Global EV Tires Market Overview
EV Tires Market Size Was Valued at USD 2.8 Billion in 2023 and is Projected to Reach USD 15.02 Billion by 2032, Growing at a CAGR 21.5% From 2024-2032.
The electric vehicle (EV) tires market is witnessing rapid growth, driven by the rising global demand for EVs and the increasing adoption of electric vans, buses, and trucks for commercial use. One key factor contributing to this growth is the unique design of EV tires, which tend to be taller and narrower than standard tires, optimizing roll resistance and enhancing driving range. Additionally, these tires are equipped with sound-absorbing foam, making them significantly quieter compared to traditional internal combustion engine (ICE) vehicle tires. This quiet operation aligns with the reduced noise from electric motors, ensuring a more comfortable ride by canceling out tire noise for passengers. Furthermore, as sustainability becomes a priority, the market is leaning toward tires that produce fewer carbon emissions during manufacturing, appealing to environmentally conscious consumers and manufacturers alike.
- The extra weight of EV batteries demands tires with improved stiffness and road resistance, which enhances performance and safety. These tires provide better grip, offering minimal rolling resistance, allowing EVs to accelerate more efficiently and reduce energy consumption. Additionally, they improve braking performance by shortening stopping distances, which is critical in emergencies. As EV technology continues to advance and governments worldwide push for greener transportation solutions, the demand for specialized EV tires is expected to grow significantly in the coming years. With continued innovation in tire design to further reduce noise, enhance range, and boost overall vehicle performance, the EV tire sector is set to play a pivotal role in the expanding electric vehicle market.
Dynamics of the EV Tires Market
Drivers
For a variety of reasons, electric vehicles require special tires. According to the business, as compared to internal combustion cars, their tires must handle greater weight and provide more power to the road while pulling away from a stop. Because of their near-silent powertrains, tire noise is far more evident in electric cars than in internal combustion vehicles, where it is somewhat covered by engine noise. The demands placed on future electric vehicle tires and mileage is critical. The influence of tires and wheels, in particular, on EV range is important. In many testing, replacing original low-rolling-resistance tires and aerodynamic wheels with aftermarket components reduced range while enhancing handling. It is now possible to assess tire-road noise more accurately through cruise measurements, even at speeds where a combustion engine propulsion system would normally cause measurement results to be skewed, thanks to the introduction of electric vehicles and their significantly lower propulsion noise emissions. Low rolling resistance between the tire and the road surface, which results in less energy waste, is critical for achieving a long-range on a single charge. The rolling resistance value on the EU tire label has been utilized as a primary selection element for potential EV tires. The second deciding element was the wet grip rating on the tire label, with a lower number signifying a shorter braking distance. Because of the weight of the batteries, an electric vehicle's overall weight is higher. The weight disparity will narrow as battery technology advances, potentially disappearing altogether, but for now, the weight differential are between 25% and 30%, depending on the car type. With more weight, a longer range, and lower emissions, low rolling resistance is even more important, so electric car tires deliver a smoother, more energy-efficient, and less-impact ride. These reasons will boost the market for electric vehicle tires ahead.
Restraints
Electric and hybrid vehicles are often heavier than their conventional counterparts, they put more torque into the road when starting, and the practically silent powertrain means other noises, such as tire noise, become more evident. All of these elements, as well as concerns like decreasing rolling resistance, confront tire makers with a slew of hurdles, according to Continental. The extra weight of any batteries and electric motor, for example, is countered by increasing the load-bearing capability of the tire carcass, as denoted by an XL sign on the sidewall of most tires. "There are present attempts within the industry to standardize tires with even larger load capabilities, which would most likely wear the XL+ mark," explains Andreas Schlenke, a Continental tire development engineer. "To keep the wear induced by high amounts of torque when moving off to a minimum, both the tread pattern design and the tread compound must be modified."
