Electric Vehicle Tires Market

Electric Vehicle Tires Companies - Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), Pirelli & C. SpA (Italy), and Sumitomo Rubber Industries, Ltd. (Japan) are Leading Players

The global electric vehicle tires market size is projected to grow from USD 2.8 Billion in 2023 to USD 11.2 Billion by 2030, at a CAGR of 21.7%. Factors such as increasing sales of elecrtric passenger cars amid growing concerns about carbon emissions are expected to increase the demand for electric vehicle tires for electric vehicles. Also, increasing support from governments for electrification of vehciels is also expected to support the revenue growth of the electric vehicle tires during the forecast period.

Major Electric Vehicle Tires Market Companies include

  • Michelin (France),
  • Bridgestone Corporation (Japan),
  • The Goodyear Tire & Rubber Corporation (US),
  • Continental AG (Germany),
  • Pirelli & C. SpA (Italy),
  • Sumitomo Rubber Industries, Ltd. (Japan).

These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.

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Michelin is a leading company with expertise in tire technology and experience in high-tech materials; the company delivers better, high-quality products and services. The company was founded in 1889 and headquartered in Ferrand, France. The company is primarily involved in the production of tires for automobiles, heavy equipment, motorcycles, bicycles, and aircraft and space shuttles. As of June 2023, it provides tires to over 170 countries and has 117 production facilities around the world. Michelin launched Defender LTX M/S 2 all-season tire with EverTread 2.0 compound in October 2023. In March 2023, Michelin announced a partnership with Confidex (Finland) to develop RFID chips to be embedded in its tires. The company has announced an investment of USD 27.8 million to expand car tire production in Shenyang, China facility in June 2023.

Bridgestone Corporation

Bridgestone Corporation focuses on enhancing its business by implementing multiple strategies to increase its brand awareness and setting up channel partners for sales and distribution. It offers a wide range of tires for passenger cars, trucks, buses, aircraft, construction equipment, and motorcycles. It also produces tire-related products such as wheels, tubes, and accessories. The company has focused on new developments and expansions. For instance, in February 2023, Bridgestone Corporation announced an investment of USD 72.4 million by 2025 to expand its production capacity in India. The company launched Turanza EV tire in May 2023, which provides better traction on wet surfaces and has minimum road noise, and in April 2023, the company announced that it had developed all-new custom tires for hybrid Lamborghini Revuelto called Potenza Sport. The company has about 180 manufacturing plants and R&D facilities in 25 countries and sells products in more than 150 countries worldwide. As of December 2022, it had 129,262 employees.

The Goodyear Tire & Rubber Company

The Goodyear Tire & Rubber Company is a leading manufacturer and distributor of tires. The company has considerable experience in manufacturing rubber-related chemicals for various applications. It is involved in the manufacturing of a broad range of rubber tires for automotive, heavy trucks, airplanes, motorbikes, earthmoving and mining equipment, and various other applications. Its tires are used for original equipment (OE) as well as replacement applications across the globe. The Goodyear Tire & Rubber Company has 57 production facilities in 23 countries in the world and 72,000 employees as of 2022. The Goodyear Tire & Rubber Company has a varied portfolio of new electric vehicle tires for multiple vehicle segments, such as Urban Max BSA, released in June 2023, is designed specifically for electric buses, whereas RangeMax RSD tires, launched in February 2023, offer low rolling resistance, higher loading capacity, and Treadlock technology. It has fitted Vector 4Seasons Gen-3 tires for the electric Jeep Avenger and EfficientGrip performance tires to the Renault Megane E-TECH as original equipment, as announced in August 2023 and July 2022, respectively. In September 2022, The Goodyear Tire & Rubber Company announced an investment of 125 million to expand its manufacturing unit in Kansas, US.

Continental AG

Continental AG is a leading German automotive manufacturing company. The company develops pioneering technologies and services for sustainable and connected mobility of goods and people. The company is engaged in the manufacturing of automotive components such as tires, brake systems, interior electronics, automotive safety, powertrain and chassis components, and tachographs. It makes tires for small, medium, and full-size vehicles, SUVs, and light trucks. It has a presence in 519 locations across 57 countries and markets as of 2022. Continental AG offers multiple electric vehicle tires, for example, AllSeasonContact 2, released in May 2023, Premium Contact 7, debuted in October 2022, and more. The company has supplied EcoContact 6 Q Premium tires as original equipment for BYD Atto 3 in March 2023.

Pirelli & C. SpA

Pirelli & C. SpA is a consumer tire manufacturing company that produces tires for cars, motorcycles, bicycles, and other vehicles. It is focused on the development and marketing of innovative tires and specialties and super specialties tires for its comprehensive product portfolio. Pirelli Labs is active in the fields of nanotechnology-based optical devices, materials, and processes for tires, sensors and remote monitoring, and materials for fuel cells. The company reported production capacity of 74 million car tires in 2022. In July 2023, Pirelli & C. SpA launched P Zero E tires for electric vehicles with RunForward technology. The company has announced plans to build a manufacturing plant with PIF in Saudi Arabia in October 2023. In January 2023, it announced that the BMW i4 M50 would be fitted with P Zero Elect tires. It has a commercial presence in over 160 countries around the world and operates 18 production plants in 12 countries as of December 2022.

Related Reports:

Electric Vehicle Tires Market by Propulsion (BEVs, PHEVs, HEVs, & FCEVs), Vehicle Type (Passenger Cars, Light Commercial Vehicles), Load Index, Application, Rim Size (13-15”, 16-18”, 19-21”, & >21”), Sales Channel & Region - Global Forecast to 2030

Mr. Aashish Mehra
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Electric Vehicle Tires Market Size,  Share & Growth Report
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