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Global 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 - Forecast to 2030

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    Report

  • 253 Pages
  • December 2023
  • Region: Global
  • Markets and Markets
  • ID: 5914664
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Increasing Demand for Replacement Tires Driving Market Growth

The global electric vehicle tires market 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 environmentally sustainable 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 than 100 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, and has 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.

Breakup of Primaries

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%, and 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.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
Table 1 Electric Vehicle Tires Market, by Sales Channel
Table 2 Electric Vehicle Tires Market, by Vehicle Type
Table 3 Electric Vehicle Tires Market, by Propulsion Type
Table 4 Electric Vehicle Tires Market, by Load Index
1.3 Market Scope
1.3.1 Markets Covered
Figure 1 Electric Vehicle Tires Market Segmentation
1.3.2 Regional Scope
1.3.3 Years Considered
1.4 Inclusions and Exclusions
Table 5 Inclusions and Exclusions
1.5 Currency Considered
Table 6 Currency Exchange Rates
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
Figure 2 Research Design
Figure 3 Research Process Flow
2.1.1 Secondary Data
2.1.1.1 Key Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 List of Participating Companies for Primary Research
Figure 4 Breakdown of Primary Interviews: by Company Type, Designation, and Region
2.1.2.3 Primary Research Objectives
2.1.2.4 List of Primary Participants
2.2 Market Estimation Methodology
Figure 5 Research Methodology: Hypothesis Building
2.3 Market Size Estimation
Figure 6 Electric Vehicle Tires Market Size Estimation
2.3.1 Bottom-Up Approach
Figure 7 Bottom-Up Approach
2.3.2 Top-Down Approach
Figure 8 Top-Down Approach
2.4 Data Triangulation
Figure 9 Data Triangulation
2.5 Factor Analysis
2.5.1 Regional Economy Impact Analysis
2.5.2 Factor Analysis for Market Sizing: Demand and Supply Sides
2.6 Recession Impact Analysis
2.7 Research Assumptions
2.8 Research Limitations
3 Executive Summary
Figure 10 Electric Vehicle Tires Market Overview
Figure 11 North America to Register Highest CAGR During Forecast Period
Figure 12 Heavy Commercial Vehicles to Have Highest CAGR During Forecast Period
4 Premium Insights
4.1 Attractive Opportunities for Players in Electric Vehicle Tires Market
Figure 13 Increasing Adoption of Electric Passenger Cars to Drive Market
4.2 Electric Vehicle Tires Market, by Region
Figure 14 North America to Account for Highest CAGR During Forecast Period
4.3 Electric Vehicle Tires Market, by Propulsion Type
Figure 15 Battery Electric Vehicles to Lead Market from 2023 to 2030 (USD Million)
4.4 Electric Vehicle Tires Market, by Vehicle Type
Figure 16 Heavy Commercial Vehicles to Acquire Highest CAGR During Forecast Period (USD Million)
4.5 Electric Vehicle Tires Market, by Application
Figure 17 On-Road Segment Estimated to Account for Larger Market Share (2023-2030)
4.6 Electric Vehicle Tires Market, by Rim Size
Figure 18 >21” Inches to Have Highest Growth During Forecast Period
4.7 Electric Vehicle Tires Market, by Load Index
Figure 19 Less Than 100 Subsegment to Have Higher Market Share During Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 20 Electric Vehicle Tires Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Government Initiatives for Green and Clean Environment
Table 7 Co2 Emission Reduction Targets Worldwide
5.2.1.2 Increasing Demand to Improve Vehicle Range
Table 8 New Electric Vehicle Models, by Range, 2022-2023
5.2.1.3 Growing Demand for Better Fuel Efficiency
Table 9 Factors for Efficiency Improvement, by Vehicle Type
5.2.1.4 Rising Sales of Electric Commercial Vehicles
5.2.2 Restraints
5.2.2.1 Lack of Awareness of Electric Vehicle Tires in Emerging Economies
Table 10 Aspects of Low Consumer Awareness for Electric Vehicle Tires in Emerging Economies
5.2.2.2 Increased Longevity of Tires Affecting Aftermarket Sales
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Replacement Tires
5.2.3.2 Growing Focus on Environmental Sustainability
5.2.4 Challenges
5.2.4.1 Mandatory Tests of Electric Vehicle Tires for Commercial Use
Table 11 Electric Vehicle Tires Market, by Inspection Type
5.2.4.2 Higher Cost and Limited Availability of Electric Vehicle Tires
Table 12 Average Price Comparison, by Tire Type
5.2.5 Impact Analysis of Market Dynamics
5.3 Pricing Analysis
5.3.1 Average Selling Price Trends of Key Players, by Vehicle Type, 2023
Table 13 Average Selling Price Comparison, by Vehicle Type, 2023
5.3.2 Average Selling Price Trends, by Region, 2023
