Electric Vehicle Tire Market Outlook: Trends, Value, and Company Profiles

Electric Vehicle Tire Market Projected to Expand at 18.7% CAGR Through 2030

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. Along with this, the market is estimated to grow at a CAGR of around 18.7% during the forecast period, i.e., 2024-30. The growth of the market is likely to be fueled by the growing adoption of EVs across different countries worldwide on account of the various government initiatives for reducing the alarming carbon emission levels. Since fossil fuels are becoming a prominent cause of air pollution and are deteriorating environmental conditions, there's a burgeoning need for fuel alternatives, which, in turn, is promulgating EV adoption and encouraging the leading tire companies to manufacture EV-compatible tires.

✅In case you missed it, we are currently revising our reports. Click on the below to get the latest research data with forecast for years 2025 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.

Our Latest Reports Now Include In-Depth Supply Chain Ecosystem Analysis, Enabling Businesses to Navigate Tariff Challenges with Greater Agility Get Sample Report - https://www.marknteladvisors.com/query/request-sample/global-electric-vehicle-tire-market.html

Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and MA Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Electric Vehicle Tire Market Segment Overview Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Type of Tire

Radial
Bias

Here, radial tires are anticipated to gain swift momentum in the global market over the forecast years. It owes to the active participation of prominent tire manufacturers in the research development of radial tires with advanced features that can complement EV capabilities enhance their overall performance. For Instance,

By Vehicle Type

Passenger Car
Two Wheeler Three Wheeler
Commercial Vehicle
Others

Amongst these three, passenger cars are anticipated to dominate the Global Electric Vehicle Tire Market with the largest market share. It attributes principally to favorable government policies and incentives for EV adoption, coupled with the growing disposable income of people, i.e., driving their interest in private vehicle ownership for the daily commute, i.e., depicting an escalating fleet size of EVs worldwide and flourishing Electric Vehicle Tire Market for passenger cars. On the other hand, commercial EVs are expecting swift traction in the coming years, which, in turn, would significantly contribute to the market growth for EV tires. It owes principally to the increasing focus of governments on bringing green mobility solutions to the transportation logistics sectors as a step toward reducing carbon emissions. Hence, the expected rise in the sales of commercial EVs would promulgate the demand for compatible tires and augment the overall market growth in the years to come.

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”
1” to 15”
1.” to 18”
1” to 20”
1” to 22.5”
6” to 30”
1” to 35”
1” to 47”
Above 47”

By Region

North America
South America
Europe
Middle East Africa
Asia-Pacific.

North America would significantly contribute to the growth of the Electric Vehicle Tire Market during 2024-30. The rapidly increasing adoption of EVs, coupled with the extensive presence of prominent automakers tire manufacturers, are creating growth opportunities to introduce new varieties of EV tires, which, in turn, would drive the market across North America in the coming years.

These divisions help clarify demand patterns and expected shifts.

Market Driver

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 Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Electric Vehicle Tire Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

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.

Their activities include partnerships, product launches, and geographic expansions.

Electric Vehicle Tire Industry Prime Challenge

Fluctuating Raw Material Costs Supply Chain Issues Impede Market Growth – The prices of rubber, a critical raw material for EV tires have remained highly volatile due to the demand-supply gap utilization of rubber in other industries. As per Logistics Insider, an industry-specific logistics media company, the prices of natural rubber are witnessing a surge in the Asian North American regions. Along with this, due to the trade barriers between several regions, the supply chain is also adversely affected. In addition, the geopolitical tensions among nations, like Russia-Ukraine, Iran-Israel, etc., are also affecting the trade routes owing to which there is a spike in rubber prices. This price fluctuation is resulting in higher production costs of electric vehicle tires. Therefore, to maximize profits, the top players are selling EV-specific tires at relatively higher costs. Hence, several consumers with limited financial resources are using retreaded tires or conventional tires rather the EV-specific tires, restraining market growth.

Frequently Asked Questions (FAQs):

What industries are most impacted by this market?
How is technology reshaping operations and offerings?
Which competitors dominate the landscape?
What risks could disrupt market expansion?
How should businesses respond to demand fluctuations?

“Report Delivery Format: Market research reports from MarkNtel Advisors are available in PDF, Excel, and PowerPoint formats. Once payment is successfully processed, the report will be delivered to your email address within 24 hours”

Other Report:

Note: If you need additional information not included in the report, we can customize it to suit your requirements. https://www.marknteladvisors.com/query/request-customization/global-electric-vehicle-tire-market.html

Why Trust MarkNtel Advisors?

In-depth primary and secondary data validation
Focused on practical insights, not just raw numbers
Designed to support business strategy, not just reporting
Strong industry connections and real-time data flow
Transparent methodology and reliable sourcing

About Us –

We are a leading market research company, consulting, data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial varied client base, including multinational corporations, financial institutions, governments, individuals, among others.

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.