Electric Vehicle Tires Market to surpass $38.5 Bn by 2032, Says Global Market Insights Inc.
Major electric vehicle tires market participants include Bridlestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire & Technology Co Ltd., Michelin, Pirelli & C. SPA, and Sumitomo Rubber Industries Ltd.
Selbyville, Delaware, May 23, 2024 (GLOBE NEWSWIRE) —
The electric vehicle tires market valuation is expected to record USD 38.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing adoption of electric vehicles (EVs) worldwide is driving the demand for specialized tires to meet their unique performance requirements, such as enhanced durability and reduced rolling resistance to maximize range. Significant advancements in tire technology, including the development of low rolling resistance compounds and aerodynamically optimized tread designs are enhancing energy efficiency and extending battery life in EVs. According to the International Energy Agency (IEA), in 2024, the EV sales in Europe are estimated to reach 3.5 million units. This increasing EV sales are spurring the product demand.
The rise in supportive government policies are further promoting the adoption of electric vehicles. The growing environmental consciousness among consumers is encouraging the shift towards electric mobility, thus, boosting the demand for EV tires. Growing collaborations between tire manufacturers and EV producers to develop tailor-made tire solutions are creating opportunities for innovation and differentiation in the EV tires.
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The hydrogen fuel cell electric vehicles (FCEVs) propulsion type segment of the electric vehicle tires market is estimated to experience significant growth from 2024 to 2032. This can be attributed to the increasing adoption of FCEVs due to their longer driving range and shorter refueling times compared to battery electric vehicles. This trend is escalating the demand for tires with superior durability and efficiency to withstand the unique demands of hydrogen-powered vehicles. Significant advancements in tire materials and tread designs are also optimizing performance and ensuring safety in FCEVs.
EV tires market from the light commercial vehicles (LCVs) segment is estimated to rise at significant rate through 2032, due to the expanding fleet of electric vans and trucks used for urban delivery and logistics. The increasing demand for efficient and durable tires capable of supporting heavy loads and frequent stop-and-go driving patterns in urban environments is driving the product penetration. Groundbreaking advancements in tire technology for catering to specific requirements of LCVs for improving performance and safety are further driving the segment growth.
Europe electric vehicle tires market is projected to showcase considerable expansion between 2024 and 2032. The stringent emission regulations and government incentives are promoting the adoption of electric vehicles across the region. The robust infrastructure for electric vehicle charging is supporting the growing number of EVs on the road. The presence of leading tire manufacturers focusing on developing specialized tires for electric vehicles for catering to the unique requirements of electric mobility in the region are further driving the regional industry growth.
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Some of the leading firms operating in the electric vehicle tires market include Bridlestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire & Technology Co Ltd, Michelin, Pirelli & C. SPA, and Sumitomo Rubber Industries Ltd. These market leaders are adopting mergers & acquisitions, collaborations, and new product launches to gain a competitive edge. For instance, in August 2023, Nokian, a tire manufacturer, launched an electric fit symbol for its tires, signaling compatibility with electric vehicles. The symbol spans the entire product range for ensuring performance consistency across both electric and internal combustion engine cars.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Electric vehicle tires market 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Propulsion type trends
2.5 Vehicle type trends
2.6 Rim size trends
2.7 Load Index trends
Chapter 3 Electric Vehicle Tires Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier Landscape
3.2.1 Component suppliers
3.2.2 Manufacturers
3.2.3 Material suppliers
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/Collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Launch & innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing popularity and adoption of electric vehicles
3.8.1.2 Advances in tire technology, materials, and design are playing a crucial role in the electric vehicle tires industry.
3.8.1.3 Rise in technological integration
3.8.1.4 Increasing consumer awareness and preferences.
3.8.2 Industry pitfalls & challenges
3.8.2.1 Limited tire life and durability
3.8.2.2 Environmental concerns
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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