EV Tires Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts

The EV Tires Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected EV Tires Market Size During the Forecast Period?
The market size for EV tires has seen a significant increase over the past few years. The market value is expected to escalate from $18.78 billion in 2024 to $20.67 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.1%. This pattern of growth during the historical period is due to factors like the surging adoption of electric vehicles, governmental incentives and regulations, concerns about the environment and sustainability, along with enhanced energy efficiency.

In the coming years, the EV tires market is anticipated to experience significant growth. The market is projected to reach a value of $28.41 billion by 2029, climbing at a compound annual growth rate (CAGR) of 8.3%. The expected growth during the forecast period can be tied to factors such as the growing presence of EVs in the market, advancements in the range, government strategies and incentives, and the broadening range of electric vehicle models. Noteworthy trends for the forecast period encompass a heightened emphasis on sustainability, developments in tire technology, the emergence of intelligent tires, enhanced range and efficiency, and EV tires designed for winter conditions.

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What Are the High-Growth Segments in the EV Tires Market?
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, After market

Subsegments:
1) By Radial Tires: Passenger Vehicle Radial Tires, Light Truck Radial Tires, Heavy-Duty Radial Tires
2) By Bias Tires: Passenger Vehicle Bias Tires, Light Truck Bias Tires, Heavy-Duty Bias Tires
3) By Composite Tires: Hybrid Tires, Specialty Composite Tires
4) By Other Products: Retread Tires, All-Terrain Tires, Performance Tires

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What Key Drivers Are Expected to Influence Future EV Tires Market Growth?
The escalating requirement for electric vehicles is predicted to thrust the EV tires market towards expansion. Electric vehicles (EVs), which function primarily or entirely on rechargeable battery power, use EV tires to optimize their efficiency, performance, and safety, thereby promoting a flourishing and broad embracement of electric transportation. For example, as reported by the International Energy Agency (IEA)-an independent intergovernmental organization based in France-in April 2024, nearly 14 million fresh electric cars were registered across the world in 2023. There was a surge in electric car sales by 3.5 million units in 2023 compared to 2022, illustrating a year-on-year growth of 35%. Hence, the proliferating demand for electric vehicles is fueling the growth of the EV tire market.

Which Companies Hold the Largest Share Across Different EV Tires Market Segments?
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

What Trends Are Driving Growth in The EV Tires Market?
Leading enterprises in the EV tire market are strategically focusing on the creation of innovative EV tires. They are leveraging cutting-edge technologies, such as the ENLITEN technology, to increase their market competitiveness. The ENLITEN technology is a game-changing tire technology that aims to minimize the environmental ramifications of tires, fleets, and vehicles. It does so by using unique lightweight materials in the composition of tires to realize low rolling resistance (LRR), leading to decreased fuel consumption for combustion vehicles, enhanced wear rate, and more lasting tires. For example, in May 2023, Bridgestone Corporation, a tire-producing company based in Japan, introduced the Turanza EV Grand Touring Tire. This tire, equipped with ENLITEN technology from Bridgestone and tailored specifically for luxurious electric cars, marks the company's first-ever replacement tire. The tire was designed keeping in mind the unique characteristics of electric vehicles and offers an enhanced driving experience through better tread life, reduced ride noise, and solid wet handling. ENLITEN technology is a pioneering core technology that centers on developing next-generation tread compounds, introducing new structural elements, and promoting efficiency.

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What Are the Emerging Geographies for The EV Tires Market Growth?
Asia-Pacific was the largest region in the EV Tires market in 2024. 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the EV Tires Market?
2. What is the CAGR expected in the EV Tires Market?
3. What Are the Key Innovations Transforming the EV Tires Industry?
4. Which Region Is Leading the EV Tires Market?

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