Table 14 Average Selling Price Comparison, by Region, 2023
5.4 Ecosystem Analysis
Figure 21 Ecosystem Mapping
Table 15 Role of Companies in Ecosystem
5.5 Supply Chain Analysis
Figure 22 Supply Chain Analysis
5.6 Case Study Analysis
5.6.1 Case Study 1: Development of High-Performance N-Marked Tires
5.6.2 Case Study 2: Co-Development of Techsyn Tire for Improved Environmental Performance
5.6.3 Case Study 3: Tire Manufacturing for BMW Ix Electric SUV
5.6.4 Case Study 4: Tire Designed for Lucid Air Dream Edition
5.6.5 Case Study 5: Use of Rangemax Rsd Tire for Lower Rolling Resistance
5.7 Patent Analysis
Table 16 Innovations and Patent Registrations, 2020-2023
5.8 Technology Analysis
5.8.1 Smart Tires
5.8.2 3D-Printed Tires
5.8.3 Run-Flat Tires
5.8.4 Green Tires
5.8.5 Tread Design
Figure 23 Electric Vehicle Tire Design
5.8.6 Connectivity Technology
5.9 Tariff and Regulatory Landscape
5.9.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.9.1.1 North America
Table 17 North America: Regulatory Bodies, Government Agencies, and Other Organizations
5.9.1.2 Europe
Table 18 Europe: Regulatory Bodies, Government Agencies, and Other Organizations
5.9.1.3 Asia-Pacific
Table 19 Asia-Pacific: Regulatory Bodies, Government Agencies, and Other Organizations
5.10 Key Conferences and Events, 2023-2024
Table 20 Key Conferences and Events, 2023-2024
5.11 Key Stakeholders and Buying Criteria
5.11.1 Key Stakeholders in Buying Process
Figure 24 Influence of Key Stakeholders on Buying Process
Table 21 Influence of Stakeholders on Buying Process, by Vehicle Type (%)
5.11.2 Buying Criteria
Figure 25 Key Buying Criteria for Electric Vehicle Tires
5.12 Trends and Disruptions Impacting Customer Business
Figure 26 Revenue Shift for Players in Electric Vehicle Tires Market
5.13 Marketsnandmarkets Insights on Materials Used for Electric Vehicle Tires
5.13.1 Materials
5.13.1.1 Silica
5.13.1.2 Synthetic Rubber
5.13.1.3 Steel Belts
5.13.1.4 Nylon
5.14 Electric Vehicle Tire Offerings, by Key Players
5.14.1 GDP Trends and Forecasts for Major Economies
Table 22 GDP Trends and Forecasts, by Major Economies, 2019-2026 (USD Billion)
6 Electric Vehicle Tires Market, by Vehicle Type
6.1 Introduction
Figure 27 Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (USD Million)
Table 23 Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 24 Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 25 Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (USD Million)
Table 26 Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (USD Million)
6.2 Passenger Cars
6.2.1 Increasing Spending Power of Consumers and Sales of Privately Owned Passenger Cars to Drive Market
Table 27 Passenger Cars: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 28 Passenger Cars: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 29 Passenger Cars: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 30 Passenger Cars: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
6.3 Light Commercial Vehicles
6.3.1 Growing Demand for Reducing Operating Cost of Commercial Vehicles to Drive Market
Table 31 Light Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 32 Light Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 33 Light Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 34 Light Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
6.4 Heavy Commercial Vehicles
6.4.1 Rising Demand for Sustainable Goods Transportation to Drive Market
Table 35 Heavy Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 36 Heavy Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 37 Heavy Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 38 Heavy Commercial Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
6.5 Buses
6.5.1 Electrification of Public Transport to Drive Market
Table 39 Buses: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 40 Buses: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 41 Buses: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 42 Buses: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
6.6 Key Industry Insights
7 Electric Vehicle Tires Market, by Propulsion Type
7.1 Introduction
Figure 28 Electric Vehicle Tires Market, by Propulsion Type, 2023-2030 (USD Million)
Table 43 Electric Vehicle Tires Market, by Propulsion Type, 2018-2022 (Thousand Units)
Table 44 Electric Vehicle Tires Market, by Propulsion Type, 2023-2030 (Thousand Units)
Table 45 Electric Vehicle Tires Market, by Propulsion Type, 2018-2022 (USD Million)
Table 46 Electric Vehicle Tires Market, by Propulsion Type, 2023-2030 (USD Million)
7.2 Battery Electric Vehicles
7.2.1 Growing Investments by OEMs in R&D to Drive Market
Table 47 Battery Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 48 Battery Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 49 Battery Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 50 Battery Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
