Electric Vehicle Tires Market 2024-2032; Growth Forecast & Industry Share Report

The global electric vehicle tires market is expected to register a growth rate of 9% during 2024-2032, driven by a demand for sustainable and eco-friendly transportation solutions.

According to a blog by BloombergNEF in 2023, passenger electric vehicle (EV) sales were set to reach 14 million in that year, a 36% jump from 2022, highlighting the rapid growth in the adoption of sustainable transportation. Moreover, in the 2022 OECD survey on global climate policy attitudes, an average of 80% across participating countries expressed the belief that their nation should actively combat climate change. The increasing awareness and commitment towards environmental conservation have prompted consumers and businesses alike to embrace electric vehicles, creating a surge in demand for specialized tires.

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Furthermore, governments worldwide are incentivizing the adoption of electric vehicles through subsidies, tax benefits, and stringent emission norms, compelling automakers to expand their electric vehicle portfolios. The integration of advanced tire technologies, such as low rolling resistance and high mileage compounds, is also shaping the market outlook.

The overall electric vehicle tires market is classified based on propulsion type, vehicle type, rim size, load index, and region.

The Plug-in Hybrid Electric Vehicles (PHEVs) segment is prompted to grow significantly through 2032, owing to their flexibility and extended driving range. PHEVs require specialized tires that can handle the diverse demands of electric and conventional propulsion. The increasing popularity of hybrid vehicles and advancements in battery technologies are pushing the industry growth. EV tire manufacturers are developing innovative tire solutions that optimize performance, tread life, and energy efficiency for PHEVs, ensuring a smooth and eco-friendly driving experience.

The two-wheelers segment is set for steady growth during the study period, driven by urbanization, rising fuel costs, and a growing preference for sustainable commuting options. To meet the unique requirements of electric scooters and motorcycles, manufacturers are developing tires that offer enhanced stability, grip, and range optimization. Furthermore, as the cost of living rises in various countries, more consumers are expected to adopt two-wheelers as a cost-friendly means of commute.

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North America electric vehicle tires market is poised to witness a demand surge until 2032, propelled by a commitment to reduce carbon emissions and promotion of sustainable transportation solutions. The United States and Canada have witnessed a surge in EV adoption, driven by government incentives, infrastructure development, and an increasing environmental consciousness among consumers. Moreover, by understanding and catering to the unique preferences and requirements of the consumers, industry players can establish a strong foothold in this dynamic and evolving landscape.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Market scope & definition

1.2    Base estimates & calculations

1.3    Forecast calculation

1.4    Data sources

1.4.1    Primary

1.4.2    Secondary

1.4.2.1   Paid sources

1.4.2.2   Public sources

Chapter 2   Executive Summary

2.1    Electric vehicle tires market 3600 synopsis, 2018 - 2032

2.2    Business trends

2.3    Regional trends

2.4    Propulsion type trends

2.5    Vehicle type trends

2.6    Rim size trends

2.7    Load Index trends

Chapter 3   Electric Vehicle Tires Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier Landscape

3.2.1    Component suppliers

3.2.2    Manufacturers

3.2.3    Material suppliers

3.3    Profit margin analysis

3.4    Technology & innovation landscape

3.5    Patent analysis

3.6    Key news and initiatives

3.6.1    Partnership/Collaboration

3.6.2    Merger/Acquisition

3.6.3    Investment

3.6.4    Launch & innovation

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1   Growing popularity and adoption of electric vehicles

3.8.1.2   Advances in tire technology, materials, and design are playing a crucial role in the electric vehicle tires industry.

3.8.1.3   Rise in technological integration

3.8.1.4   Increasing consumer awareness and preferences.

3.8.2    Industry pitfalls & challenges

3.8.2.1   Limited tire life and durability

3.8.2.2   Environmental concerns

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

About Global Market Insights:

 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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