Electric Vehicle Tire Market Size, Share and Forecast Analysis to 2030

Future of Electric Vehicle Tire Market: Key Dynamics, Size & Share Analysis

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.

Top Challenges Impacting the Electric Vehicle Tire Market Growth

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.

Understanding the Core Segments in the Electric Vehicle Tire Market

Electric Vehicle Tire Market Size, Share & Industry Trends Analysis- By Type of Tire (Radial, Bias), By Vehicle Types (Passenger Car, Two-Wheeler & Three-Wheeler, Commercial Vehicle, others), By Price Category (Budget, Premium, Economy), By Demand Type (OEM, Replacement), 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 26”, 26.1” to 35”, 35.1” to 47”, Above 47”), and others.

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Geographical Analysis of the Electric Vehicle Tire Market

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.

Who Dominates the Electric Vehicle Tire Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.d

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 and others.

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