7.3 Plug-In Hybrid Electric Vehicles
7.3.1 Reduction in Vehicle Ownership Tax and Increased Charging-based Incentives to Drive Market
Table 51 Plug-In Hybrid Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 52 Plug-In Hybrid Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 53 Plug-In Hybrid Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 54 Plug-In Hybrid Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
7.4 Fuel Cell Electric Vehicles
7.4.1 Expanding Hydrogen Refueling Infrastructure to Drive Market
Table 55 Fuel Cell Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 56 Fuel Cell Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 57 Fuel Cell Electric Vehicles: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 58 Fuel Cell Electric Vehicles: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
7.5 Hybrid Electric Vehicles
7.5.1 Affordable Prices Than Battery Electric Vehicles to Drive Market
7.6 Key Industry Insights
8 Electric Vehicle Tires Market, by Rim Size
8.1 Introduction
Figure 29 Electric Vehicle Tires Market, by Rim Size, 2023-2030 (USD Million)
Table 59 Electric Vehicle Tires Market, by Rim Size, 2018-2022 (Thousand Units)
Table 60 Electric Vehicle Tires Market, by Rim Size, 2023-2030 (Thousand Units)
Table 61 Electric Vehicle Tires Market, by Rim Size, 2018-2022 (USD Million)
Table 62 Electric Vehicle Tires Market, by Rim Size, 2023-2030 (USD Million)
Table 63 OEMs and Their Models, by Rim Size
8.2 13-15 Inches
8.2.1 Rising Sales of Small and Mid-Sized Electric Passenger Cars to Drive Market
Table 64 13-15”: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 65 13-15”: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 66 13-15”: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 67 13-15”: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
8.3 16-18 Inches
8.3.1 Expanding Logistics Industry to Drive Market
Table 68 16-18”: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 69 16-18”: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 70 16-18”: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 71 16-18”: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
8.4 19-21 Inches
8.4.1 Growing Demand for Sports and Luxury Passenger Cars to Drive Market
Table 72 19-21”: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 73 19-21”: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 74 19-21”: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 75 19-21”: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
8.5 More Than 21 Inches
8.5.1 Increasing Construction Projects and Adoption of Electric Buses to Drive Market
Table 76 More Than 21”: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 77 More Than 21”: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 78 More Than 21”: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 79 More Than 21”: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
8.6 Key Industry Insights
9 Electric Vehicle Tires Market, by Load Index
9.1 Introduction
Figure 30 Tire Sidewall Information
Figure 31 Electric Vehicle Tires Market, by Load Index, 2023-2030 (USD Million)
Table 80 Electric Vehicle Tires Market, by Load Index, 2018-2022 (Thousand Units)
Table 81 Electric Vehicle Tires Market, by Load Index, 2023-2030 (Thousand Units)
Table 82 Electric Vehicle Tires Market, by Load Index, 2018-2022 (USD Million)
Table 83 Electric Vehicle Tires Market, by Load Index, 2023-2030 (USD Million)
Table 84 Operational Data of Load Index, by OEMs and Their Offerings
9.2 Less Than 100
9.2.1 Increasing Sales of Electric and Hybrid Small Passenger Cars to Drive Market
Table 85 Less Than 100: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 86 Less Than 100: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 87 Less Than 100: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 88 Less Than 100: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
9.3 Above 100
9.3.1 Growing Demand for Electric Luxury Cars and SUVs to Drive Market
Table 89 Above 100: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 90 Above 100: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 91 Above 100: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 92 Above 100: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
9.4 Key Industry Insights
10 Electric Vehicle Tires Market, by Application
10.1 Introduction
Figure 32 Electric Vehicle Tires Market, by Application, 2023-2030 (USD Million)
Table 93 Electric Vehicle Tires Market, by Application, 2018-2022 (Thousand Units)
Table 94 Electric Vehicle Tires Market, by Application, 2023-2030 (Thousand Units)
Table 95 Electric Vehicle Tires Market, by Application, 2018-2022 (USD Million)
Table 96 Electric Vehicle Tires Market, by Application, 2023-2030 (USD Million)
10.2 On-Road
10.2.1 Rising Adoption of Electric Buses to Drive Market
