Electric Vehicle Tires Market Size - By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hydrogen Fuel Cell Electric Vehicles, Extended Range Electric Vehicles), Vehicle Type, Rim Size, Load Index & Forecast, 2024 - 2032

Electric Vehicle Tires Market Size - By Propulsion Type (Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, Hydrogen Fuel Cell Electric Vehicles, Extended Range Electric Vehicles), Vehicle Type, Rim Size, Load Index & Forecast, 2024 - 2032

The global electric vehicle tires market is expected to register a growth rate of 9% during 2024-2032, driven by a demand for sustainable and eco-friendly transportation solutions.

According to a blog by BloombergNEF in 2023, passenger electric vehicle (EV) sales were set to reach 14 million in that year, a 36% jump from 2022, highlighting the rapid growth in the adoption of sustainable transportation. Moreover, in the 2022 OECD survey on global climate policy attitudes, an average of 80% across participating countries expressed the belief that their nation should actively combat climate change. The increasing awareness and commitment towards environmental conservation have prompted consumers and businesses alike to embrace electric vehicles, creating a surge in demand for specialized tires.

Furthermore, governments worldwide are incentivizing the adoption of electric vehicles through subsidies, tax benefits, and stringent emission norms, compelling automakers to expand their electric vehicle portfolios. The integration of advanced tire technologies, such as low rolling resistance and high mileage compounds, is also shaping the market outlook.

The overall electric vehicle tires market is classified based on propulsion type, vehicle type, rim size, load index, and region.

The Plug-in Hybrid Electric Vehicles (PHEVs) segment is prompted to grow significantly through 2032, owing to their flexibility and extended driving range. PHEVs require specialized tires that can handle the diverse demands of electric and conventional propulsion. The increasing popularity of hybrid vehicles and advancements in battery technologies are pushing the industry growth. EV tire manufacturers are developing innovative tire solutions that optimize performance, tread life, and energy efficiency for PHEVs, ensuring a smooth and eco-friendly driving experience.

The two-wheelers segment is set for steady growth during the study period, driven by urbanization, rising fuel costs, and a growing preference for sustainable commuting options. To meet the unique requirements of electric scooters and motorcycles, manufacturers are developing tires that offer enhanced stability, grip, and range optimization. Furthermore, as the cost of living rises in various countries, more consumers are expected to adopt two-wheelers as a cost-friendly means of commute.

North America electric vehicle tires market is poised to witness a demand surge until 2032, propelled by a commitment to reduce carbon emissions and promotion of sustainable transportation solutions. The United States and Canada have witnessed a surge in EV adoption, driven by government incentives, infrastructure development, and an increasing environmental consciousness among consumers. Moreover, by understanding and catering to the unique preferences and requirements of the consumers, industry players can establish a strong foothold in this dynamic and evolving landscape.