What Is The Current and Historic Market Size Analysis Of The EV Tires Market?
The ev tires market has seen considerable growth due to a variety of factors.
• In the past few years, the market size for EV tires has shown a quick expansion. It is projected to surge from $18.78 billion in 2024 to a staggering $20.67 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.1%.
The impressive growth during the historic period is a result of increasing adoption of electric vehicles, governmental incentives and regulations, growing environmental awareness and sustainability, along with enhanced energy efficiency.
What Is The Forecast For The EV Tires Market Size?
The ev tires market is expected to maintain its strong growth trajectory in upcoming years.
• The market for EV tires is projected to experience significant expansion in the approaching years, reaching a total value of $28.41 billion in 2029, with a compound annual growth rate (CAGR) of 8.3%.
Factors contributing to this promising growth scenario during the forecast period include escalating EV market penetration, amplified range requirements, favorable government policies, and the roll-out of new electric vehicle models. Key trends expected during this forecast period are a heightened emphasis on sustainability, technological advances in tire construction, the emergence of smart tires, improved driving range and efficiency, and the development of EV tires suitable for winter conditions.
What Are The Essential Drivers Behind The Growth Of The EV Tires Market?
The growth of the EV tire market is projected to be driven by the escalating consumer demand for electric vehicles. Electric vehicles, or EVs, are cars that primarily or entirely run on electricity, stored in rechargeable batteries. The tires specifically designed for these vehicles play significant roles in enhancing their efficiency, performance, and safety, thereby contributing to their acceptance and dominance in the transportation sector. To illustrate, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported in April 2024 that approximately 14 million new EVs were registered globally in 2023. This represented an increase of 3.5 million units from 2022, equating to a 35% year-on-year growth. Consequently, the soaring consumer demand for electric vehicles is fueling the expansion of the EV tire market.
How Is The Global EV Tires Market Divided Into Key Segments?
The EV tires market covered in this report is segmented –
1) By Product Type: Radial Tires, Bias Tires, Composite Tires, Other Products
2) By Vehicle Type: Passenger Cars, Two Wheelers And Three Wheelers, Commercial Vehicles
3) By Distribution Channel: Original Equipment, After market
Subsegments:
1) By Radial Tires: Passenger Vehicle Radial Tires, Light Truck Radial Tires, Heavy-Duty Radial Tires
2) By Bias Tires: Passenger Vehicle Bias Tires, Light Truck Bias Tires, Heavy-Duty Bias Tires
3) By Composite Tires: Hybrid Tires, Specialty Composite Tires
4) By Other Products: Retread Tires, All-Terrain Tires, Performance Tires
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What Trends Are Shaping The EV Tires Market?
Leading enterprises in the EV tire market are concentrating on rolling out novel EV tires featuring cutting-edge technologies such as ENLITEN technology, with the aim of securing a competitive advantage. ENLITEN technology signifies an innovative tire technology aimed at mitigating the environmental footprints of tires, vehicles, and fleets via proprietary lightweight materials in tire makeup, enabling low rolling resistance (LRR). This leads to lower fuel usage in combustion vehicles, improved tire wear rate, and better durability. An example of this is when Bridgestone Corporation, a tire producer in Japan, unveiled the Turanza EV Grand Touring Tire in May 2023 - the firm's inaugural replacement tire featuring Bridgestone ENLITEN technology. This was specifically designed for luxury electric vehicles. This tire, conceived with electric vehicles' unique features in mind, takes the EV driving experience up a notch through a robust tread life, lower ride noise, and consistent wet handling. Its highlight is the ENLITEN technology, a pioneering core technology that channels attention towards advanced tread compounds, new structural elements, and elevated efficiency.
Who Are the Key Players In The EV Tires Market?
Major companies operating in the EV tires market are:
• MRF Limited
• JK Tyre & Industries
• Cheng Shin Rubber Industrial Co. Ltd.
• Caterpillar Inc.
• Continental AG
• Bridgestone Corporation
• Michelin Group
• Sailun Group
• Goodyear tyre and rubber company
• Nokian Tyre
• Hankook Tire & Technology Co. Ltd.
• Yokohama rubber Co. Ltd
• Kumho Tire Co. Inc.
• Apollo tyre
• Giti Tire
• Cooper Tyre and Rubber Company
• Titan International Inc.
• Pirelli & C. SpA
• Maxxis International
• Falken tyre
• Sumitomo Rubber Industries
• Trelleborg Wheel Systems
• CEAT Limited
• Federal Corporation
• Nexen Tire
What Are The Regional Insights Into The EV Tires Market?
Asia-Pacific was the largest region in the EV Tires market in 2024. It is expected to be the fastest-growing region in the forecast period. The regions covered in the EV tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
