Global Electric Vehicle Tires Market Size To Surpass USD 114.84 Billion by 2032 | CAGR of 24.8%Category: Automotive & Transportation
Global Electric Vehicle Tires Market worth $114.84 billion by 2032
According to a research report published by Spherical Insights & Consulting, The Global Electric Vehicle Tires Market size is to grow from USD 12.53 billion in 2022 to USD 114.84 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 24.8% during the forecast period.
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Browse key industry insights spread across 225 pages with 123 market data tables and figures & charts from the report on " Global Electric Vehicle Tires Market Size, Share, and COVID-19 Impact Analysis, By Product (Radial Tires, Bias Tires, and Composite Tires), By Size (Upto 14”, Between 15”-18”, and Above 18”), By Propulsion (BEV, HEV, and PHEV), By Vehicle Type (Passenger Vehicle and Commercial), By Sales Channel (OEM and Aftermarket), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032 ” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/electric-vehicle-tires
Electric vehicle tires are a specialized type of tires designed specifically for electric vehicles (EVs) which run on electric power rather than traditional internal combustion engines. These tires are engineered to meet the unique requirements and challenges posed by electric vehicles, such as their higher torque, heavier battery weight, and reduced noise emissions. Electric vehicle tires typically feature low rolling resistance to maximize the vehicle's range, as well as specific tread patterns for improved traction and handling. They may also have reinforced sidewalls to withstand the additional weight of EVs and reduce the risk of punctures. Additionally, electric vehicle tires may be designed to reduce road noise and improve ride comfort. As the demand for electric vehicles continues to grow, the electric vehicle tires market is expected to witness significant growth in the coming years, with advancements in tire technologies aimed at enhancing the performance, safety, and sustainability of electric vehicles.
The composite tires are expected to grow at a higher CAGR of 26.1% over the forecast period
The global electric vehicle tires market is categorized into three product types radial tires, bias tires, and composite tires. Among these, the composite tires growing due to enhanced performance, durability, and lower maintenance requirements, making them highly attractive for electric vehicle owners and operators across different industries.
The hybrid electric vehicle (HEV) segment dominated the market with around 39.4% revenue share in 2022.
The global electric vehicle tires market is divided into three propulsion segments battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). Among these, the hybrid electric vehicle (HEV) segment has emerged as the market leader with the largest share in 2022. This can be attributed to the HEVs' superior fuel efficiency compared to traditional internal combustion engine (IC) vehicles, as well as their ability to seamlessly switch between electric and gasoline power. HEVs offer the advantages of reduced emissions, improved fuel economy, and increased versatility, driving the demand for electric vehicle tires in this segment.
The passenger vehicle segment dominated the market with around 51.3% revenue share in 2022.
The global electric vehicle tires market is categorized based on vehicle type into two segments passenger vehicles and commercial vehicles. Among these, the passenger vehicle segment currently holds the largest market share in 2022. This can be attributed to the growing awareness about environmental concerns and the supportive government incentives promoting electric mobility, which have resulted in a higher adoption rate of electric passenger cars.
Asia-Pacific held the largest market with around 34.5% revenue share in 2022.
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The Asia-Pacific region has emerged as a prominent player in the electric vehicle tires market, with several contributing factors. Firstly, the region has witnessed a significant increase in the adoption of electric vehicles in countries such as China, Japan, and South Korea, supported by government incentives and favorable policies, which have driven the demand for electric vehicle tires. Secondly, the growing urbanization, rising consumer awareness about environmental concerns, and the increasing need for sustainable transportation options have also fueled the demand for electric vehicles, consequently leading to a higher demand for electric vehicle tires in the Asia-Pacific region.
The key players in the global Electric Vehicle Tires Market include Bridgestone, MICHELIN, Goodyear, Continental, ZC Rubber, Sumitomo Rubber, Double Coin, Pirelli, Aeolus Tyre, Sailun Jinyu Group, Cooper Tire, Hankook, YOKOHAMA, Giti Tire, KUMHO TIRE, Triangle Tire Group, Cheng Shin Rubber, Linglong Tire, Toyo Tires, and Xingyuan group.
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