EV Tires Market Forecast and CAGR
According to assessment, sales of EV tires are projected to increase at 12% -14% CAGR over the next ten years (2021-2031). Increased average vehicle life, higher kilometers driven per year, growing concern for maintenance and safety, technological developments leading to longer tire life, and other factors are boosting the EV tires market.
What is Driving Demand for EV Tires?
Electric cars require unique tires for a variety of reasons. When compared to internal combustion vehicles, their tires must manage more weight and give more torque to the road when pulling away from a halt, according to the business. Tire noise is considerably more noticeable in electric cars than in internal-combustion vehicles because of their near-silent powertrains, where it is partially hidden by engine noise.
The demands imposed on future electric car tires and mileage are of the utmost importance. Tires and wheels, in particular, can have a significant impact on EV range. Changing factory low-rolling-resistance tires and aerodynamic wheels for aftermarket components has been shown to reduce range while improving handling in multiple tests.
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With the introduction of electric vehicles and their significantly lower propulsion noise emissions, it is now possible to assess tire-road noise more accurately through cruise measurements, even at speeds where a combustion engine propulsion system would normally cause measurement results to be skewed.
Low rolling resistance between the tire and the road surface, which leads to less energy waste, is important for ensuring a high range with a single battery charge. The EU tire label’s rolling resistance rating has been used as the major selection factor for possible EV tires. The tire label rating for wet grip was the second selection factor, with a lower number implying a shorter braking distance.
The overall weight of an electric vehicle is heavier due to the weight of its batteries. As battery technology improves, the weight gap will shrink, possibly disappearing entirely, but for now, the weight difference is between 25% and 30%, depending on the vehicle model.
With higher weight, a requirement for a long range, and reduced emissions, there is an even greater need for low rolling resistance, so electric car tires provide a smoother, more energy-efficient, and less-impact ride. These factors will propel the EV tires demand forward.
US and Canada Demand Outlook of EV Tires
North America is projected to be one of the most lucrative markets for EV tires. This is owing to fact of high rate of adoption of EVs in this region.
The demand for automotive tires in the United States is being boosted by rising sales of electric vehicles and the development of technologically advanced autonomous vehicles. The country’s tire business is growing due to changes in taxation policy and a movement in customer demand toward safer, more comfortable, and longer-lasting tires.
The market in the US is fiercely competitive, and major manufacturers are turning to inorganic techniques to boost their revenue generation and expand their market share. Strategic collaboration and mergers with vehicle manufacturers are examples of inorganic strategy.
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Europe Demand Outlook for EV Tires
The EV tires market in Europe is expected to develop as demand for electric vehicles grows, offering sales opportunities for EV tires. In industrialized countries such as Germany, Italy, France, U.K. and others, large firms have production units. As a result of this, manufacturers will be able to better track and manage their technical and operational activities. As a result, product demand is anticipated to rise.
In Europe, there has been increasing competition as a result of manufacturers’ large-scale joint efforts with public private initiatives across the Union Nations for improved transportation solution placement and accompanying the flexibility of a large-scale production capability of EV Tires. Because tires are one of the most important aftermarket items in many countries, European firms have taken a keen interest in meeting the EV production scale requirements. This will fuel the European EV tires sales
Who are the Key Manufacturers and Suppliers of EV Tires?
Some of the leading manufacturers and suppliers of EV tires 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, Falken Tyre and others
In March 2021, Michelin developed and improved tire technology in order to improve noise reduction in vehicle propulsion. To minimize road noise even more with a 20 percent quieter composition, owing to custom-developed polyurethane foam that keeps the annoyances out of the cockpit. This tire technology produces no carbon emissions. Michelin’s e Primacy and Pilot Sport EV tires, created for high-performance and sports electric automobiles, are aimed at addressing these specific difficulties of EV operations.
In May 2018, Falken, a Japanese tyre company, collaborated with Toyota to develop an electric vehicle-specific tire known as the ‘Ecorun A-A,’ so named because it is rated ‘A’ for wet performance and ‘A’ for efficiency.
By Product Type
- Radial Tires
- Bias Tires
- Composite Tires
By Tire Size
- Up to 14”
- Above 18”
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Sales Channel
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, Italy, France, U.K, Spain, Russia)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- East Asia (China, Japan, South Korea)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey)
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