Table 97 On-Road: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 98 On-Road: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 99 On-Road: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 100 On-Road: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
10.3 Off-Road
10.3.1 Growing Availability of Electric Trucks to Drive Market
Table 101 Off-Road: Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 102 Off-Road: Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 103 Off-Road: Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 104 Off-Road: Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
10.4 Key Industry Insights
11 Electric Vehicle Tires Market, by Sales Channel
11.1 Introduction
Table 105 Operational Data
11.2 OEM
11.2.1 Increasing Preference of Consumers for Specially Developed Tires for Electric Vehicles to Drive Market
11.3 Aftermarket
11.3.1 Growing Online Sales of Electric Vehicle Tires to Drive Market
11.4 Key Industry Insights
12 Electric Vehicle Tires Market, by Region
12.1 Introduction
Figure 33 Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
Table 106 Electric Vehicle Tires Market, by Region, 2018-2022 (Thousand Units)
Table 107 Electric Vehicle Tires Market, by Region, 2023-2030 (Thousand Units)
Table 108 Electric Vehicle Tires Market, by Region, 2018-2022 (USD Million)
Table 109 Electric Vehicle Tires Market, by Region, 2023-2030 (USD Million)
12.2 Asia-Pacific
12.2.1 Asia-Pacific: Recession Impact Analysis
Figure 34 Asia-Pacific: Electric Vehicle Tires Market Snapshot
Table 110 Asia-Pacific: Electric Vehicle Tires Market, by Country, 2018-2022 (Thousand Units)
Table 111 Asia-Pacific: Electric Vehicle Tires Market, by Country, 2023-2030 (Thousand Units)
Table 112 Asia-Pacific: Electric Vehicle Tires Market, by Country, 2018-2022 (Thousand USD)
Table 113 Asia-Pacific: Electric Vehicle Tires Market, by Country, 2023-2030 (Thousand USD)
12.2.2 China
12.2.2.1 Made in China 2025 and Preferential Vehicle Licensing System Initiatives to Drive Market
Table 114 China: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 115 China: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 116 China: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 117 China: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.2.3 Japan
12.2.3.1 Growing Domestic Automobile Manufacturing to Drive Market
Table 118 Japan: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Units)
Table 119 Japan: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Units)
Table 120 Japan: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 121 Japan: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.2.4 India
12.2.4.1 Rising Disposable Income and Affordable Electric Vehicle Models to Drive Market
Table 122 India: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 123 India: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 124 India: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 125 India: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.2.5 South Korea
12.2.5.1 Growing Investments in Electric Vehicles to Drive Market
Table 126 South Korea: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Units)
Table 127 South Korea: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Units)
Table 128 South Korea: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 129 South Korea: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.2.6 Thailand
12.2.6.1 Increasing Tax Rebates and Subsidies to Drive Market
12.2.7 Indonesia
12.2.7.1 Declining Battery Cost and Increasing Consumer Awareness to Drive Market
12.2.8 Malaysia
12.2.8.1 Battery Electric Vehicle Global Leaders Initiative to Drive Market
12.2.9 Vietnam
12.2.9.1 Setting Up of New Manufacturing Plants to Drive Market
12.3 Europe
12.3.1 Europe: Recession Impact Analysis
Figure 35 Europe: Electric Vehicle Tires Market Snapshot
Table 130 Europe: Electric Vehicle Tires Market, by Country, 2018-2022 (Thousand Units)
Table 131 Europe: Electric Vehicle Tires Market, by Country, 2023-2030 (Thousand Units)
Table 132 Europe: Electric Vehicle Tires Market, by Country, 2018-2022 (USD Million)
Table 133 Europe: Electric Vehicle Tires Market, by Country, 2023-2030 (USD Million)
12.3.2 France
12.3.2.1 Growing Incentives to Promote Eco-Friendly Vehicles to Drive Market
Table 134 France: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 135 France: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 136 France: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 137 France: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.3 Germany
12.3.3.1 Increasing Penetration of Electric Passenger Cars from Domestic and Foreign Brands to Drive Market
Table 138 Germany: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 139 Germany: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 140 Germany: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 141 Germany: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.4 Netherlands
