Electric Vehicle Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F

The Global Electric Vehicle Tire market is expected to grow at a decent growth rate due to rising penetration of electric vehicles, globally. The growing emphasis on tire performance in terms of number of years it can serve on the road, the maintenance factors included during product usage, the safety features provided by the tires on the road, and technological advancements made for longer tire life have encouraged the leading market players to develop better products over time. Electric vehicles typically require better and more advanced tires than internal combustion vehicles due to the increased body weight of the vehicle and the batteries, which has a significant impact on the total resistance it presents during the initial motion of the vehicle from a state of rest. The drive for electric mobility and EV-specific tires continues to be strong, thanks in large part to constant government and business support. Despite significant previous development of 'green' tires in previous years, the accelerating market expansion of EVs requires tire makers to draw innovation in areas such as supporting increased vehicle weight and torque, extending battery range through reduced rolling resistance, and delivering a nearly silent ride for passenger comfort in the vehicle cabin. The Electric Vehicle Tires are made to support the added weight of an electric powertrain, tires for electric cars are different from tires for combustion-engine vehicles in terms of road noise reduction and range extension. However, they must also adhere to the same standards for safety on dry and wet roads, braking distances, steering accuracy, and other factors as traditional tires.

The electric vehicle tires give in the increased torque necessary during the vehicle's first motion from a standstill. The noise produced by conventional tires differs when compared to electric vehicle tires, with the former producing far more noise than the latter, which is covered by the car's internal combustion engine. This noise is considerably reduced for the electric car, and the interior of the electric vehicle is far quieter than that of its competitors. The increasing penetration of the electric vehicle globally will lead to the rise in demand of electric vehicle tires. All these factors are influencing the demand of electric vehicle tires, globally.

Market Overview

Global Electric Vehicle Tire Market Drivers

Significant advancements in tire technology are propelling the electric car tire industry forward. Manufacturers are working on specialized tires that can withstand the weight and torque of electric cars while simultaneously delivering improved grip and a longer tread life. Low rolling resistance tires, regenerative braking tires, and noise-reducing tires are among the examples of improvements in the tire industry. The desire to cut carbon emissions and address environmental concerns is driving up the demand for electric automobiles. Electric cars need specific tires that can support the weight of the battery while also reducing rolling resistance and increasing driving range. The electric vehicle tire industry is growing more competitive as more manufacturers enter the market. This rivalry is pushing innovation and new product creation as firms strive to separate themselves from their competitors. Customers gain from more competition as well since it provides more options and lower pricing. The increasing adoption of electric vehicles in different regions is leading to the rise in the demand of electric vehicle specific tires for better vehicle efficiency and dynamics.

Global Electric Vehicle Tire Market Trends

The development of more ecologically friendly electric vehicle tires is being driven by sustainability. Manufacturers are looking at novel materials and procedures that will lessen the environmental effect of tire manufacture while also increasing tire life. These improvements also include the use of natural rubber and bio-based materials, increased production efficiency, and tire design for longer use. Similarly, as autonomous, and high-end electric cars are also expected to become common, there will be a larger demand for specialized tires that can offer the essential grip, enhanced vehicle efficiency in electric vehicles.. These electric vehicle tires must be able to withstand a variety of driving circumstances, including rainy and dry weather, as well as temperature fluctuations

Global Electric Vehicle Tire Market Challenges

There are many factors that are expected to restrict the growth of the global Electric Vehicle Tire market like the price of the specialized materials and manufacturing techniques required and the cost of electric vehicle tires when compared with ordinary tires. This may hinder the uptake of electric vehicles and put manufacturers under pressure to cut prices while maintaining quality. The availability of infrastructure like charging stations and maintenance facilities is critical to the success of the electric car market. The higher cost of the electric vehicle tires increases the overall vehicle cost and therefore the vehicle manufacturers are looking for cost effective tires for electric vehicles so tires manufacturers may face difficulty in meeting the requirements of the OEM’s. The absence of charging outlets in some places may limit electric car usage, hence hampering the demand for electric vehicle tires.

Market Opportunity

The growing demand for electric vehicles is expected to generate new opportunities for the global electric vehicle tire market in the forecast years, as many regional governments are influencing the adoption of electric vehicles by providing subsidies and incentives. Similarly, to meet the carbon emission norms, every country is focusing on green and sustainable transport across the globe. Therefore, the rise in electric vehicle sales is expected to become a big opportunity for the global tire manufacturers operating in the tire industry.

Company Insights

The Michelin Group is the leading tire manufacturer across the globe with a wide product portfolio of electric vehicle tires. The company is continuously developing low resistance tires as per the electric vehicle OEM needs. Similarly, there are other players like Bridgestone Corporation which has developed ultra-low rolling resistance tires for BMW electric vehicles. Goodyear Tire and Rubber Company has also developed electric vehicle tires named Range Max RSD for higher cargo vehicle needs. Other key players that are developing tires of low rolling resistance for electric vehicle needs are Continental AG, Sumitomo Rubber Industries, Ltd., Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Zhongce Rubber Group Co., Ltd., etc.

Market Segmentation

The Global Electric Vehicle Tire Market is segmented By Vehicle Type, By Demand Category, By Tire Construction Type, By Propulsion Type and By Region. Based on Vehicle Type, the market is segmented into Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers and OTR. Based on Demand Category, the market is segmented by OEM and Replacement. Based on Tire Construction Type the market is segmented into Radial and Bias. By Propulsion Type the market is divided into BEV, HEV and PHEV. The market analysis also studies the region wise segmentation to devise market.

Company Profiles

The Michelin Group, Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Sumitomo Rubber Industries, Ltd., Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Zhongce Rubber Group Co., Ltd., Toyo Tire Corporation are the leading companies globally operating in the electric vehicle tire market.

Report Scope

In this report, Global Electric Vehicle Tire Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Electric Vehicle Tire Market, by Vehicle Type:

• Passenger Car
• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle
• Two Wheelers
• Three Wheelers
• OTR

Electric Vehicle Tire Market, by Demand Category:

• OEM
• Replacement

Electric Vehicle Tire Market, by Tire Construction Type:

• Radial
• Bias

Electric Vehicle Tire Market, by Propulsion Type:

• BEV
• HEV
• PHEV

Electric Vehicle Tire Market, by Region:

• Asia-Pacific
• North America
• Europe & CIS
• South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Electric Vehicle Tire Market.

Available Customizations

The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

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