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

"The Business Research Company recently released a comprehensive report on the Global EV Tires Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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.

Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/ev-tires-global-market-report

Market Drivers and Trends:

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.

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.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=14102&type=smp

Major Key Players of the Market:

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

EV Tires Market 2024 Key Insights:

• The ev tires market is expected to grow to $26.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Impact Of Electric Vehicle Growth On EV Tires Market
• Innovative EV Tires With ENLITEN Technology Drive Market Competition
• Asia-Pacific was the largest region in the EV Tires market in 2023

We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=14102&type=smp"

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.