by The global electric vehicle (EV) tires market size is expected to reach around US$ 214.19 billion by 2032, poised to grow at a CAGR of 16.50% from 2023 to 2032.
The Electric Vehicle (EV) tire market focuses on the production and distribution of tires specifically designed for electric vehicles. As EV adoption continues to rise globally, the demand for EV-specific tires is growing due to their unique performance requirements. EV tires are designed to enhance efficiency, reduce rolling resistance, and provide a quiet, smooth ride to complement the characteristics of electric vehicles.
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Growth Factors:
Several factors drive the growth of the EV tire market, including the increasing adoption of electric vehicles worldwide, advancements in tire technology, and growing environmental concerns. As governments worldwide implement stricter emission regulations, the shift toward electric vehicles accelerates, in turn boosting demand for specialized tires. Additionally, innovations in tire materials and design contribute to the market’s expansion.
Region Insights:
The EV tire market varies across different regions due to factors such as government policies, EV adoption rates, and local preferences. For example, North America and Europe lead the market due to strong EV adoption and supportive regulations. In contrast, regions such as Asia-Pacific show significant potential for growth as countries like China and India ramp up EV production and adoption.
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 |
Drivers:
Key drivers for the EV tire market include the rapid expansion of electric vehicle production and adoption, growing consumer awareness of sustainable transportation, and technological advancements in tire design. Government incentives for EV purchases and the establishment of charging infrastructure also play a major role in driving market growth.
Opportunities:
Opportunities in the EV tire market include the development of new tire technologies that cater to EV performance, such as tires designed for improved energy efficiency, durability, and noise reduction. Manufacturers can capitalize on the rising demand for EVs by expanding their product offerings and investing in research and development.
Challenges:
Challenges in the EV tire market include the need for ongoing innovation to meet the unique demands of electric vehicles, such as low rolling resistance and enhanced grip. Additionally, competition from traditional tire manufacturers adapting their products for EVs may pose challenges. The market also faces supply chain disruptions and fluctuations in raw material costs.
Read Also: Electric Vehicle Motor Market Size, Growth, Trends, Report 2032
Electric Vehicle (EV) Tire Market Companies
- 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
Key Market Developments
- Ecorun A-A, which was developed in May 2018, by Falken, which is a Japanese company. This company has joined hands with Toyota to develop an electric vehicle. Here A stands as the standard for wet grip performance and also for its efficiency on road. This is a major development which is aimed at achieving a substantial growth during the forecast period.
- Michelin, in March 2021, introduced the production of a developed tire type which aims to reduce the noise during propulsion. This change was almost about twenty percent as compared to the earlier state. Thus providing a quieter environment for the user and the consumer. It has least possible carbon emissions produced during its run on the daily basis. It’s sport EV tires and e Primacy have been aiming at providing a seamless experience for the consumers when utilizing the vehicle in real life. These factors aim at boosting the market during the forecast period.
Segments covered in the report
By Distribution Channel
- Aftermarket
- OEM
By Type
- Passenger vehicles
- Commercial vehicles
- Two wheelers
By Technology
- Radial
- Bias
- Composite
By Tire Size
- Up to 14”
- 15-18”
- Above 18”
By Propulsion
- BEV
- HEV
- PHEV
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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