include

• Cost Since specialised materials or technology are needed to manage the distinctive features of electric vehicles, tyres made especially for EVs may be more expensive than tyres made for standard internal combustion engine vehicles. Electric vehicles (EVs) are frequently more expensive than traditional cars.
• Limited Range Many prospective EV consumers continue to worry about range anxiety despite advances in battery technology. Any restrictions on tyre performance or technology could make range anxiety worse since tyres are essential for overall energy efficiency and range.
• Infrastructure The availability of charging infrastructure has a direct impact on the market expansion of electric vehicles. Consumers may be reluctant to buy electric vehicles if there are few charging outlets in a given area, which would impact the demand for EV tyres.
• Battery Weight Compared to conventional vehicles, electric vehicles typically have heavier battery packs, which can put more strain on the tyres. This might result in more wear and tear, shortening tyre life and perhaps raising EV owners’ maintenance expenses.
• Performance Expectations When it comes to aspects like acceleration, handling, and braking, consumers have high standards for the performance of electric vehicles. It can be difficult for tyres to balance energy efficiency and range while still meeting these performance requirements.
• Regulatory Environment The design and manufacture of tyres for electric cars may be impacted by laws pertaining to emissions, safety, and tyre labelling. Manufacturers may face additional expenses or limitations as a result of complying with these rules.
• Lack of Knowledge It’s possible that a large number of customers are unaware of the advantages or particular tyre requirements for electric cars. It may be difficult to inform customers about the benefits of selecting the appropriate tyres for electric vehicles (EVs) as well as the possible increases in efficiency and performance.
• Supply Chain Issues Obtaining raw materials, manufacturing capacity, and distribution logistics are some of the supply chain issues that could arise in the production of specialised tyres for electric vehicles. These issues could raise costs and limit availability.

Global Electric Vehicle Tire Market Segmentation Analysis

The Global Electric Vehicle Tire Market is Segmented on the basis of Vehicle Type, Tire Type, Technology and Geography.

Electric Vehicle Tire Market, By Vehicle Type

• Electric Cars (EVs) This segment includes tires specifically designed for electric cars, which may have different requirements compared to traditional internal combustion engine vehicles due to factors like weight distribution and torque.
• Electric Trucks and Vans Electric trucks and vans require tires that can handle heavier loads and potentially different driving conditions compared to passenger cars.
• Electric Buses Tires for electric buses may need to withstand frequent stops and starts, high passenger capacities, and potentially different road conditions compared to other electric vehicles.

Electric Vehicle Tire Market, By Tire Type

• Summer Tires Designed for optimal performance in dry and wet conditions, summer tires may be suitable for electric vehicles in regions with predominantly warm weather.
• All-Season Tires These tires offer a balance of performance in various weather conditions, making them suitable for electric vehicles in regions with moderate climates.
• Winter Tires Designed to provide better traction and handling in cold weather, winter tires are essential for electric vehicles in regions with snow and ice.

Electric Vehicle Tire Market, By Technology

• Run-Flat Tires Tires designed to maintain functionality even after a puncture, allowing the driver to continue driving to a safe location.
• Self-Sealing Tires Tires with a special lining that can seal punctures automatically, reducing the need for immediate tire changes.
• Smart Tires Tires equipped with sensors to monitor tire pressure, temperature, and other parameters, providing real-time data to the driver or vehicle’s onboard systems.

Electric Vehicle Tire Market, By Geography

• North America Market conditions and demand in the United States, Canada, and Mexico.
• Europe Analysis of the Electric Vehicle Tire Market in European countries.
• Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
• Middle East and Africa Examining market dynamics in the Middle East and African regions.
• Latin America Covering market trends and developments in countries across Latin America.

Key Players

The major players in the Electric Vehicle Tire Market are

• Continental AG
• Bridgestone
• Pirelli & C S.p.a
• Goodyear Tire and Rubber Co.
• Hankook Tire and Technology Co. Ltd.
• Yokohama Rubber Co. Ltd.
• Apollo Tyres
• Michelin
• Sumitomo Rubber Industries, Ltd.
• Nokian Tyres plc

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support.

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