The Global 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.
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Key Findings of the Study: Electric Vehicle Tire Market
Global Electric Vehicle Tire Market Drivers: 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.
Scope of the Report and Electric Vehicle Tire Market Segmentation
By Type of Tire
-Radial
-Bias
By Vehicle Type
-Passenger Car
-Two Wheeler & Three Wheeler
-Commercial Vehicle
-Others
- Amongst these three, passenger cars are anticipated to dominate the Global Electric Vehicle Tire Market with the largest market share.
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”
-12.1” to 15”
-15.1.” to 18”
-18.1” to 20”
-20.1” to 22.5”
-22.6” to 30”
-30.1” to 35”
-35.1” to 47”
-Above 47”
Top leading companies in the Electric Vehicle Tire Market includes:
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 etc.
Electric Vehicle Tire Market Development
- 2023: Sumitomo Rubber Industries announced to launch of Falken Ziex, a new line of replacement tires for electric vehicles in Europe.
- 2022: Goodyear Tire & Rubber Company., launched its new electric drive all-season tire in four new sizes with about 60,000-mile tread life and limited warranty.
For more detailed information about the Electric Vehicle Tire market report, click here – https://www.marknteladvisors.com/research-library/global-electric-vehicle-tire-market.html
Geographical analysis:
North America: USA, Canada, Mexico
Europe: Germany, The UK, France, Italy, Spain, Others
Asia-Pacific: China, India, Japan South Korea, Australia Others
South America: Brazil, Other
Middle East & Africa: UAE, Saudi Arabia, South Africa Others
- North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30.
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