12.3.4.1 Growing Demand for Sustainable Transportation to Drive Market
Table 142 Netherlands: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 143 Netherlands: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 144 Netherlands: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 145 Netherlands: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.5 Norway
12.3.5.1 Government Incentives and Tax Rebates to Drive Market
Table 146 Norway: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 147 Norway: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 148 Norway: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 149 Norway: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.6 Sweden
12.3.6.1 Growing Initiatives for Vehicle Electrification to Drive Market
Table 150 Sweden: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 151 Sweden: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 152 Sweden: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 153 Sweden: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.7 UK
12.3.7.1 Increasing Government Investments to Drive Market
Table 154 UK: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 155 UK: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 156 UK: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 157 UK: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.8 Austria
12.3.8.1 Rising Demand for Passenger and Commercial Electric Vehicles to Drive Market
Table 158 Austria: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 159 Austria: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 160 Austria: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 161 Austria: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.9 Spain
12.3.9.1 Growing Implementation of Subsidy Schemes to Drive Market
Table 162 Spain: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 163 Spain: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 164 Spain: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 165 Spain: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
12.3.10 Switzerland
12.3.10.1 Increasing Focus on Reducing Carbon Footprint to Drive Market
12.3.11 Denmark
12.3.11.1 Rising Adoption of Electric Fleets by Taxi Companies to Drive Market
12.4 North America
12.4.1 North America: Recession Impact Analysis
Table 166 North America: Electric Vehicle Tires Market, by Country, 2018-2022 (Thousand Units)
Table 167 North America: Electric Vehicle Tires Market, by Country, 2023-2030 (Thousand Units)
Table 168 North America: Electric Vehicle Tires Market, by Country, 2018-2022 (USD Million)
Table 169 North America: Electric Vehicle Tires Market, by Country, 2023-2030 (USD Million)
12.4.2 US
12.4.2.1 Growing Use of Electric Vehicles for Construction, Landscaping, and Delivery Services to Drive Market
Table 170 US: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 171 US: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 172 US: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (USD Million)
Table 173 US: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (USD Million)
12.4.3 Canada
12.4.3.1 Increasing Awareness of Electric Vehicle Benefits and Favorable Trade Agreements to Drive Market
Table 174 Canada: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand Units)
Table 175 Canada: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand Units)
Table 176 Canada: Electric Vehicle Tires Market, by Vehicle Type, 2018-2022 (Thousand USD)
Table 177 Canada: Electric Vehicle Tires Market, by Vehicle Type, 2023-2030 (Thousand USD)
13 Competitive Landscape
13.1 Overview
13.2 Key Players’ Strategies, 2020-2023
Table 178 Key Players’ Strategies, 2020-2023
13.3 Market Share Analysis
Table 179 Market Share Analysis, 2022
Figure 36 Market Share Analysis, 2022
13.3.1 Michelin
13.3.2 Bridgestone Corporation
13.3.3 The Goodyear Tire & Rubber Company
13.3.4 Continental AG
13.3.5 Pirelli & C. Spa
13.4 Revenue Analysis
Figure 37 Revenue Analysis of Top 5 Players, 2018-2022
13.5 Company Evaluation Matrix
13.5.1 Stars
13.5.2 Emerging Leaders
13.5.3 Pervasive Players
13.5.4 Participants
Figure 38 Company Evaluation Matrix, 2023
13.5.5 Company Footprint
Table 180 Company Footprint, 2023
Table 181 Company Footprint, by Product
Table 182 Company Footprint, by Region
13.6 Startup/SME Evaluation Matrix
13.6.1 Progressive Companies
13.6.2 Responsive Companies
13.6.3 Dynamic Companies
13.6.4 Starting Blocks
Figure 39 Startup/SME Evaluation Matrix, 2023
13.6.5 Competitive Benchmarking
Table 183 Detailed List of Startups/SMEs
Table 184 Competitive Benchmarking of Startups/SMEs
13.7 Competitive Scenario
13.7.1 Deals
Table 185 Deals, 2022-2023
13.7.2 Product Launches
Table 186 Product Launches, 2022-2023
13.7.3 Others
Table 187 Others, 2022-2023
