Electric Vehicle Tires Market

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.

The electric vehicle tires market is poised for substantial growth in the coming years, driven by several key factors:

• Surging Electric Vehicle Adoption
• Unique Tire Demands of Electric Vehicles
• Emphasis on Energy-Efficient Solutions
• Innovative Tire Design Advances
• Government Support and Regulatory Push
• Environmental Consciousness Driving Change
• Infrastructure Development Accelerating Adoption

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Surging Electric Vehicle Adoption:

• The exponential rise in electric vehicle adoption worldwide is a primary catalyst for the electric vehicle tires market's growth. With consumers increasingly opting for electric vehicles due to environmental concerns and cost savings, the demand for specialized tires tailored for EVs is set to soar.

Unique Tire Demands of Electric Vehicles:

• Electric vehicles present unique tire demands, including managing instant torque, accommodating heavy battery weight, and optimizing regenerative braking. Tires designed to meet these precise requirements, such as those with low rolling resistance and extended durability, will see heightened demand.

Emphasis on Energy-Efficient Solutions:

• Electric vehicle manufacturers are doubling down on energy efficiency to maximize driving range. Tires with low rolling resistance are pivotal in enhancing the efficiency of electric vehicles, making them a focal point for tire manufacturers' innovation efforts.

Innovative Tire Design Advances:

• Technological strides in tire design, encompassing advanced tire compounds, tread patterns, and construction methods, are driving innovation in the electric vehicle tires market. These innovations aim to elevate tire performance, safety, and longevity for electric vehicle users.

Government Support and Regulatory Push:

• Government backing and regulatory measures favoring electric vehicle adoption, such as subsidies, incentives, and emission standards, are propelling market expansion. These initiatives incentivize consumers to embrace electric vehicles, thus boosting demand for electric vehicle tires.

Environmental Consciousness Driving Change:

• Heightened environmental consciousness and concerns over air pollution and climate change are steering consumers towards electric vehicles. As eco-consciousness grows, so does the demand for eco-friendly transportation solutions, including electric vehicles and their corresponding tires.

Infrastructure Development Accelerating Adoption:

• The proliferation of electric vehicle charging infrastructure is catalyzing widespread electric vehicle adoption. With charging stations becoming more accessible and convenient, the uptake of electric vehicles – and subsequently, electric vehicle tires – is poised for significant growth.

Based on these factors, the electric vehicle tires market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.

Electric Vehicle Tires Market Share - Global Industry Landscape

The electric vehicle tires market is characterized by the presence of several key players competing for market share. Some of the leading companies in the electric vehicle tires industry 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, along with several others, collectively shape the global electric vehicle tires industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for electric vehicle tires continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in electric vehicle tires discovery, development, and commercialization.

Michelin (France):

• Market Share: Michelin holds a significant market share in the electric vehicle tires segment globally, leveraging its strong brand reputation and innovative tire technologies.
• Key Offerings: Michelin offers a diverse range of electric vehicle tires designed to meet the specific requirements of EVs, including low rolling resistance tires for enhanced energy efficiency, durable tires to support the weight of EV batteries, and quiet tires for a comfortable driving experience.

Bridgestone Corporation (Japan):

• Market Share: Bridgestone Corporation is a leading player in the electric vehicle tires market, known for its advanced tire manufacturing capabilities and global presence.
• Key Offerings: Bridgestone provides a wide range of electric vehicle tires equipped with innovative features such as low rolling resistance for improved energy efficiency, superior traction for EV acceleration, and enhanced durability to withstand the demands of electric vehicle driving.

The Goodyear Tire & Rubber Corporation (US):

• Market Share: The Goodyear Tire & Rubber Corporation is a prominent player in the electric vehicle tires market, offering a range of high-quality tires tailored to the needs of electric vehicles.
• Key Offerings: Goodyear's electric vehicle tire offerings include tires with low rolling resistance to maximize EV range, advanced tread designs for optimal traction and handling, and innovative noise reduction technologies for a quiet and comfortable ride.

Continental AG (Germany):

• Market Share: Continental AG is a major player in the electric vehicle tires segment, known for its expertise in automotive technologies and tire manufacturing.
• Key Offerings: Continental offers a comprehensive portfolio of electric vehicle tires featuring innovative technologies such as EcoPlus technology for improved energy efficiency, ContiSilent technology for reduced road noise, and durable construction to support the weight of EVs.

Pirelli & C. SpA (Italy):

• Market Share: Pirelli & C. SpA is a significant player in the electric vehicle tires market, recognized for its premium tire offerings and commitment to innovation.
• Key Offerings: Pirelli offers a range of electric vehicle tires designed to deliver superior performance, including low rolling resistance tires for enhanced energy efficiency, innovative tread patterns for optimal grip, and advanced noise-reduction technologies for a quiet driving experience.

Sumitomo Rubber Industries, Ltd. (Japan):

• Market Share: Sumitomo Rubber Industries, Ltd. is a key player in the electric vehicle tires market, known for its extensive tire manufacturing capabilities and global distribution network.
• Key Offerings: Sumitomo Rubber Industries offers a variety of electric vehicle tires featuring advanced technologies such as NanoPro-Tech for improved fuel efficiency, advanced tread compounds for enhanced traction, and innovative noise reduction features for a quieter ride experience.

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