Electric Vehicle Tires Market Research Report Information By Propulsion Type (Plug-in Hybrid Electric Vehicles (PHEV), Fuel Cell Electric Vehicles (FCEV), Hybrid Electric Vehicles (HEV), and Battery Electric Vehicles (BEV)), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses), By Load Index (Less Than 100, Above 100), By Application (On-road, Off-road), By Rim Size (13-15, 16-18, 19-21), By Sales Channel (OEM, Aftermarket), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –

Electric Vehicle Tires Market Overview:

The global electric vehicle tires market size was valued at USD 2.9 Billion in 2023. The electric vehicle tires market industry is projected to grow from USD 3.54 Billion in 2024 to USD 14.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22% during the forecast period (2024 - 2032). Developments in tire technology and the market's expanding need for automobiles and their parts are the key market drivers boosting the expansion of the market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Electric Vehicle Tires Market Trends

Growing advancements in tire technology are driving the market growth

Market CAGR for electric vehicle tires is being driven by the rising number of technological advancements. The market for electric vehicle tires is one that is expanding quickly within the automotive sector. This market includes the creation, manufacturing, and distribution of tires made especially for electric cars. A number of important factors like legislative backing, technology improvements, and a move toward environmentally friendly modes of transportation are fueling the electric vehicle tires market's expansion.

Additionally, progress has been made in the design of tires for electric vehicles (EVs), including tires that are specially made for EVs. Better energy economy, increased performance, and increased durability are key features of these tires, especially for electric automobiles whose range is dependent on battery life. The tendency in the production of EV tires is to employ more ecologically friendly and sustainable materials. This covers the use of recycled materials as well as the creation of tires composed of substitute materials that provide increased sustainability and performance. These kinds of advancements appeal to customers searching for environmentally friendly products in addition to being good for the environment.

Governments all over the world are putting in place incentives in the electric vehicle (EV) tire market to promote the use of EVs. These incentives include tax credits, rebates, and subsidies for EV sales. The cost of electric vehicles drops thanks to these incentives, which raises the market for EV tires. Furthermore, government requirements are driving the development of tires for electric vehicles that are more ecological and efficient. For instance, the China Association of Automobile Manufacturers (CAAM) estimates that 4.3 million trucks and 505,000 buses were sold in China in 2021. Bus sales increased by 13% as a result compared to the prior year. Moreover, a startling 30% of newly sold cars in the country in 2022 were electric cars, with battery-electric cars accounting for 22% of those sales. Thus results in driving the electric vehicle tires market revenue.

Electric Vehicle Tires Market Segment Insights:

Electric Vehicle Tires Propulsion Type Insights

The electric vehicle tires market segmentation, based on Propulsion Type, includes plug-in hybrid electric vehicles (PHEV), fuel cell electric vehicles (FCEV), hybrid electric vehicles (HEV), and battery electric vehicles (BEV). In 2023, the fuel cell electric vehicles (FCEV) segment dominated the market. Fuel cells are used by FCEVs to produce electricity that powers the car. FCEVs use fuel cells to produce electricity that powers the car. In a fuel cell, hydrogen and oxygen react to produce electricity, which powers the car. Since FCEVs only emit heat or water, they are fully emission-free.

Electric Vehicle Tires Vehicle Type Insights

The electric vehicle tires market segmentation, based on Vehicle Type, includes Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses. In 2023, the Heavy Commercial Vehicles category generated the most income. Heavy-duty trucks, trailers, and tow trucks are examples of heavy-duty commercial vehicles that are used to move large, bulky items. Heavy trucks may carry more weight than light-duty vehicles (LCVs). There are more than four tires on heavy trucks.

Electric Vehicle Tires Load Index Insights

The electric vehicle tires market segmentation, based on Load Index, includes Less Than 100 and Above 100. In 2023, the above 100 segment dominated the market. High amounts of torque produced by electric cars might strain tires more. Leading tire maker Continental AG has created a tire with a greater load capacity to satisfy the demands of electric mobility.

Electric Vehicle Tires Application Insights

The electric vehicle tires market segmentation, based on Application, includes On-road and Off-road. In 2023, the off-road category generated the most income. The global market for electric vehicle tires will develop at the fastest rate in the off-road application sector. Heavy-duty trucks and construction are two industries where off-road electric vehicle tires are used, and as electric trucks become more widely available, so will the demand for off-road electric vehicle tires.

Electric Vehicle Tires Rim Size Insights

The electric vehicle tires market segmentation, based on Rim Size, includes 13-15, 16-18, and 19-21. In 2023, the 13-15 segment dominated the market. Tires with rims that fit 13 to 15 wheels can lower emissions and increase fuel economy, making them a desirable choice for companies and customers who care about the environment.