14 Company Profiles
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
14.1 Key Players
14.1.1 Michelin
Table 188 Michelin: Company Overview
Figure 40 Michelin: Company Snapshot
Table 189 Michelin: Products/Solutions/Services Offered
Table 190 Michelin: Product Developments
Table 191 Michelin: Deals
Table 192 Michelin: Others
14.1.2 Bridgestone Corporation
Table 193 Bridgestone Corporation: Company Overview
Figure 41 Bridgestone Corporation: Company Snapshot
Table 194 Bridgestone Corporation: Products/Solutions/Services Offered
Table 195 Bridgestone Corporation: Product Developments
Table 196 Bridgestone Corporation: Deals
Table 197 Bridgestone Corporation: Others
14.1.3 The Goodyear Tire & Rubber Company
Table 198 The Goodyear Tire & Rubber Company: Company Overview
Figure 42 The Goodyear Tire & Rubber Company: Company Snapshot
Table 199 The Goodyear Tire & Rubber Company: Products/Solutions/Services Offered
Table 200 The Goodyear Tire & Rubber Company: Product Developments
Table 201 The Goodyear Tire & Rubber Company: Deals
Table 202 The Goodyear Tire & Rubber Company: Others
14.1.4 Continental AG
Table 203 Continental AG: Company Overview
Figure 43 Continental AG: Company Snapshot
Figure 44 Continental AG: Global Presence
Table 204 Continental AG: Products/Solutions/Services Offered
Table 205 Continental AG: Product Developments
Table 206 Continental AG: Deals
14.1.5 Pirelli & C. Spa
Table 207 Pirelli & C. Spa: Company Overview
Figure 45 Pirelli & C. Spa: Company Snapshot
Table 208 Pirelli & C. Spa: Products/Solutions/Services Offered
Table 209 Pirelli & C. Spa: Product Developments
Table 210 Pirelli & C. Spa: Deals
Table 211 Pirelli & C. Spa: Others
14.1.6 Sumitomo Rubber Industries, Ltd.
Table 212 Sumitomo Rubber Industries, Ltd.: Company Overview
Figure 46 Sumitomo Rubber Industries, Ltd.: Company Snapshot
Table 213 Sumitomo Rubber Industries, Ltd.: Products/Solutions/Services Offered
Table 214 Sumitomo Rubber Industries, Ltd.: Product Developments
Table 215 Sumitomo Rubber Industries, Ltd.: Others
14.1.7 Hankook Tire & Technology Co. Ltd.
Table 216 Hankook Tire & Technology Co. Ltd.: Company Overview
Figure 47 Hankook Tire & Technology Co. Ltd.: Company Snapshot
Table 217 Hankook Tire & Technology Co. Ltd.: Product/Solutions/Services Offered
Table 218 Hankook Tire & Technology Co. Ltd.: Product Developments
Table 219 Hankook Tire & Technology Co. Ltd.: Deals
Table 220 Hankook Tire & Technology Co. Ltd.: Others
14.1.8 Nokian Tyres PLC
Table 221 Nokian Tyres PLC: Company Overview
Figure 48 Nokian Tyres PLC: Company Snapshot
Table 222 Nokian Tyres PLC: Products/Solutions/Services Offered
Table 223 Nokian Tyres PLC: Product Developments
Table 224 Nokian Tyres PLC: Deals
Table 225 Nokian Tyres PLC: Others
14.1.9 Kumho Tire Co. Inc.
Table 226 Kumho Tire Co. Inc.: Company Overview
Figure 49 Kumho Tire Co. Inc.: Company Snapshot
Table 227 Kumho Tire Co. Inc.: Products/Solutions/Services Offered
Table 228 Kumho Tire Co. Inc.: Product Developments
Table 229 Kumho Tire Co. Inc.: Deals
Table 230 Kumho Tire Co. Inc.: Others
14.1.10 Zhongce Rubber Group Co. Ltd.
Table 231 Zhongce Rubber Group Co. Ltd.: Company Overview
Table 232 Zhongce Rubber Group Co. Ltd.: Products/Solutions/Services Offered
Table 233 Zhongce Rubber Co. Ltd.: Product Developments
Table 234 Zhongce Rubber Co. Ltd.: Deals
Table 235 Zhongce Rubber Co. Ltd.: Others
14.2 Other Players
14.2.1 Sailun Group Co. Ltd.
Table 236 Sailun Group Co. Ltd.: Company Overview
14.2.2 Cheng Shin Rubber Ind. Co. Ltd.
Table 237 Cheng Shin Rubber Ind. Co. Ltd.: Company Overview
14.2.3 Apollo Tyres
Table 238 Apollo Tyres: Company Overview
14.2.4 Shandong Linglong Tyre Co. Ltd.
Table 239 Shandong Linglong Tyre Co. Ltd.: Company Overview
14.2.5 Giti Tire
Table 240 Giti Tire: Company Overview
14.2.6 The Yokohama Rubber Co. Ltd.
Table 241 The Yokohama Rubber Co. Ltd.: Company Overview
14.2.7 Cooper Tire & Rubber Company
Table 242 Cooper Tire & Rubber Company: Company Overview
14.2.8 Nexen Tire
Table 243 Nexen Tire: Company Overview
14.2.9 Toyo Tires
Table 244 Toyo Tires: Company Overview
14.2.10 Ceat Limited
Table 245 Ceat Limited: Company Overview
14.2.11 Balkrishna Industries Ltd.
Table 246 Balkrishna Industries Ltd.: Company Overview
14.2.12 Kenda Rubber Industrial Co. Ltd.
Table 247 Kenda Rubber International Co. Ltd.: Company Overview
*Details on Business Overview, Products/Solutions/Services Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) Might Not be Captured in Case of Unlisted Companies
15 Analyst's Recommendations
15.1 Asia-Pacific to be Largest Market for Electric Vehicle Tires
15.2 Tire Manufacturers Prefer High-Performance Electric Vehicle Tires
15.3 Conclusion
16 Appendix
16.1 Key Insights from Industry Experts
16.2 Discussion Guide
16.3 KnowledgeStore: The Subscription Portal
16.4 Customization Options

