Electric Vehicle Tire Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
The Electric Vehicle Tire Market size was valued at USD 3.1 Billion in 2023 and is projected to reach USD 13.4 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.7% during the forecast period, i.e., 2024-30. The growth of the market is likely to be fueled by the growing adoption of EVs across different countries worldwide on account of the various government initiatives for reducing the alarming carbon emission levels. Since fossil fuels are becoming a prominent cause of air pollution and are deteriorating environmental conditions, there’s a burgeoning need for fuel alternatives, which, in turn, is promulgating EV adoption and encouraging the leading tire companies to manufacture EV-compatible tires.
Markntel Advisor’s Electric Vehicle Tire Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, Electric Vehicle Tire Market drivers, barriers, Electric Vehicle Tire Market Trends, and Key Players in Electric Vehicle Tire Market.
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Electric Vehicle Tire Market Dynamics: 2024-2030
Electric Vehicle Tire Market Driver:
Rising Production of EVs Worldwide Uplifting the Requirement for Electric Vehicle Tires– In recent years, Greenhouse emissions have increased at an alarming rate due to the consistent increase in transportation activities & rapid industrialization. As per the International Energy Agency, in 2022, more global emissions reached approximately 8 Gt, an increase of about 250 Mt or about 3% compared to the previous year. These emissions contribute to global warming and air pollution, leading to adverse health effects and environmental degradation. Therefore, the official authorities across the globe are encouraging the adoption of sustainable transportation modes, including EVs. This, in turn, is resulting in the increased sales of EVs across the Globe, facilitating the requirement for EV-specific tires. Also, to cater to this growing demand for EVs, top companies are expanding their production units. For instance, in 2024, BYD announced to set up an EV manufacturing facility in Turkey. Similarly, other players are also ramping up the production of EVs, which would generate the demand for EV-specific tires directly from the original equipment manufacturers and contribute to enlarging the market size during the forthcoming years.
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Electric Vehicle Tire Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Type of Tire
- Radial
- Bias
- By Vehicle Type
- Passenger Car
- Two Wheeler & Three Wheeler
- Commercial Vehicle
- Others
- By Price Category
- Budget
- Premium
- Economy
- By Distribution Channel
- OEM
- Aftermarket
- By Sales Channel
- Direct Sales
- Online
- Dealers/ Exclusive Outlets
- By Rim Diameter
- Up to 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 30”
- 1” to 35”
- 1” to 47”
- Above 47”
- By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
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Top Companies Operating in the Electric Vehicle Tire Market:
- Continental AG
- Bridgestone Corporation
- Yokohama Rubber Company Ltd.
- Hankook Tire & Technology Group
- The Goodyear Tire & Rubber Company
- Michelin Group
- Kumho Tire Company Inc.
- Pirelli & C. S.p.A
- Toyo Tire Corporation
- GITI Tire
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