Electric Vehicle Tires Market Projected to Reach $11.2 billion by 2030
According to a research report “Electric Vehicle Tires Market by Propulsion (BEVs, PHEVs, HEVs, & FCEVs), Vehicle Type (Passenger Cars, Light Commercial Vehicles), Load Index, Application, Rim Size (13-15”, 16-18”, 19-21”, & >21”), Sales Channel & Region – Global Forecast to 2030″ published by MarketsandMarkets, the global electric vehicle tires market size is projected to grow from USD 2.8 billion in 2023 to USD 11.2 billion by 2030, at a CAGR of 21.7%. The rise in focus towards e-mobility is expected to increase the demand for electric vehicle tires. Also, the strong policies set by the regulatory bodies and governments to combat carbon effluents from passenger and commercial vehicles is anticipated to promote the revenue growth of electric vehicle tires market.
Passenger Cars segment is expected to have largest share in the global electric vehicle tires market
The passenger cars segment is expected to hold the largest share of the electric vehicle tires market during the forecast period. The demand for electric vehicle tires among several automotive manufacturers is rising to help increase EV sales due to the focus on reducing CO2 emissions from passenger cars. Tire manufacturers are working closely with the automakers to develop and provide EV tires for passenger cars. In June 2022, Hyundai Motor Group and Michelin announced a collaboration up to 2025 to develop the next-generation tires for premium electric vehicles. In January 2023, Pirelli & C. SpA announced that it would be supplying P Zero Elect tires for the BMW i4 M50. In addition, vehicle utilization is on the rise in developing economies due to increasing cab-sharing facilities, which will create growth opportunities for the market.
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Off-road application segment is estimated to exhibit the fastest growth in global electric vehicle tires market
The Off-road segment is expected to have the fastest growth in the electric vehicle tires market by 2030. The off-road application of electric vehicle tires includes heavy-duty trucks and construction. There has been a rapid growth of the construction industry in developing economies, which has catalyzed the demand for off-road tires. North America is the largest market for pick-up trucks for transporting goods and passengers. Many vehicle manufacturers such as Ford, Chevrolet, Rivian, Tesla, and more are releasing electric pick-up trucks. Ford has offered F-150 lightning since 2022. The Rivian R1T pick-up truck was released in September 2021. Chevrolet will offer the next-generation Silverado EV pick-up truck from 2024, while Tesla will deliver the Cybertruck in November 2023 for off-road applications. The growing availability of electric trucks will increase the demand for off-road electric vehicle tires. Many fleet owners that provide vehicles at construction and mining sites are being educated regarding the long-term economic benefits of using electric vehicles and, in turn, electric vehicle tires. Hindustan Zinc Limited, an Indian mining and resource production company, has added Normet Agitator SmartDrive EV into its underground mining operations. Off-road vehicles must operate in harsh environments. There is an increasing need for high-quality electric vehicle tires that have excellent durability and better grip for all terrains. Many key tire manufacturers are investing heavily in this segment and launching off-road capable tires. In October 2023, Toyo Tires (Japan) introduced its new line of all-terrain off-road replacement tire Open Country A/T III EV for electric off-road light trucks in North America. It features a sidewall AeroWing technology to improve rolling resistance. It was first fitted in February 2024 for Ford F-150 Lightning and subsequently will be made available for other electric trucks such as Rivian R1S and GMC Hummer EV.
Germany to lead the electric vehicle tires market in Europe
Germany is expected to be the largest market in Europe for electric vehicle tires during the forecast period. Germany is considered the hub of the automotive industry and the largest producer of passenger cars. Increasing sales of electric passenger cars is the key driving factor for electric vehicle tires in Germany. The advancement of the automotive industry in Europe is another key factor impacting the growth of the electric vehicle tires market in the region. This contributes to the high growth of the electric vehicle tires market in the region. Increasing government initiatives regarding controlling carbon emissions are boosting the sales of electric vehicles in Europe, which will boost the electric vehicle tires market in the region. In March 2023, Norway became the first country in the world to announce a ban on the sale of new petrol and diesel cars from 2025. Other European countries, such as the UK, Denmark, and Sweden, have also announced plans to ban the sale of new ICE vehicles by 2030 or earlier.
Key Players
The electric vehicle tires market is dominated by global players such as Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), and Pirelli & C. SpA (Italy), Sumitomo Rubber Industries, Ltd. (Japan), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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