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

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

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 demand for electric vehicle tires is anticipated to increase owing to the rising sales of electric vehicles across the globe. Also, anticipated rise in environementally susatainable transport and government policies to achieve that are expected to bolster the revenue growth of the electric vehicle tires market.

The Load Index Less Than 100 segment is expected to have notable opportunities during the forecast period

The less than 100 segment is expected to be the largest market during the forecast period, as the load index of tires used in the passenger car segments generally falls under this range. Tesla Model 3 and Chevrolet Bolt EV are two of the best-selling electric vehicles in US in 2022. Tesla Model 3 uses Michelin Pilot Sport All Season 4 with tire designation 235/40ZR19 96Y XL BSW, which has a load index of 96. The Goodyear Tire & Rubber Company recommends ElectricDrive 215/50R17 XLV tire for the Chevrolet Bolt EV, which has a load index of 95. The increasing sales of electric passenger cars globally are expected to boost the load index Less than100 segment.

16-18” Rim Size segment is likely to show the biggest growth in the electric vehicle tires market during the forecast period

The 16–18” rim size segment is expected to be the largest market during the forecast period, as tires in the 16-18” range are among the most common tire sizes found on a wide range of vehicles, including small passenger cars, mid-size sedans, and crossovers. For instance, the Tesla Model 3 has a rim size of 18”, the Ford Mustang Mach-E has a rim size of 18”, the Chevrolet Bolt has a rim size of 17”, and the Renault Zoe has a rim size of 16”. The increasing sales of electric small passenger cars and crossovers in China, Japan, and more are expected to boost the 16-18” segment in the market. These vehicles make up a significant portion of the automotive market. Due to this versatility, electric vehicle tires in this size range have a broad customer base. The aftermarket demand for 16-18” tires is higher than any other tire size as many consumers replace their tires with aftermarket electric vehicle tire options when their original equipment tires wear out, resulting in a robust aftermarket for 16-18” electric vehicle tires.

Asia Pacific expected to show significant growth in the electric vehicle tires market

Asia Pacific is estimated to be the largest market for electric vehicle tires market during the forecast period. Asia Pacific region is primarily led by China and other countries, including Japan, India, South Korea, Thailand, Indonesia, Malaysia, and Vietnam. China is the world’s largest EV producer and consumer, andhas dominance in the EV industry in the region. The regional governments have taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EVs per number of vehicles manufactured, and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV markets. Their governments have supported the growth in demand for EVs by installing EV charging stations, setting emission norms, setting deadlines for shifting to fully electric or hybrid EVs from ICE vehicles, etc. Many tire manufacturing companies have made expansions in Asia Pacific. In June 2023, Michelin announced an investment of USD 27.8 million to expand car tire production capacity at its Shenyang, China factory by 1.3 million tires. Owing to the increasing demand for electric passenger and commercial vehicles along with a high number of electric buses in the fleet, the demand for electric vehicle tires is expected to grow in the region.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the electric vehicle tires market. The break-up of the primaries is as follows:

By Company Type: OEMs – 40%, Tier 1 –42% and Tier 2 – 18%,

By Designation: C Level Executives – 23%, Directors – 43%, and Others – 34%

By Region: North America – 15%, Europe – 25%, Asia Pacific – 60%,

The electric vehicle tires market comprises major manufacturers 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), Hankook Tire & Technology Co., Ltd. (South Korea), etc.

Research Coverage:

The study covers the electric vehicle tires market across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as propulsion, vehicle type, load index, application, rim size, sales channel, and region. The study also includes an in-depth competitive analysis of key market players, their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.

This research report categorizes electric vehicle tires market by Propulsion (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle,Fuel Cell Electric Vehicle, and Hybrid Electric Vehicle), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses), Load Index (Less Than 100 and Above 100), Application (On-road and Off-road), Rim Size (13-15”, 16-18”, 19-21”, and >21”), Sales Channel (OEM and Aftermarket), and Region (Asia Pacific, Europe, and North America).

The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the electric vehicle tires market. A detailed analysis of the key industry players provides insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the electric vehicle tires market. Competitive analysis of SMEs/startups in the electric vehicle tires market ecosystem is covered in this report.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall electric vehicle tires market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Growing initiatives for green and clean environment, Increasing demand to improve vehicle range, Growing demand for better fuel efficiency, Rising sales of electric commercial vehicles), restraints (Lack of awareness in electric vehicle tire benefits in emerging economies, Increasing longevity of tires affecting aftermarket sales), opportunities (Increasing demand for replacement tires, Growing focus on environmental sustainability), and challenges (Mandatory tests for electric vehicle tires for commercial use, Higher cost and limited availability of electric vehicle tires) influencing the growth of the electric vehicle tires market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric vehicle tires market.

Market Development: Comprehensive information about lucrative markets – the report analyses the electric vehicle tires market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric vehicle tires market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), and Pirelli & C. SpA (Italy), Hankook Tire & Technology Co., Ltd. (South Korea) among others in the electric vehicle tires market.

Strategies: The report also helps stakeholders understand the pulse of the electric vehicle tires market and provides them information on key market drivers, restraints, challenges, and opportunities