Innovative EV Tires With ENLITEN Technology Drive Market Competition Industry Trends Gaining Momentum in the Global EV Tires Market

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EV Tires Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of EV tires has experienced swift expansion in the past few years. It is projected to ascend from $18.78 billion in 2024 to $20.67 billion in 2025, achieving a compound annual growth rate (CAGR) of 10.1%. This considerable growth in the historic period can be credited to factors such as the increased adoption of electric vehicles, various government incentives and regulations, rising environmental concerns and the focus on sustainability, along with enhanced energy efficiency.

EV Tires Market Size Forecast: What's the Projected Valuation by 2029?
The market size for EV tires is predicted to experience substantial growth in the coming years, reaching an estimated value of $28.41 billion in 2029, rising at a Compound Annual Growth Rate (CAGR) of 8.3%. The escalation predicted during this forecast period is a result of the growing penetration of the EV market, improved range requirements, favorable government policies and incentives, and the introduction of new electric vehicle models. The forecast period is also likely to witness trends like an increasing emphasis on sustainability, technological advancements in tires, the emergence of smart tires, elevated range and efficiency, and the development of winter-ready EV tires.

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What Are the Drivers Transforming the EV Tires Market?
The surging interest in electric vehicles is likely to stimulate expansion in the EV tire market. Electric vehicles (EVs) are essentially cars that rely on electricity, stored in rechargeable batteries, as their main or sole source of power. Used in EVs, electric vehicle (EV) tires enhance the cars' efficiency, performance, and safety, playing a pivotal role in the widespread acceptance and success of electric mobility. For example, the International Energy Agency (IEA), an independent intergovernmental organization based in France, reported in April 2024 that around 14 million new electric cars were registered globally in 2023. The sale of electric cars in 2023 witnessed a hike of 3.5 million units from 2022, marking a 35% year-on-year growth. Therefore, it's clearly evident that the escalating demand for electric vehicles is the driving force behind the EV tire market's growth.

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What Long-Term Trends Will Define the Future of the EV Tires Market?
Leading corporations in the EV tire market are strategizing on launching innovative EV tire solutions using high-tech advancements such as ENLITEN technology, to secure a competitive position in the industry. ENLITEN technology is a cutting-edge tire manufacturing technique aimed at minimizing the detrimental environmental effects caused by tires, vehicles, and fleets. It does this by using unique lightweight materials in the tire structure to facilitate low rolling resistance (LRR), thereby decreasing the fuel usage in combustion vehicles, enhancing the wear rate, and making the tires more durable. For example, in May 2023, Bridgestone Corporation, hailing from Japan and specializing in tire manufacturing, released the Turanza EV Grand Touring Tire, a first-of-its-kind replacement tire incorporating Bridgestone ENLITEN technology. It was specifically developed to complement deluxe electric cars. The tire, carefully designed with electric vehicles' unique features in consideration, improves the EV driving experience as it provides long-lasting tread life, low noise levels, and efficient handling in wet conditions. It utilizes ENLITEN technology, an innovative base technology emphasizing the development of future tread compounds, new structural elements, and improved efficiency.

Which Segments in the EV Tires Market Offer the Most Profit Potential?
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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Which Firms Dominate the EV Tires Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in the EV Tires Market?
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.

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