Global Electric Vehicle Tires Market Insights Forecasts to 2032
- The Global Electric Vehicle Tires Market Size was valued at USD 12.53 billion in 2022.
- The market is growing at a CAGR of 24.8% from 2023 to 2032
- The global electric vehicle tires market is expected to reach USD 114.84 billion by 2032
- Asia-Pacific is expected to grow the fastest during the forecast period
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The Global Electric Vehicle Tires Market Size is expected to reach USD 114.84 billion by 2032, at a CAGR of 24.8% during the forecast period 2023 to 2032.
Electric vehicle tires are a critical component that directly affects the performance and efficiency of electric vehicles (EVs). They are typically constructed using multiple layers of rubber, fabric, and steel belts, with stiffer sidewalls to handle the weight of the EV's battery pack. Electric vehicle tires have features such as low rolling resistance, high load-carrying capacity, heat resistance, and noise reduction. These features help to optimize the driving range, ensure safe and stable driving, and enhance the overall driving experience of EVs. Regular maintenance, such as checking tire pressure and rotating tires, is essential to ensure optimal performance and longevity of electric vehicle tires. With their specialized design and features, electric vehicle tires play a crucial role in maximizing the performance and efficiency of EVs, contributing to a more sustainable and eco-friendly mode of transportation.
This research report categorizes the market for electric vehicle tires market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the electric vehicle tires market. Recent market developments and 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 market players and analyses their core competencies in each sub-segments of the electric vehicle tires market.
Global Electric Vehicle Tires Market Report Coverage
|Market Size in 2022:||USD 12.53 Billion|
|Forecast Period:||2022 - 2032|
|Forecast Period 2022 - 2032 CAGR:||24.8%|
|2032 Value Projection:||USD 114.84 Billion|
|Historical Data for:||2018 - 2021|
|No. of Pages:||225|
|Tables, Charts & Figures:||123|
|Segments covered:||By Product, By Size, By Propulsion, By Vehicle Type, By Sales Channel, By Region|
|Companies Covered:||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, Xingyuan group|
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The electric vehicle tires market is driven by several factors. Firstly, the increasing adoption of electric vehicles worldwide, supported by government policies and incentives, is fueling the demand for specialized electric vehicle tires. Secondly, advancements in electric vehicle technology, including improvements in battery technology and regenerative braking systems, are contributing to the need for high-performance tires that can optimize EVs' performance and efficiency. Thirdly, growing environmental awareness and the need for sustainable transportation options are pushing consumers towards electric vehicles, thereby increasing the demand for electric vehicle tires. Lastly, the unique features of electric vehicle tires, such as low rolling resistance, high load-carrying capacity, and heat resistance, are also influencing the market's growth as they cater to the specific requirements of electric vehicles.
The electric vehicle tires market faces some restraints that may impact its growth. Firstly, the higher cost of electric vehicle tires compared to conventional tires may be a limiting factor for some consumers. Secondly, the limited availability of specialized electric vehicle tires in certain regions or markets could pose a challenge. Thirdly, the relatively shorter lifespan of electric vehicle tires due to their unique requirements, such as high torque and regenerative braking, may result in more frequent replacements and higher maintenance costs. Lastly, the fast-paced evolution of electric vehicle technology may require continuous updates and modifications to tire designs, which could affect production and supply chain dynamics.
- In 2022, the composite tires segment accounted for around 35.7% market share
On the basis of product type, the global electric vehicle tires market is segmented into radial tires, bias tires, and composite tires. Out of this, the composite tires segment accounted for the largest market share in 2022, due to its superior performance and low maintenance characteristics, the electric vehicle tires segment is anticipated to remain the preferred choice for various end-user sectors.
- In 2022, the hybrid electric vehicle (HEV) segment dominated the market with around 39.4% revenue share
Based on the propulsion, the global electric vehicle tires market is segmented into BEV, HEV, and PHEV. Out of this, the hybrid electric vehicle (HEV) segment dominated market with the largest market share in 2022, due to higher fuel efficiency compared to traditional IC engine vehicles and their ability to switch between electric and gasoline power.
- In 2022, the passenger vehicle segment dominated the market with around 51.3% revenue share
Based on the vehicle type, the global electric vehicle tires market is segmented into passenger vehicle and commercial. Out of this, passenger vehicle segment dominated the market with the largest market share in 2022, due to increasing awareness about environmental concerns and government incentives promoting electric mobility, has led to a higher adoption rate of electric passenger cars.
Regional Segment Analysis of the Electric Vehicle Tires Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia-Pacific dominated the market with more than 34.5% revenue share in 2022.
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The Asia-Pacific region has emerged as a dominant player in the electric vehicle tires market. This can be attributed to several factors. Firstly, the increasing adoption of electric vehicles in countries like China, Japan, and South Korea, supported by government incentives and favorable policies, has driven the demand for electric vehicle tires in the region. Secondly, growing urbanization, rising consumer awareness about environmental concerns, and the need for sustainable transportation options have also fueled the demand for electric vehicles and subsequently, electric vehicle tires.
In August 2022, Apollo Amperion introduced a range of electric vehicle (EV) tires specifically designed for two-wheelers and passenger cars. These EV tires feature unique characteristics such as unparalleled rolling resistance, electric tread patterns, low noise, and aerodynamic sidewalls, catering to the needs of compact SUVs, hatchbacks, and sedans in the Indian market.
The report offers the appropriate analysis of the key organizations/companies involved within the global electric vehicle tires market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Companies:
- ZC Rubber
- Sumitomo Rubber
- Double Coin
- Aeolus Tyre
- Sailun Jinyu Group
- Cooper tire
- Giti Tire
- KUMHO TIRE
- Triangle Tire Group
- Cheng Shin Rubber
- Linglong Tire
- Toyo Tires
- Xingyuan group
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global electric vehicle tires market based on the below-mentioned segments:
Electric Vehicle Tires Market, By Product Type
- Radial Tires
- Bias Tires
- Composite Tires
Electric Vehicle Tires Market, By Size
- Upto 14”
- Between 15”-18”
- Above 18”
Electric Vehicle Tires Market, By Propulsion
Electric Vehicle Tires Market, By Vehicle Type
- Passenger Vehicles
Electric Vehicle Tires Market, By Sales Channel
Electric Vehicle Tires Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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