Opportunities:
Noise Reduction on the Road
Tires for electric cars must be able to support the larger weights imposed by batteries, as well as endure more torque than tires for traditional internal combustion engines. "There's also a need to reduce road noise," says Russell Shepherd, technical communications director for Michelin North America. "With EVs, there's no engine to drown out the [sound] of the tires traveling over the roadways." "In ICE automobiles, this is something most of us don't think about." However, after spending time in an EV, it becomes extremely apparent." Since the 1980s, when it experimented with adding silica to tread compounds, Michelin has been researching low resistance tire technology. Michelin has lately been the tire supplier to the Formula E series.
Market Segmentation
By product type, the radial tires segment is expected to hold the maximum market share during the forecast period. Magna radial tires include a sequence of steel cords stretching from the beads and across the tread, which are arranged at about right angles to the tread's centerline and parallel to each other, as well as belts directly beneath the tread. The tire's strength and form are provided by this network of cables. A radial tire's sidewall is more flexible than a bias tire's due to its all-steel structure, resulting in a shorter but broader footprint. This translates to lower rolling resistance, reduced fuel consumption, more grip, and improved ride comfort at higher speeds. Because there is no movement between plies in a steel radial design, there is less heat accumulation and higher resistance to heating. Additionally, the belts right beneath the tread prevents deformation, resulting in increased traction and puncture resistance.
By propulsion, the BEV segment is expected to capture the maximum EV tire market share over the forecast period. BEVs are electric-only vehicles that do not have an internal combustion engine, a gasoline tank, or an exhaust pipe. It contains one or more electric motors instead, which are driven by a bigger onboard battery. An external outlet is used to charge the battery. BEVs are already available in a variety of configurations, including automobiles, buses, motorcycles and scooters, and even boats. The Tesla Model 3 and Model Y, the SAIC-GM-Wuling Hongguang Mini, the Nissan Note, the VW ID.3, and the Renault Zoe are the best-selling BEVs worldwide.
By Distribution Channel, the OEM segment is expected to dominate the EV tire market during the forecast period. This is due to a considerable increase in electric car sales, the launch of electric buses, and OEM's growing global footprint. Globally, almost 2.1 million electric automobiles were sold in 2019, up from 1.8 million in 2018. The demand for electric vehicles is likely to continue to rise, contributing to the worldwide growth of the EV tire market over the forecast period.
Regional Analysis for the EV Tires Market:
Countries like China, Japan, and South Korea lead the Asia Pacific EV tire market. The EV sector in the area is dominated by China, which is the world's largest EV manufacturer and customer. Their government has taken steps such as providing subsidies to EV buyers, enacting mandatory laws requiring all vehicle manufacturers to produce EVs in proportion to the number of vehicles produced, providing substantial support for the installation of EV charging stations across major cities, and enacting regulations against polluting vehicles, all of which have contributed to the growth of the EV tire market. In addition, the electric vehicle market in Japan and South Korea has been expanding. Their governments have aided the increase of EV demand by providing EV charging stations, establishing pollution standards, and establishing deadlines for switching from ICE cars to full or hybrid EVs, among other things. India is also aiming to increase its electric vehicle demand, which has boosted the EV tire market. The country's new car scrappage policy, which allows old vehicles to be scrapped in exchange for low-emission vehicles, as well as other planned rules, will help it become the region's fastest-growing EV market in the next years.
The North American region is expected to witness significant market growth for the EV tire over the forecast period. Rising sales of electric cars and the development of technologically advanced autonomous vehicles are driving up demand for automobile tires in the United States. Because of changes in taxation policy and a shift in customer demand toward safer, more comfortable, and longer-lasting tires, the country's tire industry is expanding. Because the industry in the United States is so competitive, leading firms are turning to inorganic approaches to increase revenue and market share. The inorganic approach includes strategic partnerships and mergers with automobile manufacturers.
