Electric Vehicle Tires Market Size & Share, By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hydrogen Fuel Cell Electric Vehicles, Extended Range Electric Vehicles), Vehicle Type, Rim Size, Load Index, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Electric Vehicle Tires Market was over USD 15.55 Billion in 2023 and is expected to exceed USD 34.05 Billion by end of the year 2032, observing around 9.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 15.55 Billion
• CAGR (2024-2032): 9.1%
• Forecast Year Value (2032): USD 34.05 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for electric vehicles worldwide is a significant growth driver for the electric vehicle tires market. As more consumers shift towards greener modes of transportation, the need for specialized tires for electric vehicles has also been on the rise. This trend is expected to drive the market growth in the coming years.

Another major growth driver for the electric vehicle tires market is the advancements in tire technology. Manufacturers are constantly innovating to develop tires that are more durable, have lower rolling resistance, and can handle the unique demands of electric vehicle propulsion systems. These technological developments are expected to create new opportunities for market growth and expansion.

The growing focus on sustainability and reducing carbon emissions is also expected to drive the electric vehicle tires market. Governments and regulatory bodies around the world are implementing stricter emission norms, which is accelerating the adoption of electric vehicles. This, in turn, is boosting the demand for electric vehicle tires that are more efficient and environmentally friendly.

Report Scope

Report Coverage	Details
Segments Covered	Propulsion Type, Vehicle Type, Rim Size, And Load Index
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Apollo Tyres, Balkrishna Industries, Bridlestone, Ceat Limited, Cheng Shin Rubber Ind. Co, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Goodyear Tire and Rubber Company, Hankook Tire & Technology Co, Kumho Tire CO, Inc, Michelin, Nexen Tire, Nokian Tyres PLC, Pirelli & C. SPA, Sailun Group Co, Shandong Linglong Tyre Co, Sumitomo Rubber Industries, The Yokohama Rubber Co, Toyo Tires, Zhonge Rubber Group Co

Industry Restraints:

Supply chain disruptions and material shortages are major restraints for the electric vehicle tires market. The global Covid-19 pandemic has disrupted supply chains and led to shortages of key raw materials, impacting tire production. These constraints can hinder market growth and pose challenges for manufacturers in meeting the growing demand for electric vehicle tires.

Another major restraint for the electric vehicle tires market is the high cost of production. The advanced technologies and materials required to manufacture tires for electric vehicles can drive up production costs, making these tires more expensive for consumers. This can act as a barrier to adoption and slow down market growth in the short term.

Regional Forecast:

North America:

The North America region, comprising the United States and Canada, is a key market for electric vehicle tires. The increasing adoption of electric vehicles in the region, driven by government incentives and growing environmental awareness, is boosting the demand for specialized tires designed for EVs. The presence of major electric vehicle manufacturers and tire companies in North America further contributes to the growth of the market.

Asia Pacific:

In the Asia Pacific region, countries like China, Japan, and South Korea are witnessing a significant rise in the sales of electric vehicles. This trend is fueling the demand for electric vehicle tires, as consumers seek high-performance and energy-efficient tires for their EVs. The competitive landscape of the electric vehicle tires market in Asia Pacific is shaped by both domestic and international tire manufacturers vying for a share of the growing market.

Europe:

Europe, particularly the United Kingdom, Germany, and France, is experiencing a surge in the adoption of electric vehicles due to stringent emission regulations and increasing awareness of environmental issues. This shift towards electrification is driving the demand for electric vehicle tires in the region, with a focus on durability, range, and efficiency. European tire manufacturers are investing in research and development to meet the unique requirements of electric vehicles and cater to the growing demand in the market.

Segmentation Analysis:

In terms of segmentation, the global Electric Vehicle Tires market is analyzed on the basis of Propulsion Type, Vehicle Type, Rim Size, And Load Index.

Electric Vehicle Tires Market, By Propulsion Type:

Battery Electric Vehicles (BEVs): The demand for tires for battery electric vehicles is expected to witness significant growth in the coming years, driven by the increasing adoption of BEVs across the globe. These vehicles rely solely on battery power for propulsion, requiring tires that can meet the specific needs of electric vehicles in terms of performance, durability, and efficiency.

Plug-in Hybrid Electric Vehicles (PHEVs): Tires for plug-in hybrid electric vehicles need to strike a balance between the requirements of electric propulsion and internal combustion engines. This segment is projected to experience steady growth, as PHEVs offer a more versatile option for consumers who may be hesitant to fully transition to electric vehicles.

Hydrogen Fuel Cell Electric Vehicles (FCEVs): The market for tires for hydrogen fuel cell electric vehicles is still in its nascent stage, but is expected to witness growth with the increasing focus on clean energy solutions. FCEVs present unique challenges for tire manufacturers due to their specific propulsion system and weight distribution, requiring specialized tire designs.

Extended Range Electric Vehicles (EREVs): Extended range electric vehicles combine features of both BEVs and PHEVs, requiring tires that can accommodate the diverse needs of these hybrid vehicles. As the demand for EREVs continues to rise, tire manufacturers will need to innovate and develop products that can deliver optimal performance across different driving modes.

Vehicle Type:

The electric vehicle tires market can also be segmented by vehicle type, including passenger cars, commercial vehicles, and others. The passenger car segment is expected to dominate the market, driven by the increasing adoption of electric passenger vehicles for daily commuting and leisure purposes. Commercial vehicles, such as electric buses and trucks, are also gaining traction, driving demand for tires that can withstand heavy loads and provide enhanced durability.

Rim Size:

Rim size is a crucial factor to consider when selecting tires for electric vehicles, as it directly impacts the vehicle's performance, handling, and overall driving experience. Electric vehicles typically require tires with larger rim sizes to accommodate their advanced propulsion systems and ensure optimal efficiency. As rim sizes continue to increase in electric vehicles, tire manufacturers will need to adapt and innovate to meet the evolving needs of consumers.

Load Index:

The load index of tires for electric vehicles is essential to ensure safety and performance, especially for commercial vehicles that may carry heavy loads. Tire manufacturers need to consider the weight distribution and load-bearing capacity of electric vehicles when designing tires with appropriate load indexes. As the demand for electric commercial vehicles grows, the importance of load index in tire design and manufacturing will become even more prominent.

Competitive Landscape:

The competitive landscape in the Electric Vehicle Tires Market is characterized by a mix of established tire manufacturers and innovative startups focusing on sustainability and technology integration. Prominent players are investing in R&D to enhance tire performance, longevity, and efficiency specific to electric vehicles, which often require specialized designs due to their unique weight distribution and torque characteristics. Companies are also exploring partnerships with electric vehicle manufacturers to create tires specifically designed to optimize battery life and range. The focus on developing eco-friendly materials and reducing rolling resistance is driving significant competition, as brands aim to differentiate themselves in an increasingly environmentally conscious market. Collaborative efforts between automotive and tire industries are becoming more common, with a shared goal of advancing electric mobility and addressing consumer demands for higher sustainability standards.

Top Market Players

- Michelin

- Bridgestone

- Continental

- Pirelli

- Goodyear

- Hankook

- Yokohama

- Dunlop

- Nokian Tyres

- BFGoodrich