Electric Vehicle Tires Market Size to Surpass US$ 161.6 Bn by 2030

According to Precedence Research, the global electric vehicle (EV) tires market size is expected to surpass around US$ 161.6 billion by 2030 and growing at a compound annual growth rate (CAGR) of 16.78{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} from 2022 to 2030.

Tokyo, June 13, 2022 (GLOBE NEWSWIRE) — The global electric vehicle (EV) tires market was reached at US$ 40 billion in 2021. As far as the impact of covid 19 is concerned, the size of the electric vehicle tire market is estimated to touch 8.6{e3fa8c93bbc40c5a69d9feca38dfe7b99f2900dad9038a568cd0f4101441c3f9} yearly. The entire market is primary carried on by the increasing demand for smart vehicles and the advancement of automatic connected vehicles. The increasing shift to artificial intelligence rather than manually operated vehicles and the recent introduction of the 5G network has helped to boost the electric vehicle market to a great extent. The rapid emergence of modern technology associated with these smart vehicles has also encouraged a huge population to opt for them.

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Regional Snapshots

The North American market is providing a great opportunity to the electric vehicle tire market pertaining to the increasing demand for environmentally sustainable electric vehicles. The increasing use of these vehicles facilitates the demand for the tire market parallelly. The other regions boosting he size of the EV tire market includes Europe and Japan. The Asia Pacific countries like India and China also tend to shift to the use of sustainable energy resources which facilitates the use of EV tires thus helping the market to grow.

Report highlights

• On the basis of type, the market sees a growth in the passenger vehicles segment due to increasing use of electric vehicles by the private commuters on the daily basis to increase their disposable income.

• On the basis of technology, the radial type of technology has shown a rise due to its perfect compatibility with the performance associated with the electric vehicles and the smooth experience observed by the end users.

• On the basis of distribution channel the OEM has seen a commendable growth as compared to the aftermarket sector.

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Scope of the Report

Market Dynamics

Drivers

The torque expected out of the electric vehicle tires is higher as compared to the normal internal combustion vehicles pertaining to the higher weight of the electric vehicles due to the heavy batteries used in them. On the other hand reduction in the noise pollution due to the absence of an internal combustion engine also helps to drive the market during the forecast period the higher range of distance can cover makes it inevitable for the electric vehicles to have special tires. The low rolling resistance which is required for the electric vehicle tires to provide better distance is an essential factor. Low rolling resistance provided by electric vehicle tires leads to lesser wastage of energy. The wet grip provided by the electric vehicle tires helps to reduce the braking time of the wheels on road.

Restraints

Increase in the total weight of a vehicle pertaining to the heavy weight of the batteries reduces the total range covered by the electric vehicle. The R&D done regarding electric vehicle isn’t sufficient to provide a safer lifestyle to the consumers. Pertaining to the absence of engine noise of the electric vehicles, the sound of the tires is audible inside in the cabin of the electric vehicle. As the use of electric vehicle has not been adopted on a large scale the number of charging stations provided are less which makes it difficult for the present users to opt for long distance travel. The energy loss pertaining to the use of electric vehicle tires as a result on the increased torque which is required in while moving out from halt proving to be a matter of concern for the market.

Opportunities

The combination of carbon black with silica which is used in the recent tires benefits in terms of both, by providing a low resistance as well as a better wear and tear of the tires during usage. The increase in use of electric vehicle owing to the rise in the combustible fuel prices as also have to boost the electric vehicle tires market. The improved thread pattern and side wall construction using advance technology has proved to be an opportunity for the developing market. Reduced braking distance owing to the wet grip concept has also boosted the use of electric vehicle tires.

Challenges

The improved tread pattern using new technologies has lead to the change the shape of the tires. The method carried out to construct the side wall of the tires has also affected the size of the tires. The higher rolling resistance provided by the electric vehicle tires when the vehicle moves from halt needs greater use of energy and provides less work in return. Increase int he total weight of the electric vehicle pertaining to the heavy batteries used in the functioning of the machine makes use of more energy, hence hampering the average economy of the vehicle. Installation of charging stations has not seen a great pace during the present period, hence use of electric vehicles challenges the customer to decide on the feasibility of the vehicle for long distance travels.

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Recent Developments

In order to reduce the production of noise in vehicle propulsion, Michelin developed the tire technology. Polyurethane foam is used to make the experience quieter by around twenty percent during a drive by the customer. The cabin is thus much peaceful. The high performance expected out of tires of the sports utility vehicles have been fulfilled by these tires. This took place in March 2021.

‘Ecorun A-A’, developed in May 2018, which is a smart tire developed by a collaboration between Falken, a Japanese company and Toyota. The top most performance shown against wet grip and efficiency has coined the name for the product.

Market Segmentation

By Distribution Channel

By Type

• Passenger vehicles

• Commercial vehicles

• Two wheelers

By Technology

By Tire Size

• Up to 14”

• 15-18”

• Above 18”

By Propulsion

By Geography

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