The global electric vehicle (EV) tires market size is expected to account for around US$ 214.19 billion by 2032 from US$ 46.71 billion in 2022, growing at a CAGR of 16.50% from 2023 to 2032.
As far as the impact of covid 19 is concerned, the size of the electric vehicle tire market is estimated to touch 8.6% yearly. The entire market is primary carried on by the increasing demand for smart vehicles and the advancement of automatic connected vehicles. The increasing shift to artificial intelligence rather than manually operated vehicles and the recent introduction of the 5G network has helped to boost the electric vehicle market to a great extent. The rapid emergence of modern technology associated with these smart vehicles has also encouraged a huge population to opt for them.
The North American market is providing a great opportunity to the electric vehicle tire market pertaining to the increasing demand for environmentally sustainable electric vehicles. The increasing use of these vehicles facilitates the demand for the tire market parallelly. The other regions boosting he size of the EV tire market includes Europe and Japan. The Asia Pacific countries like India and China also tend to shift to the use of sustainable energy resources which facilitates the use of EV tires thus helping the market to grow.
Report highlights
Report Scope of the Electric Vehicle (EV) Tire Market
| Report Coverage | Details |
| Market Size by 2032 | USD 214.19 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 16.50% |
| Largest Market | Asia Pacific |
| Fastest Growing Region | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Distribution Channel, Type, Technology, Tire Size, Propulsion, Geography |
| Companies Mentioned | Falken tire, Michelin, Nokian Tyre, Cooper Tyre and Rubber Company, Apollo tyre, Pirelli and co., Bridgestone, Continental AG, Yokohama rubber, Goodyear tyre and rubber company |
Drivers
The torque expected out of the electric vehicle tires is higher as compared to the normal internal combustion vehicles pertaining to the higher weight of the electric vehicles due to the heavy batteries used in them. On the other hand reduction in the noise pollution due to the absence of an internal combustion engine also helps to drive the market during the forecast period the higher range of distance can cover makes it inevitable for the electric vehicles to have special tires. The low rolling resistance which is required for the electric vehicle tires to provide better distance is an essential factor. Low rolling resistance provided by electric vehicle tires leads to lesser wastage of energy. The wet grip provided by the electric vehicle tires helps to reduce the braking time of the wheels on road.
Restraints
Increase in the total weight of a vehicle pertaining to the heavy weight of the batteries reduces the total range covered by the electric vehicle. The R&D done regarding electric vehicle isn’t sufficient to provide a safer lifestyle to the consumers. Pertaining to the absence of engine noise of the electric vehicles, the sound of the tires is audible inside in the cabin of the electric vehicle. As the use of electric vehicle has not been adopted on a large scale the number of charging stations provided are less which makes it difficult for the present users to opt for long distance travel. The energy loss pertaining to the use of electric vehicle tires as a result on the increased torque which is required in while moving out from halt proving to be a matter of concern for the market.
Opportunities
The combination of carbon black with silica which is used in the recent tires benefits in terms of both, by providing a low resistance as well as a better wear and tear of the tires during usage. The increase in use of electric vehicle owing to the rise in the combustible fuel prices as also have to boost the electric vehicle tires market. The improved thread pattern and side wall construction using advance technology has proved to be an opportunity for the developing market. Reduced braking distance owing to the wet grip concept has also boosted the use of electric vehicle tires.
Challenges
The improved tread pattern using new technologies has lead to the change the shape of the tires. The method carried out to construct the side wall of the tires has also affected the size of the tires. The higher rolling resistance provided by the electric vehicle tires when the vehicle moves from halt needs greater use of energy and provides less work in return. Increase int he total weight of the electric vehicle pertaining to the heavy batteries used in the functioning of the machine makes use of more energy, hence hampering the average economy of the vehicle. Installation of charging stations has not seen a great pace during the present period, hence use of electric vehicles challenges the customer to decide on the feasibility of the vehicle for long distance travels.
In order to reduce the production of noise in vehicle propulsion, Michelin developed the tire technology. Polyurethane foam is used to make the experience quieter by around twenty percent during a drive by the customer. The cabin is thus much peaceful. The high performance expected out of tires of the sports utility vehicles have been fulfilled by these tires. This took place in March 2021.
‘Ecorun A-A’, developed in May 2018, which is a smart tire developed by a collaboration between Falken, a Japanese company and Toyota. The top most performance shown against wet grip and efficiency has coined the name for the product.