Executive Summary

Companies Mentioned

  • Apollo Tyres
  • Balkrishna Industries Ltd.
  • Bridgestone Corporation
  • Ceat Limited
  • Cheng Shin Rubber Ind. Co. Ltd.
  • Continental AG
  • Cooper Tire & Rubber Company
  • Giti Tire
  • Hankook Tire & Technology Co. Ltd.
  • Kenda Rubber Industrial Co. Ltd.
  • Kumho Tire Co. Inc.
  • Michelin
  • Nexen Tire
  • Nokian Tyres PLC
  • Pirelli & C. Spa
  • Sailun Group Co. Ltd.
  • Shandong Linglong Tyre Co. Ltd.
  • Sumitomo Rubber Industries, Ltd.
  • The Goodyear Tire & Rubber Company
  • The Yokohama Rubber Co. Ltd.
  • Toyo Tires
  • Zhongce Rubber Group Co. Ltd.

Table Information

Report AttributeDetails
No. of Pages253
PublishedDecember 2023
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 2.8 Billion
Forecasted Market Value ( USD ) by 2030 $ 11.2 Billion
Compound Annual Growth Rate21.7%
Regions CoveredGlobal
No. of Companies Mentioned22

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About the Electric Vehicle Tires Market

Within the automotive tire industry, the electric vehicle (EV) tire market represents a specialized segment that caters specifically to the distinct needs of electric vehicles. Unlike conventional car tires, EV tires are designed to support the heavier weight of electric vehicles due to their battery packs. These tires also aim to reduce rolling resistance for improved energy efficiency, which is crucial for extending the range of the vehicle on a single charge. Additionally, EV tires often emphasize a lower noise profile to complement the silent operation of electric motors. The design and manufacture of EV tires involve a delicate balance between durability, performance, and efficiency. Manufacturers focus on using innovative materials and tread patterns to achieve these goals. Given the rapid advancement and adoption of electric vehicles, the EV tire market is an increasingly important area of focus for tire manufacturers, who are investing in research and development to produce tires that can keep pace with the evolving technology and performance standards of electric cars. Prominent companies in the electric vehicle tire market include Michelin, Bridgestone, Continental AG, Goodyear Tire and Rubber Company, Pirelli, Hankook Tire, and Yokohama Rubber Company. These industry players offer a range of products designed to meet the distinctive demands of the evolving electric vehicle segment. Show Less Read more

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