EV Tires Global Market Report 2024

The EV tires market size has grown rapidly in recent years. It will grow from $17.02 billion in 2023 to $18.78 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth experienced during the historical period can be attributed to an increase in the adoption of electric vehicles, government incentives and regulatory measures, heightened environmental consciousness and sustainability efforts, as well as advancements in energy efficiency.

The EV tires market size is expected to see strong growth in the next few years. It will grow to $26.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The forecasted growth can be ascribed to the expanding penetration of the electric vehicle market, escalating demands for enhanced range, supportive government policies and incentives, and the proliferation of electric vehicle models. Key trends anticipated in the forecast period encompass a heightened emphasis on sustainability, innovations in tire technology, the emergence of smart tires, enhancements in range and efficiency, and the introduction of winter-ready EV tires.

The escalating demand for electric vehicles is anticipated to drive the expansion of the EV tires market in the forthcoming years. Electric vehicles (EVs) are automobiles primarily or entirely powered by electricity stored in rechargeable batteries. EV tires, crucial components of electric vehicles, play a pivotal role in enhancing efficiency, performance, and safety, thereby facilitating the widespread adoption of electric transportation. Notably, in January 2022, the International Energy Agency (IEA), an autonomous intergovernmental organization based in France, reported a significant surge in electric vehicle sales, nearly doubling to 6.6 million in 2021 from 3 million in 2020. This surge accounted for approximately 9% of total sales and marked a 4-percentage point increase from the previous year, bringing the global electric vehicle fleet to 16.5 million units. Consequently, the burgeoning demand for electric vehicles is fueling the growth trajectory of the EV tires market.

Prominent players in the EV tire market are strategically focused on introducing innovative tire solutions, leveraging advanced technologies such as ENLITEN technology, to gain a competitive advantage. ENLITEN technology represents a groundbreaking tire technology aimed at minimizing the environmental footprint of tires, fleets, and vehicles by employing proprietary lightweight materials in tire construction to achieve low rolling resistance (LRR). This results in decreased fuel consumption for combustion vehicles, improved tread wear, and enhanced tire durability. For instance, in May 2023, Bridgestone Corporation, a leading tire manufacturer based in Japan, unveiled the Turanza EV Grand Touring Tire, the company's inaugural replacement tire featuring Bridgestone ENLITEN technology. Specifically engineered for high-end electric cars, this tire is meticulously designed to accommodate the unique characteristics of electric vehicles. It delivers an optimized driving experience by offering extended tread life, reduced ride noise, and enhanced wet handling capabilities, all made possible by its incorporation of ENLITEN technology - a revolutionary core technology characterized by next-generation tread compounds, innovative structural components, and heightened efficiency.

In June 2022, Hyundai Motor Group, a South Korea-based automotive manufacturer, forged a strategic collaboration with Michelin Group. The objective of this partnership is to pioneer innovations including eco-conscious tire solutions utilizing sustainable materials, next-generation electric vehicle optimized tires, and an advanced real-time tire monitoring system. Michelin Group, a leading tire manufacturer headquartered in France, specializes in developing a comprehensive range of tires tailored for electric and hybrid vehicles, with a focus on enhancing efficiency, range, and overall performance.

Major companies operating in the ev tires market report are MRF Limited, JK Tyre & Industries, Cheng Shin Rubber Industrial Co. Ltd., Caterpillar Inc., Continental AG, Bridgestone Corporation, Michelin Group, Sailun Group, Goodyear tyre and rubber company, Nokian Tyre, Hankook Tire & Technology Co. Ltd., Yokohama rubber Co. Ltd, Kumho Tire Co. Inc., Apollo tyre, Giti Tire, Cooper Tyre and Rubber Company, Titan International Inc., Pirelli & C. SpA, Maxxis International, Falken tyre, Sumitomo Rubber Industries, Trelleborg Wheel Systems, CEAT Limited, Federal Corporation, Nexen Tire.

Asia-Pacific was the largest region in the EV Tires market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the ev tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ev tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric vehicle (EV) tires are specialized automotive tires designed specifically for electric vehicles, tailored to meet their unique requirements and characteristics. These tires are engineered to enhance overall efficiency, safety, and driving experience.

The primary types of EV tire products include radial tires, bias tires, composite tires, and others. Radial tires feature a construction where internal ply cords run perpendicular (90 degrees) to the direction of travel, from bead to bead. They find application in a variety of vehicles, including passenger cars, two-wheelers, three-wheelers, and commercial vehicles. These tires are distributed through various channels, including original equipment and aftermarket outlets.

The EV tire market research report is one of a series of new reports that provides EV tire market statistics, including EV tire industry global market size, regional shares, competitors with EV tire market share, detailed EV tire market segments, market trends and opportunities, and any further data you may need to thrive in the EV tire industry. This EV tire market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The EV tire market consists of sales of low-rolling-resistance tires, performance tires, grand touring tires, and run-flat tires. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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