As demand for electric cars rises, the EV tire industry in Europe is likely to expand, providing sales prospects for EV tires. Germany, Italy, France, and the United Kingdom are all industrialized countries. Large corporations have production units, as do others. Bridgestone will shift its attention to electric vehicles, to have EV tires account for 90% of all new automobile tires by 2030, as the business moves away from fierce competition from low-cost Chinese and South Korean competitors. As the Japanese manufacturer ceases production of low-cost tires for gas-powered cars in the area this year, assembly lines in Europe will be the first to be changed to accept EV tires. Similar improvements are planned in the United States and Japan, and EV tire production is also expected in South America. The bulk of the company's 50 automobile tire facilities throughout the world will most likely be converted into EV tire manufacturers in the future.
Players Covered in EV Tires market are :
- The Goodyear Tire & Rubber Company
- Continental AG
- Bridgestone Corporation
- Pirelli & C. S.p.A
- Yokohama Rubber Company Ltd.
- Hankook Tire & Technology Group
- Michelin Group
- Kumho Tire Company Inc.
- Toyo Tire Corporation
- GITI Tire
- Sumitomo Rubber Industries
- Nokian Tires
- Trelleborg AB
- Falken Tire
- Apollo Tyre
- Cooper Tire & Rubber Company
- Ceat Tire
Key Industry Developments in the EV Tires Market:
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In September 2023, Sumitomo Rubber Industries (SRI) announced that it received the prestigious "Tire Technology of the Year" award at the Tire Technology Expo 2017, held in Hannover, Germany, from February 14-16. The award recognized SRI's proprietary "ADVANCED 4D NANO DESIGN" new materials development technology. The Tire Technology Expo, an annual event since 2001, is a major European exhibition focused on tire manufacturing, featuring research from industry leaders, suppliers, and institutions. The awards ceremony highlights significant technical achievements, and SRI’s innovative technology was honored for its impactful contributions to the tire industry.
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In October 2023, The Public Investment Fund (PIF) and Pirelli Tyre announced the signing of a joint venture (JV) agreement to establish a tire manufacturing facility in Saudi Arabia. PIF held a 75% stake in the JV, while Pirelli secured the remaining 25% and served as a strategic technology partner. Pirelli provided technical and commercial expertise to support the development of the project. This collaboration aimed to bolster Saudi Arabia's manufacturing capabilities and further diversify its industrial sector, positioning the country as a key player in the global tire market.
Global EV Tires Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 2.8 Bn. |
Forecast Period 2024-32 CAGR: |
21.5% |
Market Size in 2032: |
USD 15.02 Bn. |
Segments Covered: |
By Type |
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By Propulsion |
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By Distribution Channels |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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- INTRODUCTION
- RESEARCH OBJECTIVES
- RESEARCH METHODOLOGY
- RESEARCH PROCESS
- SCOPE AND COVERAGE
- Market Definition
- Key Questions Answered
- MARKET SEGMENTATION
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GROWTH OPPORTUNITIES BY SEGMENT
- MARKET LANDSCAPE
- PORTER’S FIVE FORCES ANALYSIS
- Bargaining Power Of Supplier
- Threat Of New Entrants
- Threat Of Substitutes
- Competitive Rivalry
- Bargaining Power Among Buyers
- INDUSTRY VALUE CHAIN ANALYSIS
- MARKET DYNAMICS
- Drivers
- Restraints
- Opportunities
- Challenges
- MARKET TREND ANALYSIS
- REGULATORY LANDSCAPE
- PESTLE ANALYSIS
- PRICE TREND ANALYSIS
- PATENT ANALYSIS
- TECHNOLOGY EVALUATION
- MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
- Geopolitical Market Disruptions
- Supply Chain Disruptions
- Instability in Emerging Markets
- ECOSYSTEM
- PORTER’S FIVE FORCES ANALYSIS
- EV TIRES MARKET BY TYPE (2017-2032)
- EV TIRES MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- RADIAL TIRES
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017-2030F)
