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The global market for tyres for EVs was worth USD 17.29 billion in 2022. With a CAGR of 28.07% between 2023 and 2030, the market is expected to increase from USD 22.56 billion in 2023 to USD 131.00 billion.
The electric vehicle tyres that come standard on these vehicles come in a wide variety of unusual forms. Tyres are often higher and thinner, two factors that work together to decrease roll resistance and increase range. Electric car tyres, because to their sound-dampening foam construction, are noticeably quieter than the tyres of internal combustion engine vehicles. Furthermore, tyres can have a major effect on an electric vehicle's overall performance. Growth in the market for electric vehicle tyres can be attributed to rising EV sales and the commercialization of electric vans, buses, and trucks. Rising EV adoption in leading economies including the United Kingdom, Germany, South Korea, China, and Japan is also a factor in the market's expansion. Countries like Canada, Mexico, Australia, India, and others on the rise are just now beginning to embrace EVs. More people are buying electric cars and trucks, which means more people need EV tyres. This would aid in increasing the company's share of the global market during the forecast period.
Report Coverage
Global Electric Vehicle Tires research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle Tires report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle Tires competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle Tires market players and analyses their core competencies in each global market sub-segments.
DRIVER COMPONENTS
During the projected term, market expansion will likely be sped up by increased sales of electric vehicles in response to rising demand. Connected or smart tyres are increasingly common on modern electric vehicles. There is a growing demand for reliable in-vehicle connectivity solutions to improve monitoring, safety, and passenger comfort in both personal and commercial cars. The early attention of automakers on developing electric mobility has been a major element in the widespread acceptance of electric vehicles and has contributed to the expansion of the industry. Moreover, most modern electric vehicles have improved online connectivity, a high degree of autonomy, and cutting-edge safety technology like Adaptive Cruise Control, a Head-Up Display, and more. In conclusion, rising sales of electric vehicles, especially in developing countries, will almost probably increase the use of electric car tyres in the future years.
CAUSES OF RESTRICTIONS
The tyre is crucial to the overall function of the vehicle. High-performance tyres improve the handling and acceleration of electric vehicles. Tyres for gasoline- and electricity-powered vehicles are constructed differently. Electric vehicles produce more power than internal combustion engine vehicles, yet due to their batteries, they are also heavier. Because of their increased acceleration, the tyres on electric vehicles wear out about 20% faster than those on vehicles powered by internal combustion engines. Since electric vehicles are heavier and have more torque, the tyres wear out faster. Therefore, the shorter lifespan of EV tyres restricts the development of the market. Due to their unique specifications, electric car tyres typically cost more than their internal combustion engine counterparts. For instance, electric vehicles (EVs) often accelerate rapidly, necessitating various rubber compounds to prevent slippage. Consequently, the expansion of the market is being stifled by the shorter lifespan and higher prices of EV tyres.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle Tires market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle Tires market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle Tires market based on the below-mentioned segments:
Global Electric Vehicle Tires Market, By Vehicle Type
The electric vehicle tyres that come standard on these vehicles come in a wide variety of unusual forms. Tyres are often higher and thinner, two factors that work together to decrease roll resistance and increase range. Electric car tyres, because to their sound-dampening foam construction, are noticeably quieter than the tyres of internal combustion engine vehicles. Furthermore, tyres can have a major effect on an electric vehicle's overall performance. Growth in the market for electric vehicle tyres can be attributed to rising EV sales and the commercialization of electric vans, buses, and trucks. Rising EV adoption in leading economies including the United Kingdom, Germany, South Korea, China, and Japan is also a factor in the market's expansion. Countries like Canada, Mexico, Australia, India, and others on the rise are just now beginning to embrace EVs. More people are buying electric cars and trucks, which means more people need EV tyres. This would aid in increasing the company's share of the global market during the forecast period.
Report Coverage
Global Electric Vehicle Tires research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle Tires report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle Tires competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle Tires market players and analyses their core competencies in each global market sub-segments.
DRIVER COMPONENTS
During the projected term, market expansion will likely be sped up by increased sales of electric vehicles in response to rising demand. Connected or smart tyres are increasingly common on modern electric vehicles. There is a growing demand for reliable in-vehicle connectivity solutions to improve monitoring, safety, and passenger comfort in both personal and commercial cars. The early attention of automakers on developing electric mobility has been a major element in the widespread acceptance of electric vehicles and has contributed to the expansion of the industry. Moreover, most modern electric vehicles have improved online connectivity, a high degree of autonomy, and cutting-edge safety technology like Adaptive Cruise Control, a Head-Up Display, and more. In conclusion, rising sales of electric vehicles, especially in developing countries, will almost probably increase the use of electric car tyres in the future years.
CAUSES OF RESTRICTIONS
The tyre is crucial to the overall function of the vehicle. High-performance tyres improve the handling and acceleration of electric vehicles. Tyres for gasoline- and electricity-powered vehicles are constructed differently. Electric vehicles produce more power than internal combustion engine vehicles, yet due to their batteries, they are also heavier. Because of their increased acceleration, the tyres on electric vehicles wear out about 20% faster than those on vehicles powered by internal combustion engines. Since electric vehicles are heavier and have more torque, the tyres wear out faster. Therefore, the shorter lifespan of EV tyres restricts the development of the market. Due to their unique specifications, electric car tyres typically cost more than their internal combustion engine counterparts. For instance, electric vehicles (EVs) often accelerate rapidly, necessitating various rubber compounds to prevent slippage. Consequently, the expansion of the market is being stifled by the shorter lifespan and higher prices of EV tyres.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Continental AG, Bridgestone, Pirelli & C. S.p.A., Goodyear Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Yokohama Rubber Co. Ltd., Apollo Tyres, Michelin, Nokian Tyres, Cooper Tire & Rubber Company, Falken Tyre, Others |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Vehicle Tires Market from 2021 to 2030.
- Market Forecast for Electric Vehicle Tires Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Vehicle Tires competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Vehicle Tires
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle Tires market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle Tires market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
- Michelin (France)
- Continental AG (Germany)
- Goodyear Tyres (U.S.)
- Sumitomo Rubber Industries (Japan)
- Nokian Tires (Finland)
- Toyo Tyres (Japan)
- PIRELLI TYRE S.P.A. (Italy)
- Bridgestone Corporation (Japan)
- Trelleborg AB (Sweden)
- Hankook Tire & Technology (South Korea)
Primary Target Market
- Market Players of Electric Vehicle Tires
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle Tires market based on the below-mentioned segments:
Global Electric Vehicle Tires Market, By Vehicle Type
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
Passenger Car
Commercial Vehicle
Global Electric Vehicle Tires market, By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle ( HEV)
Global Electric Vehicle Tires Market, By Sales Channel
OEM
Aftermarket
Global Electric Vehicle Tires Market, By Tire Size
Up to 17”
18" to 21"
Above 21"
Global Electric Vehicle Tires market, Regional Analysis
About This Research
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