Electric Vehicle Tires Sales Channel Insights

The electric vehicle tires market segmentation, based on Sales Channel, includes OEM Aftermarket. In 2023, the OEM category generated the most income. This is because of the increasing number of electric vehicles being produced, demanded, sold, and supplied. The OEM segment now holds a large market share for electric vehicle tires (both passenger cars and commercial vehicles). The need for tires that are purchased directly from manufacturers (OEMs) has increased as more electric vehicles are driven on the road.

Figure 1: Electric Vehicle Tires Market, by Sales Channel, 2023 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Electric Vehicle Tires Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American electric vehicle tires market area will dominate this market because an increase use of hybrid and electric vehicles is accelerating in the area. In addition, the growing number of established health clubs and fitness facilities will boost market growth in this region.

Further, the major countries studied in the market report are Brazil, South Korea, China, Japan, India, Australia, Germany, France, the UK, Italy, and Spain.

Figure 2: Global Electric Vehicle Tires Market Share, By Region 2023 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe's electric vehicle tires market has the second-largest portion of the market due to the creation of linked and intelligent tires specifically designed to meet the performance needs of electric cars. Further, the German electric vehicle tires market held the largest proportion of the market, and the UK electric vehicle tires market was the European market with the quickest rate of growth.

The Asia-Pacific electric vehicle tires market is anticipated to expand between 2024 and 2032 at the quickest CAGR. This is due to the use of electric vehicles is booming in this region. Moreover, China’s electric vehicle tires market held the largest proportion of the market, and the Indian electric vehicle tires market was the Asia-Pacific region's fastest-growing market.

Electric Vehicle Tires Key Market Players & Competitive Insights

Leading market players are putting a lot of money into research and development to expand their product lines, which will drive the market for electric vehicle tires to expand even further. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, the electric vehicle tires industry must provide reasonably priced goods.

Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the global electric vehicle tires industry to help customers and expand the market segment. In recent years, the electric vehicle tires industry has provided some of the biggest benefits to the transport industry. Major players in the electric vehicle tires market, including Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), Pirelli & C. SpA (Italy), Falken tire, Apollo tyre, Nokian Tyre, are engaging in research and development activities in an effort to boost market demand.

Michelin, a worldwide French tire manufacturer, Michelin SCA ("General Company of the Michelin Enterprises P.L.S."), is situated in Clermont-Ferrand in the Auvergne-Rhône-Alpes region of France. It is bigger than both Goodyear and Continental and ranks as the world's second-largest tire maker after Bridgestone. In May 2019, Michelin confirmed the impending closure of its operations in France and Germany.

Japanese multinational manufacturer Bridgestone Corporation was established in Kurume, Fukuoka, Japan, in 1931 by Shojiro Ishibashi (1889–1976). The Japanese word Ishibashi (石橋), which means "stone bridge," is translated and transposed to become the name Bridgestone. It makes golf equipment and tires as its main products. In April 2020, Bridgestone Americas announced intentions to resume its North American commercial tire factories as well as its North American Firestone Industrial Products and Firestone Building Products production facilities owing to demand from vital service providers during the COVID-19 outbreak in Tennessee.

Key Companies in the Electric Vehicle Tires Market Include

• Michelin (France)


• Bridgestone Corporation (Japan)


• The Goodyear Tire & Rubber Corporation (US)


• Continental AG (Germany)


• Pirelli & C. SpA (Italy)


• Falken tire


• Apollo tyre


• Nokian Tyre

Electric Vehicle Tires Industry Developments

February 2023: JK Tyre introduced three new off-road tires specifically designed for the mining segment. These tires cater to the off-road needs of mining operations, providing enhanced performance and durability.

February 2023: For the Chinese market, ZC Rubber unveiled its new EV Pro lineup, which includes the company's first EV passenger car tires.

September 2023: During Munich's IAA Mobility car show, Pirelli demonstrated its dominant position in the premium electric vehicle tire market.

Electric Vehicle Tires Market Segmentation:

Electric Vehicle Tires Propulsion Type Outlook

• Battery Electric Vehicles (BEV)


• Plug-In Hybrid Electric Vehicles (PHEV)


• Hybrid Electric Vehicles (HEV)


• Fuel Cell Electric Vehicles (FCEV)

Electric Vehicle Tires Vehicle Type Outlook

• Passenger Cars


• Light Commercial Vehicles


• Heavy Commercial Vehicles


• Buses

Electric Vehicle Tires Load Index Outlook

• Less Than 100


• Above 100

Electric Vehicle Tires Application Outlook

• On-road


• Off-road

Electric Vehicle Tires Rim Size Outlook

• 13-15


• 16-18


• 19-21

Electric Vehicle Tires Sales Channel Outlook

• OEM


• Aftermarket

Electric Vehicle Tires Regional Outlook

• 
  
  Middle East
  
  


• 
  
  Africa
  
  


• 
  
  Latin America