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Market Segmentation
By Distribution Channel
By Type
By Technology
By Tire Size
By Propulsion
By Geography
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Electric Vehicle (EV) Tire Market
5.1. COVID-19 Landscape: Electric Vehicle (EV) Tire Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Electric Vehicle (EV) Tire Market, By Distribution Channel
8.1. Electric Vehicle (EV) Tire Market, by Distribution Channel, 2023-2032
8.1.1. Aftermarket
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. OEM
8.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Electric Vehicle (EV) Tire Market, By Type
9.1. Electric Vehicle (EV) Tire Market, by Type, 2023-2032
9.1.1. Passenger vehicles
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Commercial vehicles
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Two wheelers
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Electric Vehicle (EV) Tire Market, By Technology
10.1. Electric Vehicle (EV) Tire Market, by Technology, 2023-2032
10.1.1. Radial
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Bias
10.1.2.1. Market Revenue and Forecast (2020-2032)
10.1.3. Composite
10.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Electric Vehicle (EV) Tire Market, By Tire Size
11.1. Electric Vehicle (EV) Tire Market, by Tire Size, 2023-2032
11.1.1. Up to 14”
11.1.1.1. Market Revenue and Forecast (2020-2032)
11.1.2. 15-18”
11.1.2.1. Market Revenue and Forecast (2020-2032)
11.1.3. Above 18”
11.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 12. Global Electric Vehicle (EV) Tire Market, By Propulsion
12.1. Electric Vehicle (EV) Tire Market, by Propulsion, 2023-2032
12.1.1. BEV
12.1.1.1. Market Revenue and Forecast (2020-2032)
12.1.2. HEV
12.1.2.1. Market Revenue and Forecast (2020-2032)
12.1.3. PHEV
12.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 13. Global Electric Vehicle (EV) Tire Market, Regional Estimates and Trend Forecast
13.1. North America
13.1.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.1.2. Market Revenue and Forecast, by Type (2020-2032)
13.1.3. Market Revenue and Forecast, by Technology (2020-2032)
13.1.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.1.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.1.6. U.S.
13.1.6.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.1.6.2. Market Revenue and Forecast, by Type (2020-2032)
13.1.6.3. Market Revenue and Forecast, by Technology (2020-2032)
13.1.6.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.1.7. Market Revenue and Forecast, by Propulsion (2020-2032)
13.1.8. Rest of North America
13.1.8.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.1.8.2. Market Revenue and Forecast, by Type (2020-2032)
13.1.8.3. Market Revenue and Forecast, by Technology (2020-2032)
13.1.8.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.1.8.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2. Europe
13.2.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.2.2. Market Revenue and Forecast, by Type (2020-2032)
13.2.3. Market Revenue and Forecast, by Technology (2020-2032)
13.2.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.2.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.6. UK
13.2.6.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.2.6.2. Market Revenue and Forecast, by Type (2020-2032)
13.2.6.3. Market Revenue and Forecast, by Technology (2020-2032)
13.2.7. Market Revenue and Forecast, by Tire Size (2020-2032)
13.2.8. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.9. Germany
13.2.9.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.2.9.2. Market Revenue and Forecast, by Type (2020-2032)
13.2.9.3. Market Revenue and Forecast, by Technology (2020-2032)
13.2.10. Market Revenue and Forecast, by Tire Size (2020-2032)
13.2.11. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.12. France
13.2.12.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.2.12.2. Market Revenue and Forecast, by Type (2020-2032)
13.2.12.3. Market Revenue and Forecast, by Technology (2020-2032)
13.2.12.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.2.13. Market Revenue and Forecast, by Propulsion (2020-2032)
13.2.14. Rest of Europe
13.2.14.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.2.14.2. Market Revenue and Forecast, by Type (2020-2032)
13.2.14.3. Market Revenue and Forecast, by Technology (2020-2032)
13.2.14.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.2.15. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3. APAC
13.3.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.3.2. Market Revenue and Forecast, by Type (2020-2032)
13.3.3. Market Revenue and Forecast, by Technology (2020-2032)
13.3.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.3.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.6. India
13.3.6.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.3.6.2. Market Revenue and Forecast, by Type (2020-2032)
13.3.6.3. Market Revenue and Forecast, by Technology (2020-2032)
13.3.6.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.3.7. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.8. China
