The Electric Vehicle Tires Market Size is projected to reach $11.2 billion by 2030, showcasing significant growth driven by the rising adoption of electric vehicles (EVs) worldwide. As EV sales continue to surge, the demand for specialized tires designed to handle unique EV requirements—such as higher torque, increased weight, and enhanced energy efficiency—is escalating. The market's expansion is further fueled by advancements in tire technologies, including low rolling resistance, improved durability, and noise reduction features, which cater specifically to EV performance needs.
The growth trajectory of the Electric Vehicle Tires Market Size reflects the increasing investments by tire manufacturers in R&D to innovate and optimize products for electric vehicles. Regional market dynamics also play a pivotal role, with Asia-Pacific leading the adoption due to its robust EV production capabilities and supportive government policies. Meanwhile, North America and Europe are experiencing steady growth driven by stringent emission regulations and consumer preference for sustainable mobility solutions. This widespread adoption underscores the essential role of tailored tire solutions in supporting the global EV ecosystem.
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Electric Vehicle Tires Market:
Driver: Growing demand for better fuel efficiency
Rolling resistance is the force that opposes the forward motion of a tire as it rolls over a surface. It is caused by a combination of factors, including tire deformation, air resistance, and friction with the road. The higher the rolling resistance, the more energy is required to overcome it, which means that tires with high rolling resistance will reduce fuel efficiency and increase emissions. Tire rolling resistance significantly impacts fuel consumption, especially for electric vehicles. According to Michelin, a 30% increase in rolling resistance can reduce the range of an electric vehicle by up to 5%. Michelin also states that the Michelin e.Primacy tires can increase the range of an electric vehicle by up to 7%. The lower the rolling resistance, the less energy the tire needs to move, which can lead to improved fuel efficiency. In the long run, the use of electric vehicle tires turns out cost-effective, as the extra cost paid for the electric vehicle tires is recovered by savings made on fuel expenses. Many governments around the world are implementing stricter fuel efficiency and emissions regulations. This drives the demand for low-rolling resistance tires for all types of vehicles, including electric vehicles. The increasing stringency of fuel efficiency regulations, such as the National Highway Traffic Safety Administration (NHTSA), has increased the demand for low-rolling resistance tires.
Opportunity: Increasing demand for replacement tires
The demand for electric vehicle tires is increasing among various automotive manufacturers, i.e., at the Original Equipment (OE) level. The replacement tires market is expected to provide opportunities for manufacturers in the future. The demand for replacement tires is expected to rise during the forecast period due to the higher vehicle utilization against the backdrop of an increase in cab-sharing facilities globally. The logistics industry is a major consumer of fuel. As the industry grows, there is a high demand for fuel-efficient vehicles and electric commercial vehicles. Electric vehicle tires can help improve the fuel efficiency of vehicles, reducing the environmental impact of the logistics industry. As disposable incomes rise, consumers are more likely to replace their tires before they wear out. New tire technologies that offer improved fuel efficiency, performance, and safety are also being developed, driving the demand for electric vehicle replacement tires. The replacement EV tires market is driven by the increasing availability of EV tires. In the past, EV tires were difficult to find and expensive. However, as the EV market has grown, more tire manufacturers have begun to produce EV tires. This has made EV tires more affordable and accessible, driving the growth of the replacement EV tires market.
Challenge: Higher cost and limited availability of electric vehicle tires
Electric vehicle tires are typically more expensive than conventional ones because they are designed to reduce rolling resistance, improve traction and handling, and extend tread life. The higher cost of electric vehicle tires could deter some consumers from purchasing them. Electric vehicle sales are not yet on the same level as gasoline-powered vehicles, as electric vehicles are generally more expensive than their ICE counterparts. With fewer electric vehicle options to purchase at higher prices, the specific tires made for them will be even less. Electric vehicle tires are still a relatively new product category and are not as widely available as traditional gas-powered vehicle tires. The electric vehicle tires market is poised for growth, driven by the increasing popularity of EVs and their environmental benefits. However, the limited availability of EV tires can hinder this growth and pose several challenges. Fewer EV tire options can restrict consumer choice, making it difficult to find tires that meet specific needs and preferences. Supply chain disruptions due to scarcity can cause stockouts and price fluctuations, making it challenging to obtain the tires needed. Higher production costs associated with lower production volumes can translate into higher consumer prices, further deterring adoption. These challenges can delay the overall growth of the EV tire market, especially in emerging economies such as India, where the EV options are limited, which results in the unavailability of electric vehicle tires for such vehicle’s needs.
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.
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