EV Tires Market Key Players, Market Analysis, Share, Trends And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

EV Tires Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $26.2 billion In 2028 At A CAGR Of 8.7% :

The EV tires market size has grown rapidly in recent years. It will grow from $17.02 billion in 2023 to $18.78 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to rise in electric vehicle adoption, government incentives and regulations, environmental concerns and sustainability, improved energy efficiency.

The EV tires market size is expected to see strong growth in the next few years. It will grow to $26.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing EV market penetration, enhanced range requirements, government policies and incentives, expansion of electric vehicle models. Major trends in the forecast period include increased focus on sustainability, advancements in tire technology, rise of smart tires, improved range and efficiency, winter-ready EV tires.

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EV Tires Market Major Segments
The EV tires market covered in this report is segmented -

1) By Product Type: Radial Tires, Bias Tires, Composite Tires, Other Products
2) By Vehicle Type: Passenger Cars, Two Wheelers and Three Wheelers, Commercial Vehicles
3) By Distribution Channel: Original Equipment, Aftermarket

Key Driver - Impact Of Electric Vehicle Growth On EV Tires Market

The increasing demand for electric vehicles is expected to propel the growth of the EV tires market going forward. Electric vehicles (EVs) are automobiles that are powered primarily or entirely by electricity stored in rechargeable batteries. Electric vehicle (EV) tires are used in electric vehicles to enhance the efficiency, performance, and safety of electric vehicles, contributing to the overall success and widespread adoption of electric transportation. For instance, in January 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the EV tires market.

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Prominent Trend - Innovative EV Tires With ENLITEN Technology Drive Market Competition

Major companies operating in the EV tire market are focused on introducing innovative EV tires leveraging advanced technologies, such as ENLITEN technology, to gain a competitive edge in the market. ENLITEN technology refers to a revolutionary tire technology that focuses on reducing the environmental impact of tires, fleets, and vehicles by utilizing proprietary lightweight materials in tire composition to achieve low rolling resistance (LRR), resulting in reduced fuel consumption for combustion vehicles, an improved wear rate, and more durable tires. For instance, in May 2023, Bridgestone Corporation, a Japan-based tire manufacturing company, launched the new Turanza EV Grand Touring Tire, the company's first-ever replacement tire with Bridgestone ENLITEN technology, created especially for high-end electric cars. This tire was thoughtfully created with the special characteristics of electric vehicles in mind. It enhances the experience of driving an EV by offering good tread life, low ride noise, and secure wet handling. It features ENLITEN technology, a revolutionary core technology that focuses on next-generation tread compounds, new structural components, and increased efficiency.

EV Tires Market Players
Major companies operating in the EV tires market are MRF Limited, JK Tyre & Industries, Cheng Shin Rubber Industrial Co. Ltd., Caterpillar Inc. , Continental AG, Bridgestone Corporation, Michelin Group, Sailun Group, Goodyear tyre and rubber company, Nokian Tyre, Hankook Tire & Technology Co. Ltd., Yokohama rubber Co. Ltd, Kumho Tire Co. Inc. , Apollo tyre, Giti Tire, Cooper Tyre and Rubber Company, Titan International Inc., Pirelli & C. SpA, Maxxis International, Falken tyre, Sumitomo Rubber Industries, Trelleborg Wheel Systems, CEAT Limited, Federal Corporation, Nexen Tire

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the EV Tires market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the EV tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. EV Tires Market Report Structure
3. EV Tires Market Trends And Strategies
4. EV Tires Market - Macro Economic Scenario
5. EV Tires Market Size And Growth
…..
27. EV Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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