Future Forward: Key Trends and Projections for the Electric Vehicle Tires Market 2030

Global Electric Vehicle Tires Market Overview:

According to MarkNtel Advisors study 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. 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.

Key Findings of the Study: Electric Vehicle Tires market

Global Electric Vehicle Tire Market Drivers:

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.

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Scope of the Electric Vehicle Tires Market Report Segmentation

-By Type of Tire

Radial
Bias

-By Vehicle Type

Passenger Car
Two Wheeler & Three Wheeler
Commercial Vehicle
Others

-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”

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Geographical analysis:

-By Region

North America
South America
Europe
Middle East & Africa
Asia-Pacific

North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30. The rapidly increasing adoption of EVs, coupled with the extensive presence of prominent automakers & tire manufacturers, are creating growth opportunities to introduce new varieties of EV tires, which, in turn, would drive the market across North America in the coming years. Besides, stringent regulations laid by governments of different countries across countries like the US & Canada to curb carbon emissions are also contributing to the growing EV fleet size and, in turn, positively influencing the regional market. Moreover, strategic mergers & collaborations of tire manufacturers with automakers further project a pool of remunerative prospects for regional market growth through 2030. On the other hand, Europe is anticipated to demonstrate the fastest market growth during 2024-30, owing to stringent government regulations for curbing the alarming levels of carbon emissions, i.e., instigating a growing adoption of EVs and flourishing sales of EV tires across the region.

Global Electric Vehicle (EV) Tire Industry 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.

Current Landscape of Electric Vehicle Tires Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Electric Vehicle Tires market. The research report profiles major players, including

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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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