13.3.8.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.3.8.2. Market Revenue and Forecast, by Type (2020-2032)
13.3.8.3. Market Revenue and Forecast, by Technology (2020-2032)
13.3.8.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.3.9. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.10. Japan
13.3.10.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.3.10.2. Market Revenue and Forecast, by Type (2020-2032)
13.3.10.3. Market Revenue and Forecast, by Technology (2020-2032)
13.3.10.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.3.10.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.3.11. Rest of APAC
13.3.11.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.3.11.2. Market Revenue and Forecast, by Type (2020-2032)
13.3.11.3. Market Revenue and Forecast, by Technology (2020-2032)
13.3.11.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.3.11.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4. MEA
13.4.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.4.2. Market Revenue and Forecast, by Type (2020-2032)
13.4.3. Market Revenue and Forecast, by Technology (2020-2032)
13.4.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.4.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.6. GCC
13.4.6.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.4.6.2. Market Revenue and Forecast, by Type (2020-2032)
13.4.6.3. Market Revenue and Forecast, by Technology (2020-2032)
13.4.6.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.4.7. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.8. North Africa
13.4.8.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.4.8.2. Market Revenue and Forecast, by Type (2020-2032)
13.4.8.3. Market Revenue and Forecast, by Technology (2020-2032)
13.4.8.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.4.9. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.10. South Africa
13.4.10.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.4.10.2. Market Revenue and Forecast, by Type (2020-2032)
13.4.10.3. Market Revenue and Forecast, by Technology (2020-2032)
13.4.10.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.4.10.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.4.11. Rest of MEA
13.4.11.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.4.11.2. Market Revenue and Forecast, by Type (2020-2032)
13.4.11.3. Market Revenue and Forecast, by Technology (2020-2032)
13.4.11.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.4.11.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5. Latin America
13.5.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.5.2. Market Revenue and Forecast, by Type (2020-2032)
13.5.3. Market Revenue and Forecast, by Technology (2020-2032)
13.5.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.5.5. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5.6. Brazil
13.5.6.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.5.6.2. Market Revenue and Forecast, by Type (2020-2032)
13.5.6.3. Market Revenue and Forecast, by Technology (2020-2032)
13.5.6.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.5.7. Market Revenue and Forecast, by Propulsion (2020-2032)
13.5.8. Rest of LATAM
13.5.8.1. Market Revenue and Forecast, by Distribution Channel (2020-2032)
13.5.8.2. Market Revenue and Forecast, by Type (2020-2032)
13.5.8.3. Market Revenue and Forecast, by Technology (2020-2032)
13.5.8.4. Market Revenue and Forecast, by Tire Size (2020-2032)
13.5.8.5. Market Revenue and Forecast, by Propulsion (2020-2032)
Chapter 14. Company Profiles
14.1. Falken tire
14.1.1. Company Overview
14.1.2. Product Offerings
14.1.3. Financial Performance
14.1.4. Recent Initiatives
14.2. Michelin
14.2.1. Company Overview
14.2.2. Product Offerings
14.2.3. Financial Performance
14.2.4. Recent Initiatives
14.3. Nokian Tyre
14.3.1. Company Overview
14.3.2. Product Offerings
14.3.3. Financial Performance
14.3.4. Recent Initiatives
14.4. Cooper Tyre and Rubber Company
14.4.1. Company Overview
14.4.2. Product Offerings
14.4.3. Financial Performance
14.4.4. Recent Initiatives
14.5. Apollo tyre
14.5.1. Company Overview
14.5.2. Product Offerings
14.5.3. Financial Performance
14.5.4. Recent Initiatives
14.6. Pirelli and co.
14.6.1. Company Overview
14.6.2. Product Offerings
14.6.3. Financial Performance
14.6.4. Recent Initiatives
14.7. Bridgestone
14.7.1. Company Overview
14.7.2. Product Offerings
14.7.3. Financial Performance
14.7.4. Recent Initiatives
14.8. Continental AG
14.8.1. Company Overview
14.8.2. Product Offerings
14.8.3. Financial Performance
14.8.4. Recent Initiatives
14.9. Yokohama rubber
14.9.1. Company Overview
14.9.2. Product Offerings
14.9.3. Financial Performance
14.9.4. Recent Initiatives
14.10. Goodyear tyre and rubber company
14.10.1. Company Overview
14.10.2. Product Offerings
14.10.3. Financial Performance
14.10.4. Recent Initiatives
Chapter 15. Research Methodology
15.1. Primary Research
15.2. Secondary Research
15.3. Assumptions
Chapter 16. Appendix
16.1. About Us
16.2. Glossary of Terms
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