According to recent findings, 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.
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Electric Vehicle Tire Overview:
The growth of the market is likely to be fueled by the growing adoption of EVs across different countries worldwide on account of the various government initiatives for reducing the alarming carbon emission levels. Since fossil fuels are becoming a prominent cause of air pollution and are deteriorating environmental conditions, there's a burgeoning need for fuel alternatives, which, in turn, is promulgating EV adoption and encouraging the leading tire companies to manufacture EV-compatible tires.
Moreover, the increasing sophistication and diversity of electric vehicle models, including electric cars, buses, trucks, and two-wheelers, are widening the scope of the EV tire market, necessitating a diverse range of tire sizes, tread patterns, and load-bearing capacities to accommodate different vehicle types and driving conditions. Additionally, the automotive industry's ongoing efforts to develop next-generation electric vehicles with higher performance capabilities, longer battery life, and improved safety features drive demand for high-performance EV tires that deliver superior traction, handling, and durability.
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Electric Vehicle Tire Outlook and Future Trends :
High-Performance & Smart EV Tires to Augment Market Growth – With the evolution of new technologies in the EV industry, the tires for electric vehicles have also undergone significant transformation. Traditionally, the EV-specific tires were developed based on the generic electric car models and provided a moderate efficiency. However, with the increasing introduction of next-generation electric automotive models, the demand for the tires that suit these vehicles is also surging. The top companies are launching highly efficient EV-specific tires that provide ultra-low rolling resistance, improved wet & dry traction, and are highly durable. This, in turn, is gaining the attention of the consumers seeking tires that improve their vehicle’s operational efficiency.
Along with this, the market players are actively incorporating the technology into the tires to provide details about the tire pressures & air to the customers. In 2022, the company, JK Tire launched a complete range of EV-specific smart radial tires that are equipped with sensors. These tires would provide real-time information about the surrounding environment helping customers to make informed decisions about their vehicles, and supporting market growth in the forthcoming years.
Global Electric Vehicle Tire Segmentation Analysis:
By Type of Tire
- Radial
- Bias
According to reports,Here, radial tires are anticipated to gain swift momentum in the global market over the forecast years.
By Vehicle Type
- Passenger Car
- Two Wheeler & Three Wheeler
- Commercial Vehicle
- Others
According to reports,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”
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific.
According to reports, North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30.
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Some of the Market players in the Global Electric Vehicle Tire are:
- 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.
Electric Vehicle Tire Recent Development:
- 2023: Sumitomo Rubber Industries announced to launch of Falken Ziex, a new line of replacement tires for electric vehicles in Europe.
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