- Historic And Forecasted Market Size in Volume (2017-2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- BIAS TIRES
- COMPOSITE TIRES
- EV TIRES MARKET BY PROPULSION (2017-2032)
- EV TIRES MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- BEV
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017-2030F)
- Historic And Forecasted Market Size in Volume (2017-2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- HEV
- PHEV
- EV TIRES MARKET BY DISTRIBUTION CHANNELS (2017-2032)
- EV TIRES MARKET SNAPSHOT AND GROWTH ENGINE
- MARKET OVERVIEW
- OEM
- Introduction And Market Overview
- Historic And Forecasted Market Size in Value (2017-2030F)
- Historic And Forecasted Market Size in Volume (2017-2030F)
- Key Market Trends, Growth Factors And Opportunities
- Geographic Segmentation Analysis
- AFTERMARKET
- COMPANY PROFILES AND COMPETITIVE ANALYSIS
- COMPETITIVE LANDSCAPE
- Competitive Benchmarking
- EV TIRES Market Share By Manufacturer (2023)
- Industry BCG Matrix
- Heat Map Analysis
- Mergers & Acquisitions
- THE GOODYEAR TIRE & RUBBER COMPANY
- Company Overview
- Key Executives
- Company Snapshot
- Role of the Company in the Market
- Sustainability and Social Responsibility
- Operating Business Segments
- Product Portfolio
- Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
- Key Strategic Moves And Recent Developments
- SWOT Analysis
- THE GOODYEAR TIRE & RUBBER COMPANY
- CONTINENTAL AG
- BRIDGESTONE CORPORATION
- PIRELLI & C. S.P.A
- YOKOHAMA RUBBER COMPANY LTD.
- HANKOOK TIRE & TECHNOLOGY GROUP
- MICHELIN GROUP
- KUMHO TIRE COMPANY INC.
- TOYO TIRE CORPORATION
- GITI TIRE
- SUMITOMO RUBBER INDUSTRIES
- NOKIAN TIRES
- TRELLEBORG AB
- FALKEN TIRE
- APOLLO TYRE
- COOPER TIRE & RUBBER COMPANY
- CEAT TIRE
- COMPETITIVE LANDSCAPE
- GLOBAL EV TIRES MARKET BY REGION
- OVERVIEW
- NORTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Type
- Historic And Forecasted Market Size By Propulsion
- Historic And Forecasted Market Size By Distribution Channels
- Historic And Forecasted Market Size By Country
- USA
- Canada
- Mexico
- EASTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest Of Eastern Europe
- WESTERN EUROPE
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Germany
- United Kingdom
- France
- The Netherlands
- Italy
- Spain
- Rest Of Western Europe
- ASIA PACIFIC
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New-Zealand
- Rest Of APAC
- MIDDLE EAST & AFRICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- SOUTH AMERICA
- Key Market Trends, Growth Factors And Opportunities
- Key Manufacturers
- Historic And Forecasted Market Size By Segments
- Historic And Forecasted Market Size By Country
- Brazil
- Argentina
- Rest of South America
- INVESTMENT ANALYSIS
- ANALYST VIEWPOINT AND CONCLUSION
- Recommendations and Concluding Analysis
Potential Market Strategies
Global EV Tires Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 2.8 Bn. |
Forecast Period 2024-32 CAGR: |
21.5% |
Market Size in 2032: |
USD 15.02 Bn. |
Segments Covered: |
By Type |
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By Propulsion |
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By Distribution Channels |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Frequently Asked Questions :
The forecast period in the EV Tires Market research report is 2024-2032.
The Goodyear Tire & Rubber Company, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A, Yokohama Rubber Company Ltd., Hankook Tire & Technology Group, Michelin Group, Kumho Tire Company Inc., Toyo Tire Corporation, GITI Tire, and other major players.
The EV Tires Market is segmented into Type, Propulsion, Distribution Channels, and region. By Type, the market is categorized into Radial Tires, Bias Tires, and Composite Tires. By Propulsion, the market is categorized into BEV, HEV, and PHEV. By Distribution Channels, the market is categorized into OEM, and Aftermarket. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
The tires on electric vehicles may resemble those on fossil-fuel vehicles. They are, nonetheless, dissimilar in terms of manufacturing components.
EV Tires Market Size Was Valued at USD 2.8 Billion in 2023 and is Projected to Reach USD 15.02 Billion by 2032, Growing at a CAGR 21.5% From 2024-2032.