In the current year 2023, the net worth of the global EV tire market is estimated to be around US$ 9,444.1 million. As per the market analysis report projections, EV tire sales are to grow at a CAGR of 26.6% during the next 10 years. This report also predicts that the total valuation of the market would be around US$ 99,884.7 million by 2033.
The EV tires market is expanding rapidly as electric vehicles (EVs) gain popularity among consumers and automakers. Unlike conventional vehicles, EVs require specially designed tires to handle their unique performance characteristics, such as higher torque, heavier battery weight, and the need for improved efficiency. EV tires are engineered to provide low rolling resistance to maximize driving range, while also offering the durability and grip necessary to support the vehicle’s weight and instant torque. As the demand for EVs continues to grow, tire manufacturers are investing in research and development to create advanced tires that meet these specific requirements.
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Technological advancements are playing a crucial role in the development of EV-specific tires. Innovations in tire materials and tread patterns are improving performance metrics such as wear resistance, energy efficiency, and noise reduction. For instance, the use of silica-based compounds in tire manufacturing enhances energy efficiency by reducing rolling resistance. Additionally, new tread designs are being developed to provide better grip and stability, which is essential for handling the high torque outputs typical of electric vehicles. Furthermore, these tires are often designed to minimize road noise, contributing to the quieter ride that EV drivers expect.
The market for EV tires is also influenced by the broader trends of sustainability and environmental responsibility. As consumers and regulators push for greener transportation solutions, tire manufacturers are focusing on sustainable production processes and materials. This includes using recycled materials and developing tires that have a lower environmental impact throughout their lifecycle. Moreover, with the anticipated increase in EV adoption, there is a growing demand for aftermarket tires specifically designed for electric vehicles, creating new opportunities for tire manufacturers. As EV technology continues to evolve, the tire industry is set to play a critical role in supporting the transition to electric mobility by providing innovative and sustainable tire solutions.
Key Takeaways from the EV Tires Market Study Report
- Germany is the leading region in the manufacturing of EV tires and contributes around 11.2% of the market share alone. In the previous year 2022, it generated a revenue of US$ 832.2 million from the production and sales of EV tires.
- The United States comes in second in the production of EV tires and is figured out to be contributing up to 9.3% of the market share. In the year it contributed a revenue share of nearly US$ 691 million through the presence of some leading manufacturing companies here.
- On the other hand, the United Kingdom is the fastest growing market for sales of EV tires in the Europe region. The year-on-year growth rate for the UK EV tire market is predicted to be around 22.4% from 2023 to 2033.
- China, with a strong manufacturing base, is an emerging market for EV tires that is growing at an annual rate of 20.8%.
- India is the fastest-growing market in demand for EV tires and is expected to register an above-average CAGR of 30.4% through 2033.
- Contrarily, Australia for strengthening its electric mobility is witnessing a substantial increase in demand for EV tires over these years. The overall market in Australia is anticipated to grow promisingly and achieved an EV tire business of US$ 1 billion by 2033.
Competitive Landscape for the EV Tires Market
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, and Falken Tyre are some of the major players in the global EV tire market.
Recent Developments in the EV Tires Industry
- Falken Company, located in Japan, created the Ecorun A-A Tires in May of 2018. Further, it has teamed up with Toyota to create an electric passenger automobile. In this case, A is the benchmark for wet grip performance as well as its efficiency on road.
- Michelin launched the development of a new tire type in March 2021, with the goal of reducing noise while the EV propulsion. In comparison to the previous state, this shift was over 20%. As a result, the user and customer may enjoy a more comfortable ride.
- P Zero All Season Plus in Elect product line was introduced in the United States in March 2022. It is Pirelli’s first replacement tires — tires that may also suit a car if the primary tires wear out — built exclusively for EVs.
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Key Segments
By Product Type:
- Radial Tires
- Bias Tires
- Composite Tires
- Others
By Tire Size:
- Up to 14”
- 15”-18”
- Above 18”
By Propulsion:
- BEV
- HEV
- PHEV
- Others
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Sales Channel:
- OEM
- Aftermarket
- Others
By Region:
- North America (USA, Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, UK, Spain, Russia)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- East Asia (China, Japan, South Korea)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Türkiye)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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