United States New Energy Vehicle Tyre Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 3.8 Billion by 2030, growing at a CAGR of 12.8% from 2024 to 2030.
The US New Energy Vehicle Tyre Market is evolving rapidly as the demand for electric vehicles (EVs) and hybrid vehicles increases. With the automotive industry shifting towards sustainability, the tyre market is also witnessing a transformation. The demand for tyres tailored specifically for new energy vehicles (NEVs) is driven by the need for enhanced performance, energy efficiency, and reduced environmental impact. These tyres are designed to meet the unique requirements of electric and hybrid vehicles, which often have different performance demands compared to traditional internal combustion engine vehicles.
One of the key factors influencing the US New Energy Vehicle Tyre Market is the growing adoption of electric vehicles. As EVs become more mainstream, automakers and tyre manufacturers are working together to develop tyres that optimize the efficiency of these vehicles. These tyres are specifically engineered to reduce rolling resistance, which improves fuel economy and extends the driving range of electric vehicles. Additionally, NEV tyres are designed with a focus on durability and lower noise levels to ensure a comfortable and quiet ride, addressing one of the key challenges of electric mobility.
Industries such as automotive, logistics, and public transportation are particularly driving the demand for New Energy Vehicle tyres. In the automotive sector, manufacturers are looking for tyres that offer better grip and handling while maintaining energy efficiency. Meanwhile, logistics companies are keen on tyres that can handle the increased weight of electric commercial vehicles, which are becoming more prevalent in urban areas. Public transportation authorities also require tyres that are durable and capable of withstanding high-mileage use in electric buses.
As the US New Energy Vehicle Tyre Market continues to grow, tyre manufacturers are exploring innovative technologies to meet the diverse needs of these industries. For instance, the introduction of advanced materials such as silica compounds and reinforced sidewalls is helping improve tyre performance. Moreover, the rise of smart tyres, equipped with sensors to monitor tyre pressure and wear, is set to further revolutionize the market. These advancements not only improve the safety and efficiency of new energy vehicles but also contribute to the broader goal of sustainability in the automotive industry.
In conclusion, the US New Energy Vehicle Tyre Market is poised for significant growth, driven by the rapid expansion of electric and hybrid vehicles. The need for tyres that cater specifically to the requirements of these vehicles, including energy efficiency, durability, and safety, will continue to shape the future of the tyre industry. Manufacturers are expected to focus on innovation and collaboration with the automotive sector to meet these growing demands.
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Michelin
Bridgestone
Continental
Pirelli
Goodyear
Shanghai Huayi
Sumitomo Rubber Industries
ZC Rubber
Yokohama
Nokian Tyres
Hankook
Maxxis
Triangle Group
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US New Energy Vehicle Tyre Market
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Fuel Cell Electric Vehicles (FCEVs)
Radial Tyres
Bias Ply Tyres
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Original Equipment Manufacturer (OEM)
Aftermarket Sales
Online Retail
Natural Rubber
Synthetic Rubber
Other Composite Materials
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US New Energy Vehicle Tyre Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US New Energy Vehicle Tyre Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US New Energy Vehicle Tyre Market, By Type
6. US New Energy Vehicle Tyre Market, By Application
7. US New Energy Vehicle Tyre Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US New Energy Vehicle Tyre Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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