Burlingame, Nov. 12, 2024 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global electric vehicle tire market size is estimated to be valued at USD 3.42 billion in 2024 and is expected to surpass USD 13.71 billion by 2031, growing at a CAGR of 21.9% from 2024 to 2031.
The electric vehicle tire market is primarily driven by the rising sales of electric vehicles globally. According to the HYPERLINK "https://www.iea.org/energy-system/transport/electric-vehicles" International Energy Agency (IEA), the sale of electric cars sale has increased by 4% by 2020 to 2023. It is expected to grow exponentially owing to various government policies and initiatives supporting clean mobility.International Energy Agency (IEA)International Energy Agency (IEA), the sale of electric cars sale has increased by 4% by 2020 to 2023. It is expected to grow exponentially owing to various government policies and initiatives supporting clean mobility.
Request a Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/7278
Moreover, the lifecycle of electric vehicle tires is almost 30-40% lower compared to conventional vehicle tires. This is due to the heavier weight of EV batteries. This increases frequent tire replacements, thereby boosting market growth over the forecast period.
Market Trends
Tire manufacturers are developing self-inflating tires to enhance tire performance and fuel efficiency. For instance, In March 2016, Michelin has developed its unique Energy XM2+ self-inflating tires technology. These tires automatically adjust tire pressure according to road conditions. Such tires help in maintaining optimum tire pressure for extended tire life as well as better vehicle control.
Leading players are focused on innovating intelligent and connected tires. These tires can transmit real-time tire pressure and temperature data to the driver and the automaker. For example, In September 2024, Continental has introduced its ContiConnect fleet management solution. This solution features connected tires that helps in predictive maintenance and optimization of fleet operations. The rising adoption of such intelligent tires is expected to open new avenues for the electric vehicle tire market over the forecast period.
Electric Vehicle Tire Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $3.42 billion |
| Estimated Value by 2031 | $13.71 billion |
| Growth Rate | Poised to grow at a CAGR of 21.9% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Vehicle Type, By Tire Size, By Sales Channel: |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Technological advancements in tire manufacturing for EVs • Rising demand for long-lasting and fuel-efficient tires for EVs |
| Restraints & Challenges | • High initial investment in EV tires due to advanced technology • Limited availability of specialized EV tires in the market |
Market Opportunities
On the basis of vehicle type, the electric vehicle tire market is segmented into battery electric vehicles and plug-in hybrid vehicles. The battery electric vehicles segment is expected to hold the largest share of around 65% of the market during the forecast period. This is due to the growing demand for zero-emission vehicles to curb air pollution levels. Many countries are offering subsidies and tax benefits on electric vehicles to boost their adoption. This is positively impacting the demand for tires in this segment.
Immediate Delivery Available | Buy This Premium Research Report @ https://www.coherentmarketinsights.com/insight/buy-now/7278
By tire size, the market is segmented into less than 16 inches, 16 to 20 inches, and above 20 inches. The 16 to 20 inches segment accounts for approximately 54.1% share of the market in 2024. This is owing to its suitability feature of electric passenger vehicles. These vehicles mainly use tires of this size. This segment is anticipated to dominate the market over the forecast period. This is due to increasing electric passenger car sales every year.
Key Market Takeaways
The global electric vehicle tire market size is estimated to be valued at US$ 3.42 billion in 2024. It is anticipated to witness a CAGR of 21.9% during the forecast period to reach US$ 13.71billion by 2031. This is owing to stringent emission norms and the push for safer individual transport in the wake of the pandemic.
On the basis of vehicle type, the battery electric vehicles segment is expected to account for around 65% share of the market in 2024. This is owing to growing electric passenger car sales and subsidies on EVs.
By tire size, 16 to 20 inches segment is expected to hold a dominant position over the forecast period. The market is accounting for approximately 60% share due to its suitability for electric passenger vehicles.
North America is expected to hold the dominant position in the electric vehicle tire market due to the presence of major EV manufacturers and supportive government policies for EVs.
Competitor Insights
- Apollo Tyres
- Bridgestone Corporation
- Continental AG
- Falken Tire
- Goodyear Tire and Rubber Company
- Hankook Tire and Technology Co. Ltd.
- Michelin
- Nokian Tyres plc
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd.
Recent Developments:
In October 2023, Pirelli & C. SpA, and Saudi Arabia’s Public Investment Fund entered into a joint venture to establish tire manufacturing facility in Saudi Arabia.
In September 2023, Sumitomo Rubber Industries, Ltd. introduced a new all-weather touring tire name Aklimate.
Ask For Customization @ https://www.coherentmarketinsights.com/insight/request-customization/7278
Detailed Segmentation:
Vehicle Type:
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
Tire Size:
- 16 to 20 inches
- Less than 16 inches
- Above 20 inches
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Find Most Trending Related Reports:
The global Vehicle Electrification Market is estimated to be valued at USD 110.78 billion in 2024 and is expected to reach USD 227.83 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
The Global Electric Aircraft Market is estimated to account for US$ 24,485.3 Mn in terms of value by the end of 2030.
The global automotive electronics market is estimated to be valued at USD 254.76 Bn in 2024 and is expected to reach USD 446.23 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
