Rising Demand: Electric Vehicle Tire Market Predicted to Expand at 18.7% CAGR by 2030

According to a recent comprehensive by MarkNtel Advisors  Electric Vehicle Tire Market research report, the  Electric Vehicle Tire market is set for significant growth, driven by factors such as market size, share, and evolving trends.

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This detailed report offers crucial insights into the market, covering key aspects such as market segmentation and definitions. It outlines the main drivers of growth and provides a clear forecast of the industry’s future direction. Additionally, the study provides a thorough overview of the competitive landscape, detailing recent developments and regional distribution across major areas. An expert competitor analysis delivers an in-depth understanding of market dynamics, offering strategic recommendations for businesses and investors.

With its robust analysis and forward-looking projections, this report is an essential resource for stakeholders aiming to leverage emerging opportunities and address potential challenges in the Electric Vehicle Tire market.

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Electric Vehicle Tire Market (2024-2030): Analysis and Growth

The Global Electric Vehicle Tire Market size was valued at USD 3.1 Billion in 2023 and is projected to reach USD 13.4 Billion by 2030

What are the key drivers fueling growth in the Electric Vehicle Tire market from 2024-2030?

Rising Production of EVs Worldwide Uplifting the Requirement for Electric Vehicle Tires– In recent years, Greenhouse emissions have increased at an alarming rate due to the consistent increase in transportation activities & rapid industrialization. As per the International Energy Agency, in 2022, more global emissions reached approximately 8 Gt, an increase of about 250 Mt or about 3% compared to the previous year. These emissions contribute to global warming and air pollution, leading to adverse health effects and environmental degradation. Therefore, the official authorities across the globe are encouraging the adoption of sustainable transportation modes, including EVs. This, in turn, is resulting in the increased sales of EVs across the Globe, facilitating the requirement for EV-specific tires. Also, to cater to this growing demand for EVs, top companies are expanding their production units. For instance, in 2024, BYD announced to set up an EV manufacturing facility in Turkey. Similarly, other players are also ramping up the production of EVs, which would generate the demand for EV-specific tires directly from the original equipment manufacturers and contribute to enlarging the market size during the forthcoming years.

Electric Vehicle Tire Market : Segmentation Analysis 

By Type of Tire

• Radial
• Bias

By Vehicle Type

o    Passenger Car

o    Two Wheeler & Three Wheeler

o    Commercial Vehicle

o    Others

By Price Category

• Budget
• Premium
• Economy

By Distribution Channel

• OEM
• Aftermarket

By Sales Channel

• Direct Sales
• Online
• Dealers/ Exclusive Outlets

By Rim Diameter

• Up to 12”
• 12.1” to 15”
• 15.1.” to 18”
• 18.1” to 20”
• 20.1” to 22.5”
• 22.6” to 30”
• 30.1” to 35”
• 35.1” to 47”
• Above 47”

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

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What role do key competitors play in shaping the market, and how are they adapting to emerging trends and challenges?

Continental AG, Bridgestone Corporation, Yokohama Rubber Company Ltd., Hankook Tire & Technology Group, The Goodyear Tire & Rubber Company, Michelin Group, Kumho Tire Company Inc., Pirelli & C. S.p.A, Toyo Tire Corporation, GITI Tire etc.

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Key Questions Answered in the Research Report:

1.     What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?

2.     What are the trends influencing the current scenario of the market?

3.     What key factors would propel and impede the industry across the country?

4.     How has the industry been evolving in terms of geography & solution adoption?

5.     How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2024-30?

6.     Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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