The Electric Vehicle Tire Market plays a crucial role in supporting the growing adoption of electric vehicles worldwide. Electric vehicle tires are engineered to withstand the heavy weight and instant torque delivered by electric powertrains. They bear additional weight from large battery packs and need enhanced durability to match long battery ranges. Specialized tread compounds and thread patterns optimize rolling resistance and traction needed for electric vehicles.
Electric vehicles have specific tire requirements compared to conventional cars due to factors like higher torque delivery, heavier weight from large batteries, and regeneration braking systems. EV tires are designed to be tougher and have lower rolling resistance for extending vehicle ranges.
They feature enhanced sidewalls for handling heavy battery loads and specialized tread compounds optimized for traction, braking and road grip. Manufacturers integrate silica and thermoplastic elastomers in rubber compounds to reduce energy losses due to heat and deformation. Direction tread patterns with grooves, blocks and sipes maximize contact areas for braking efficiently.
The Global Electric Vehicle Tire Market is estimated to be valued at US$ 3.42 Bn in 2024 and is expected to exhibit a CAGR of 21.9% over the forecast period 2024 To 2031.
Key Takeaways
Key players in the Electric Vehicle Tire Market: The major players operating in the Electric Vehicle Tire Market include Michelin, Bridgestone, Continental, Pirelli, Goodyear, Hankook, Sumitomo, Yokohama, Maxxis, Zhongce, GITI Tire, Cooper Tire, Kumho Tire, Toyo Tire, Apollo Tires, Triangle Tire Group and Nexen Tire.
Growing demand for electric vehicles: With rising environmental concerns and push for decarbonization of transport, Electric Vehicle Tire Market Growth has been growing exponentially. This is propelling the need for specialized tires optimized for the performance characteristics of EVs.
Global expansion of EV adoption: Countries worldwide have been forming policies and offering incentives to increase electric vehicle usage in line with climate targets. This is fueling the global expansion of the EV business across regions like Europe, North America, China, and Asia Pacific which will support Electric Vehicle Tire Market growth on a global scale over the coming years.
Market drivers: A major market driver for the electric vehicle tire industry is the strong push for emission reductions across regions through regulations and encouragement for green mobility options. Government policies promoting electric vehicle adoption through subsidies and tax incentives on EVs and charging infrastructure are fueling higher demand. Rising consumer acceptance of battery-powered vehicles is also driving the need for specialized tire designs optimized for electric drivetrains.
The ongoing geopolitical conflicts and instability across regions are impacting the growth of the Electric Vehicle Tire Market. With rising fuel prices and supply chain disruptions caused by the Russia-Ukraine war, more consumers are shifting towards electric vehicles. However, sanctions on Russia are restricting the supply of crucial raw materials like aluminum, nickel, and palladium used in EV battery production. This is hindering the manufacturing of electric vehicles and tires worldwide. Moreover, shifts in trade policies and regional economic conditions due to changing global power dynamics are affecting the demand for EVs in key automotive markets.
North America currently accounts for the largest value share in the Electric Vehicle Tire Market owing to supportive government policies and fast adoption of EVs. Countries like the US and Canada are witnessing massive investments in EV infrastructure and production facilities. This is fueling the demand for specialized tires equipped with advanced technologies. Meanwhile, the popularity of EVs is increasing rapidly in Western European nations due to stringent emission regulations. Countries such as Germany, France, and the UK have emerged as major EV hubs and thereby leading regional markets for electric vehicle tires.
The Asia Pacific region is expected to witness the fastest growth in the Electric Vehicle Tire Market during the forecast period. Countries like China, Japan, and South Korea are global leaders in EV and battery manufacturing. With declining battery prices and improving charging infrastructure, electric vehicle sales in Asia are booming. Moreover, emerging economies in South-East Asia are promoting EVs through fiscal incentives that are attracting new EV manufacturers to the region. This widespread proliferation of electric vehicles across densely populated Asia Pacific countries will drive the future demand for advanced tires in the region.
The surging petrol and energy costs are compelling drivers worldwide to opt for fuel-efficient electric vehicles. However, ongoing supply chain disruptions and rising raw material prices due to geo-political issues pose near term challenges for the market. Localization of EV and battery production along with development of charging infrastructure will be critical for the long term growth of electric vehicle tires globally.
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