Electric Vehicle Tires Market worth $11.2 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO , Dec. 8, 2023 /PRNewswire/ -- 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%, according to a new report by MarketsandMarkets™. The rise in focus towards e-mobility is expected to increase the demand for electric vehicle tires. Also, the strong policies set by the regulatory bodies and governments to combat carbon effluents from passenger and commercial vehicles is anticipated to promote the revenue growth of electric vehicle tires market. 

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Electric Vehicle Tires Market Scope:

Passenger Cars segment is expected to have largest share in the global electric vehicle tires market

The passenger cars segment is expected to hold the largest share of the electric vehicle tires industry during the forecast period. The demand for electric vehicle tires among several automotive manufacturers is rising to help increase EV sales due to the focus on reducing CO2 emissions from passenger cars. Tire manufacturers are working closely with the automakers to develop and provide EV tires for passenger cars. In June 2022, Hyundai Motor Group and Michelin announced a collaboration up to 2025 to develop the next-generation tires for premium electric vehicles. In January 2023, Pirelli & C. SpA announced that it would be supplying P Zero Elect tires for the BMW i4 M50. In addition, vehicle utilization is on the rise in developing economies due to increasing cab-sharing facilities, which will create growth opportunities for the market.

Off-road application segment is estimated to exhibit the fastest growth in global electric vehicle tires market

The Off-road segment is expected to have the fastest growth in the electric vehicle tires market by 2030. The off-road application of electric vehicle tires includes heavy-duty trucks and construction. There has been a rapid growth of the construction industry in developing economies, which has catalysed the demand for off-road tires. North America is the largest market for pick-up trucks for transporting goods and passengers. Many vehicle manufacturers such as Ford, Chevrolet, Rivian, Tesla, and more are releasing electric pick-up trucks. Ford has offered F-150 lightning since 2022. The Rivian R1T pick-up truck was released in September 2021. Chevrolet will offer the next-generation Silverado EV pick-up truck from 2024, while Tesla will deliver the Cybertruck in November 2023 for off-road applications. The growing availability of electric trucks will increase the demand for off-road electric vehicle tires. Many fleet owners that provide vehicles at construction and mining sites are being educated regarding the long-term economic benefits of using electric vehicles and, in turn, electric vehicle tires. Hindustan Zinc Limited, an Indian mining and resource production company, has added Normet Agitator SmartDrive EV into its underground mining operations. Off-road vehicles must operate in harsh environments. There is an increasing need for high-quality electric vehicle tires that have excellent durability and better grip for all terrains. Many key tire manufacturers are investing heavily in this segment and launching off-road capable tires. In October 2023, Toyo Tires (Japan) introduced its new line of all-terrain off-road replacement tire Open Country A/T III EV for electric off-road light trucks in North America. It features a sidewall AeroWing technology to improve rolling resistance. It was first fitted in February 2024 for Ford F-150 Lightning and subsequently will be made available for other electric trucks such as Rivian R1S and GMC Hummer EV.

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.

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Key Market Players:

The major players in Electric Vehicle Tires Companies include 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.

Recent Developments

• In October 2023, Pirelli & C. SpA. started a joint venture with Saudi Arabia PIF (Public Investment Fund) to build a tire manufacturing facility In Saudi Arabia. The plant is expected to start in 2026, with the manufacturing of high-quality tires for passenger cars.
• In September 2023, Sumitomo Rubber Industries, Ltd. announced an all-weather touring tire called Aklimate. The tire features 4D Nano Design technology for better wet handling and snow traction.
• In August 2023, Continental AG announced that Alfa Romeo will be factory fitting EcoContact 6 to the new compact SUV Tonale, which especially will be beneficial for the hybrid variant of the vehicle.
• 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.
• In June 2023, The Goodyear Tire & Rubber Company released the Urban Max BSA tires. The tire features lower rolling resistance compared to conventional transit tires from the company.
• In February 2023, Bridgestone Corporation announced an investment of USD 72.4 million by 2025 to expand production capacity and upgrade technology at its Pune-based plant. It will improve the plant's capability in terms of technologies and capacities for the manufacture of tires for the passenger car segment.

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