In 2023, it is predicted that the global EV tires market would be worth approximately US$ 9,444.1 million. The demand for EV tire is expected to increase globally between 2023 and 2033 at a rate of 26.6%, according to a market research assessment. The EV tires market analysis report predicts that by 2033, sales might reach US$ 99,884.7 million.
What is Driving Demand for EV Tires?
Electric cars require unique tires for a variety of reasons. When compared to internal combustion vehicles, their tires must manage more weight and give more torque to the road when pulling away from a halt, according to the business. Tire noise is considerably more noticeable in electric cars than in internal-combustion vehicles because of their near-silent powertrains, where it is partially hidden by engine noise.
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The demands imposed on future electric car tires and mileage are of the utmost importance. Tires and wheels, in particular, can have a significant impact on EV range. Changing factory low-rolling-resistance tires and aerodynamic wheels for aftermarket components has been shown to reduce range while improving handling in multiple tests.
With the introduction of electric vehicles and their significantly lower propulsion noise emissions, 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.
Low rolling resistance between the tire and the road surface, which leads to less energy waste, is important for ensuring a high range with a single battery charge. The EU tire label’s rolling resistance rating has been used as the major selection factor for possible EV tires. The tire label rating for wet grip was the second selection factor, with a lower number implying a shorter braking distance.
US and Canada Demand Outlook of EV Tires
North America is projected to be one of the most lucrative markets for EV tires. This is owing to fact of high rate of adoption of EVs in this region.
The demand for automotive tires in the United States is being boosted by rising sales of electric vehicles and the development of technologically advanced autonomous vehicles. The country’s tire business is growing due to changes in taxation policy and a movement in customer demand toward safer, more comfortable, and longer-lasting tires.
The market in the US is fiercely competitive, and major manufacturers are turning to inorganic techniques to boost their revenue generation and expand their market share. Strategic collaboration and mergers with vehicle manufacturers are examples of inorganic strategy.
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Europe Demand Outlook for EV Tires
The EV tires market in Europe is expected to develop as demand for electric vehicles grows, offering sales opportunities for EV tires. In industrialized countries such as Germany, Italy, France, U.K. and others, large firms have production units. As a result of this, manufacturers will be able to better track and manage their technical and operational activities. As a result, product demand is anticipated to rise.
Key Players Profiled in the EV Tires Market Report
- 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
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Key Segments
By Product Type
- Radial Tires
- Bias Tires
- Composite Tires
By Tire Size
- Up to 14”
- 15”-18”
- Above 18”
By Propulsion
- BEV
- HEV
- PHEV
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Sales Channel
- OEM
- Aftermarket
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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