Global Production of Electric Vehicle (EV) Tires Market to Reach US$ 100 Billion by 2033; Growing at a CAGR of 26.6% through the Forecast Period 2023 to 2033

Global Production of Electric Vehicle (EV) Tires Market to Reach US$ 100 Billion by 2033; Growing at a CAGR of 26.6% through the Forecast Period 2023 to 2033
Future Market Insights Global and Consulting Pvt. Ltd.

Future Market Insights Global and Consulting Pvt. Ltd.

The rise in adoption of electric vehicles is driving a greener car culture, with the EV tires market witnessing an upswell as tire types boasting lower carbon emissions become increasingly popular. It looks like sustainable transportation has well and truly turned a corner!

NEWARK, Del, Jan. 18, 2023 (GLOBE NEWSWIRE) — In the current year 2023, the net worth of the global EV tires market size is estimated to be around US$ 9,444.1 million. As per the market analysis report projections, EV tire sales are to grow at a CAGR of 26.6% during the next 10 years. This report also predicts that the total valuation of the market would be around US$ 99,884.7 million by 2033.

Electric car tires vary from conventional vehicle tires in that they are designed to minimize road noise and increase range while accommodating the greater load within an electric engine. That said, they, like traditional tires, fulfill the same standards such as steering accuracy, and other factors making it a wise choice for other vehicles as well.

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More average vehicle life by greater attention to performance and safety, technical advancements resulting in longer tire durability, and other reasons are driving the EV tire industry.

Key Takeaways from the EV Tires Market Study Report

  • Germany is the leading region in the manufacturing of EV tires and contributes around 11.2% of the market share alone. In the previous year 2022, it generated a revenue of US$ 832.2 million from the production and sales of EV tires.

  • On the other hand, the United Kingdom is the fastest growing market for sales of EV tires in the Europe region. The year-on-year growth rate for the UK EV tire market is predicted to be around 22.4% from 2023 to 2033.

  • China, with a strong manufacturing base, is an emerging market for EV tires that is growing at an annual rate of 20.8%.

  • Contrarily, Australia for strengthening its electric mobility is witnessing a substantial increase in demand for EV tires over these years. The overall market in Australia is anticipated to grow promisingly and achieved an EV tire business of US$ 1 billion by 2033.

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Competitive Landscape for the EV Tires Market

Continental AG, Bridgestone, Pirelli & C. S.p.A., Goodyear Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Yokohama Rubber Co. Ltd., Apollo Tyres, Michelin, Nokian Tyres, Cooper Tire & Rubber Company, and Falken Tyre are some of the major players in the global EV tire market.

Recent Developments in the EV Tires Industry

  • Falken Company, located in Japan, created the Ecorun A-A Tires in May of 2018. Further, it has teamed up with Toyota to create an electric passenger automobile. In this case, A is the benchmark for wet grip performance as well as its efficiency on road.

  • Michelin launched the development of a new tire type in March 2021, with the goal of reducing noise while the EV propulsion. In comparison to the previous state, this shift was over 20%. As a result, the user and customer may enjoy a more comfortable ride.

  • P Zero All Season Plus in Elect product line was introduced in the United States in March 2022. It is Pirelli’s first replacement tires — tires that may also suit a car if the primary tires wear out — built exclusively for EVs.

Key Segments

By Product Type:

  • Radial Tires

  • Bias Tires

  • Composite Tires

  • Others

By Tire Size:

  • Up to 14”

  • 15”-18”

  • Above 18”

By Propulsion:

By Vehicle Type:

  • Passenger Cars

  • Commercial Vehicles

By Sales Channel:

By Region:

  • North America (USA, Canada)

  • Latin America (Mexico, Brazil)

  • Europe (Germany, Italy, France, UK, Spain, Russia)

  • South Asia & Pacific (India, ASEAN, Australia & New Zealand)

  • East Asia (China, Japan, South Korea)

  • The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Türkiye)

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Table of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations

3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario

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