New Energy Vehicle Tyre Market size was valued at USD 7.5 Billion in 2022 and is projected to reach USD 21.5 Billion by 2030, growing at a CAGR of 15.5% from 2024 to 2030.
The Europe New Energy Vehicle (NEV) Tyre Market has been experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs) and other alternative energy-powered vehicles. The demand for tyres specifically designed for NEVs has surged, as these vehicles present unique requirements for performance, durability, and energy efficiency. These requirements have led to innovations in tyre design and materials, focusing on reducing rolling resistance, improving wear resistance, and ensuring better traction. As the European market becomes a key player in the global transition toward sustainable transportation, the tyre market is witnessing the development of tyres tailored to electric and hybrid vehicles, which often differ in design from traditional internal combustion engine (ICE) vehicle tyres.
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The OEM segment of the Europe NEV tyre market plays a critical role in providing tyres that are specifically designed and manufactured for use in new energy vehicles directly from the manufacturers. These tyres are engineered to meet the specific performance characteristics required by electric and hybrid vehicle models. The OEM tyres for NEVs are typically designed to optimize vehicle efficiency, minimize environmental impact, and provide superior performance in terms of handling and longevity. They are also engineered to complement the advanced technologies in these vehicles, such as regenerative braking and torque distribution systems, which can affect the wear and performance of the tyres. OEMs work closely with car manufacturers to ensure that their tyres meet both safety standards and the specific design parameters of each vehicle model. The OEM market segment is highly competitive, with leading tyre manufacturers investing heavily in research and development to create tyres that cater to the growing demand for electric vehicles in Europe. Many of these companies focus on reducing rolling resistance, improving energy efficiency, and enhancing the tyre’s ability to handle the increased weight of EV batteries, which can affect tyre wear and traction. As electric vehicle production increases in Europe, the demand for high-quality, performance-oriented tyres for new energy vehicles is expected to grow in tandem, presenting significant opportunities for tyre manufacturers in the region.
The Aftermarket segment in the Europe NEV tyre market refers to the replacement tyres that are sold to consumers after the original tyres wear out. This segment is crucial in maintaining the longevity and performance of electric and hybrid vehicles throughout their lifecycle. Aftermarket tyres for NEVs need to offer the same benefits as OEM tyres, such as low rolling resistance, durability, and energy efficiency, but they also need to be affordable and widely available. As more electric vehicles enter the European market, the demand for aftermarket tyres specifically designed for these vehicles is set to rise. Consumers often seek tyres that provide better performance in various weather conditions, longer service life, and lower cost of ownership, all of which are critical factors for EV owners. One key trend in the aftermarket segment is the growing focus on sustainability and the use of eco-friendly materials. As consumers become more environmentally conscious, tyre manufacturers are responding by offering tyres made from sustainable, recyclable materials and implementing processes that minimize the environmental impact of tyre production and disposal. Additionally, the development of tyres that are compatible with a wide range of new energy vehicles, from compact EVs to larger electric SUVs, is driving the expansion of the aftermarket segment. The increasing popularity of electric vehicles across Europe will continue to fuel demand for replacement tyres, providing further growth opportunities for the aftermarket segment in the coming years.
One of the primary trends driving the Europe NEV tyre market is the increasing adoption of electric and hybrid vehicles across the region. As EV sales continue to rise, there is a corresponding demand for tyres specifically designed for these vehicles, which require unique features compared to traditional tyres. Manufacturers are focusing on creating tyres with lower rolling resistance to maximize the efficiency and range of electric vehicles. Additionally, there is a growing emphasis on using sustainable materials in tyre production to align with the green and eco-friendly objectives of the automotive industry. Another significant trend is the integration of smart technology in tyres for new energy vehicles. This includes the development of sensors and connected systems that can monitor tyre pressure, temperature, and wear in real-time, providing valuable data for vehicle owners and fleet operators. These smart tyres can help improve vehicle performance, increase safety, and extend tyre life by enabling predictive maintenance and reducing the likelihood of sudden tyre failures. The growing trend of digitalization in the automotive sector is likely to boost the demand for such high-tech tyres in the coming years.
The Europe NEV tyre market offers several opportunities for growth, particularly as the demand for electric and hybrid vehicles continues to rise. Tyre manufacturers can capitalize on this growth by developing products that are tailored to the specific needs of NEVs, such as low rolling resistance tyres that improve energy efficiency and reduce the carbon footprint of these vehicles. Another opportunity lies in the expansion of the aftermarket segment, as the number of electric vehicles on European roads increases. Replacement tyres for NEVs will become an essential part of the lifecycle of these vehicles, and manufacturers that offer high-quality, sustainable, and affordable options will have a competitive edge in the market. In addition to product development, there is also an opportunity for tyre manufacturers to collaborate with automotive manufacturers and fleets to offer integrated solutions. This includes offering tyre monitoring systems and services that help optimize tyre performance, reduce maintenance costs, and increase the overall lifespan of the tyres. The growing demand for sustainable mobility solutions also presents an opportunity for tyre manufacturers to develop environmentally friendly tyres that reduce the environmental impact of tyre production and disposal, further aligning with the values of eco-conscious consumers and automotive manufacturers.
1. What is the main difference between NEV tyres and traditional tyres?
NEV tyres are designed with lower rolling resistance to enhance energy efficiency, durability, and performance for electric and hybrid vehicles, while traditional tyres focus more on conventional combustion engine vehicles.
2. How do rolling resistance and energy efficiency affect electric vehicle tyres?
Lower rolling resistance in EV tyres reduces energy consumption, improving the vehicle’s range and overall efficiency, while also enhancing the tyre’s lifespan.
3. What materials are commonly used in NEV tyres?
NEV tyres often use eco-friendly materials, such as silica, to reduce rolling resistance, as well as more durable compounds that can withstand the additional weight of EV batteries.
4. Are NEV tyres more expensive than conventional tyres?
NEV tyres can be slightly more expensive due to their specialized design and materials, but the long-term savings from improved fuel efficiency and tyre longevity can offset the initial cost.
5. What is the expected growth rate of the Europe NEV tyre market?
The Europe NEV tyre market is expected to grow significantly, driven by the increasing adoption of electric and hybrid vehicles and a shift towards more sustainable transportation options.
6. How do winter conditions affect NEV tyres?
NEV tyres are designed to perform well in various weather conditions, including winter, with improved traction and grip on wet and icy surfaces, which is crucial for maintaining vehicle safety.
7. What are the benefits of smart tyres for NEVs?
Smart tyres for NEVs offer real-time monitoring of tyre conditions, such as pressure and temperature, which helps improve safety, extend tyre life, and optimize performance.
8. How do tyre manufacturers ensure sustainability in NEV tyres?
Tyre manufacturers are focusing on using sustainable materials, such as natural rubber and recyclable components, and reducing carbon emissions during the manufacturing process to align with eco-friendly goals.
9. How often do NEV tyres need to be replaced?
NEV tyres typically need to be replaced every 40,000 to 50,000 kilometers, depending on driving habits and conditions, although some may last longer with proper maintenance.
10. Can traditional tyres be used on electric vehicles?
While traditional tyres can be used on electric vehicles, they are not optimized for the specific needs of EVs, such as low rolling resistance, which can lead to decreased efficiency and performance.
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Top New Energy Vehicle Tyre Market Companies
Michelin
Bridgestone
Continental
Pirelli
Goodyear
Shanghai Huayi
Sumitomo Rubber Industries
ZC Rubber
Yokohama
Nokian Tyres
Hankook
Maxxis
Triangle Group
Regional Analysis of New Energy Vehicle Tyre Market
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
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