According to the TechSci Research report, “Electric Vehicle Tire Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F”, The Electric Vehicle Tire Market is poised for significant growth in the forecast period from 2024 to 2028. With a substantial market size of USD 57.83 billion in 2022, it's expected to expand at a steady compound annual growth rate (CAGR) of 7.47% from 2023 to 2028.
Electric Vehicle tires are designed to fulfill the unique needs of electric cars, such as decreased rolling resistance, reduced noise, and greater longevity. Because of the growing number of electric vehicles on the road, the market for Electric Vehicle tires is expanding steadily. As governments throughout the world continue to reward and promote electric vehicles, this trend is projected to continue.
The Global Electric Vehicle (EV) tire market has grown significantly in recent years, and this trend is projected to continue in the future. The primary regions contributing to the growth of this market are North America (NA), Asia-Pacific (APAC), and Europe.
The United States (USA) and China have been regarded as the main marketplaces in APAC, with the region's greatest market share. There are many key global players operating in the global electric vehicle tire market and most of them are developing electric vehicle tires that have low rolling resistance while also being economical. Similarly, electric vehicle manufacturers are also looking for electric vehicle-specific tires for better efficiency.
Electric vehicle demand is increasing due to the desire to reduce carbon emissions and address environmental issues. Electric vehicles require tires that can carry the battery's weight while simultaneously lowering rolling resistance and boosting driving range.
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As more manufacturers enter the market, the electric vehicle tire sector becomes increasingly competitive. Manufacturers are investigating new materials and techniques that will reduce the environmental impact of tire production while simultaneously enhancing tire life. These enhancements also include the use of natural rubber and bio-based components, enhanced manufacturing efficiency, and tire design for extended service life.
The Global Electric Vehicle Tire Market can be segmented based on Vehicle type, by Demand Category, by Tire Construction type, by Propulsion type, by Region, and by Company. Based on Vehicle type, the market is further segmented into Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-wheelers, Three-wheelers, and OTRs. The passenger cars segment has the highest market share and with the rise in the electric vehicle sales, the passenger car segment is expected to dominate in the category in the forecast period. Based on the Demand Category, the market is segmented into OEM and Replacement. The OEM segment is expected to witness higher demand in the coming years.
Based on Tire Construction Type, the market is segmented into Radial and Bias. Similarly, based on Propulsion Type, the market is further divided into BEV, HEV, and PHEV. The BEV segment has the maximum market share and in the forecast period, it will dominate in the category because of a rise in the adoption of BEVs globally. Based on the region, the market is further segmented into North America, Asia Pacific, Europe & CIS, South America, and Middle East & Africa.
Some of the major companies operating in the Global Electric Vehicle Tire Market include:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- Goodyear Tire and Rubber Company
- Sumitomo Rubber Industries Ltd.
- Hankook Tire & Technology Co. Ltd.
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co. Ltd.
- Zhongce Rubber Group Co. Ltd.
- Toyo Tire Corporation
These are the key players manufacturing and launching new products to stay competitive in the market. To increase customer outreach, companies are investing in research and development activities to stay competitive in the market. These companies are also focusing on meeting the regulations of different regional governments to stay competitive in the global market.
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“The rising penetration of electric vehicles in passenger and cargo purposes is leading to the rise in the demand of electric vehicle-specific tires in the global market. The electric vehicle tire is coming out as a new category in the global tire industry and in the coming years the market will grow rapidly as governments of different regions are also promoting electric vehicles so in the coming years it will generate new opportunities” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Electric Vehicle Tire Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias), By Propulsion Type (BEV, HEV and PHEV) and By Region” has evaluated the future growth potential of Global Electric Vehicle Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Vehicle Tire Market.
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Table of Content-Electric Vehicle Tire Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Electric Vehicle Tire Market
- Voice of Customer
5.1. Factors Influencing Purchase Decision
5.2. Brand Awareness
5.3. Challenges/Unmet Needs
- Global Electric Vehicle Tire Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value and Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, and OTR)
6.2.2. By Demand Category Market Share Analysis (OEM and Replacement)
6.2.3. By Tire Construction Type Market Share Analysis (Radial and Bias)
6.2.4. By Propulsion Type Market Share Analysis (BEV, HEV and PHEV)
6.2.5. By Regional Market Share Analysis
6.2.5.1. North America Market Share Analysis
6.2.5.2. Europe Market Share Analysis
6.2.5.3. Asia Pacific Market Share Analysis
6.2.5.4. South America Market Share Analysis
6.2.5.5. Middle East & Africa Market Share Analysis
6.2.6. By Company Market Share Analysis (Top 5 Companies, Others – By Value - 2022)
6.3. 6. Global Electric Vehicle Tire Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Demand Category Market Mapping & Opportunity Assessment
6.3.3. By Tire Construction Type Market Mapping & Opportunity Assessment
6.3.4. By Propulsion Type Market Mapping & Opportunity Assessment
6.3.5. By Regional Market Mapping & Opportunity Assessment