Market Overview:
Global Electric Vehicle Specific Tires Market Size Was Valued at USD 17.24 Billion In 2022 And Is Projected to Reach USD 128 Billion By 2030, Growing at A CAGR of 28.07% From 2023 To 2030.
The tires for electric vehicles are more comfortable for the driver and have less of an adverse effect on the road. During the foreseeable period, these variables support the development of tires for electric vehicles. The market's demand for electric vehicles is also influenced by the vehicle's lower overall maintenance costs. The usage of electric vehicle tires, which are a great match for the cutting-edge technology employed in vehicle operation on the road, will be made easier as a result. It is simpler for the consumer to deal with failures when outdated batteries are replaced, and it doesn't cost the user of the car a lot of money. On the other side, dealing with an internal combustion engine breakdown is challenging.
Top Key Players for Electric Vehicle Specific Tires Market:
- Continental AG (Germany)
- Falken Tire (Japan)
- Yokohama Rubber (Japan)
- Apollo Tyres (India)
- Pirelli & Co. (Italy)
- Bridgestone (Japan)
- Cooper Tire and Rubber Company (US)
- Goodyear Tyre and Rubber Company (US)
- Michelin (France)
- Nokian Tyre (Finland), and Other Major Players
Market Dynamics and Factors:
Electric vehicles rely on battery power for propulsion, and optimizing energy consumption is crucial for extending their range. Specific tires for EVs are designed to minimize rolling resistance, reducing energy losses and improving overall efficiency. These tires help maximize the range of electric vehicles by minimizing the energy required for propulsion. Also, electric vehicles often have heavier battery packs that impact weight distribution compared to traditional internal combustion engine vehicles. Specific tires for EVs are designed to support the added weight and optimize load distribution, ensuring better handling and stability. These drivers are pushing tire manufacturers to develop specialized tires that cater to the unique requirements of electric vehicles, ultimately enhancing their performance, efficiency, and overall driving experience.
The global demand for electric passenger vehicles is on the rise due to factors such as government incentives, environmental awareness, and advancements in EV technology. This growing adoption creates opportunities for tire manufacturers to cater specifically to the passenger vehicle segment and develop tires tailored to the needs of electric cars. Electric passenger vehicles have unique characteristics and requirements compared to traditional combustion engine vehicles. Tire manufacturers can capitalize on this opportunity by offering customized tire solutions that optimize energy efficiency, range, and overall performance for electric passenger vehicles.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
Key Industry Development:
- In August 2022, Bridgestone and AWS Announced a Strategic Relationship Focused on Platform Development and the Launch of New Customer Solutions. Bridgestone utilizes AWS capabilities to accelerate its digital platform development and launch new customer solutions such as a services marketplace to support last-mile delivery and fleet customers.
- In March 2022, The Yokohama Rubber Co. Ltd. announced that it had entered into a share purchase agreement with the Swedish-based Trelleborg AB to acquire all outstanding shares of Trelleborg Wheel Systems Holding AB a company engaged in the manufacture and sale of off-highway tires (OHT) for agricultural and industrial machinery.
Electric Vehicle Specific Tires Market Report Highlight:
- By Type, Passenger Vehicles hold a larger market share. The popularity of passenger electric vehicles contributes to their significant presence in the market, highlighting the importance of catering to this segment's tire requirements and preferences.
- By Technology, the Radial Segment is expected to register the highest growth during the projected period. Radial tires are constructed with cords that run perpendicular to the tire's circumference, providing improved stability, handling, and fuel efficiency compared to bias ply tires.
- By Distribution Channel, the Aftermarket segments are set to achieve the highest Growth Rate during the forecasted period. As the number of electric vehicles on the road increases, there will be a corresponding demand for replacement tires and specialized tire options.
- The Asia Pacific region is expected to have the highest share of the Electric Vehicle Specific Tires market over the projected period. Factors such as the growing adoption of electric vehicles in these countries, government initiatives promoting electric mobility, and the presence of key electric vehicle manufacturers in the region are likely driving this trend.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market role, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin, while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Electric Vehicle Specific Tires Market.
Electric Vehicle-Specific Tires Market Segmentation:
By Type
- Passenger Vehicles
- Commercial Vehicles
- Two-wheelers
By Technology
- Radial
- Bias
- Composite
By Distribution Channel
- Aftermarket
- OEM
For this report, Introspective Market Research has segmented the Electric Vehicle Specific Tires Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
