Abstract
Summary
The global electric vehicle tires market size is projected to grow from USD 2.8 Billion in 2023 to USD 11.2 Billion by 2030, at a CAGR of 21.7%. The demand for electric vehicle tires is anticipated to increase owing to the rising sales of electric vehicles across the globe. Also, anticipated rise in environementally susatainable transport and government policies to achieve that are expected to bolster the revenue growth of the electric vehicle tires market.
The Load Index Less Than 100 segment is expected to have notable opportunities during the forecast period
The less than 100 segment is expected to be the largest market during the forecast period, as the load index of tires used in the passenger car segments generally falls under this range. Tesla Model 3 and Chevrolet Bolt EV are two of the best-selling electric vehicles in US in 2022. Tesla Model 3 uses Michelin Pilot Sport All Season 4 with tire designation 235/40ZR19 96Y XL BSW, which has a load index of 96. The Goodyear Tire & Rubber Company recommends ElectricDrive 215/50R17 XLV tire for the Chevrolet Bolt EV, which has a load index of 95. The increasing sales of electric passenger cars globally are expected to boost the load index Less than 100 segment.
16-18” Rim Size segment is likely to show the biggest growth in the electric vehicle tires market during the forecast period
The 16–18” rim size segment is expected to be the largest market during the forecast period, as tires in the 16-18” range are among the most common tire sizes found on a wide range of vehicles, including small passenger cars, mid-size sedans, and crossovers. For instance, the Tesla Model 3 has a rim size of 18”, the Ford Mustang Mach-E has a rim size of 18”, the Chevrolet Bolt has a rim size of 17”, and the Renault Zoe has a rim size of 16”. The increasing sales of electric small passenger cars and crossovers in China, Japan, and more are expected to boost the 16-18” segment in the market. These vehicles make up a significant portion of the automotive market. Due to this versatility, electric vehicle tires in this size range have a broad customer base. The aftermarket demand for 16-18” tires is higher than any other tire size as many consumers replace their tires with aftermarket electric vehicle tire options when their original equipment tires wear out, resulting in a robust aftermarket for 16-18” electric vehicle tires.
Asia Pacific expected to show significant growth in the electric vehicle tires market
Asia Pacific is estimated to be the largest market for electric vehicle tires market during the forecast period. Asia Pacific region is primarily led by China and other countries, including Japan, India, South Korea, Thailand, Indonesia, Malaysia, and Vietnam. China is the world’s largest EV producer and consumer, and has dominance in the EV industry in the region. The regional governments have taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EVs per number of vehicles manufactured, and regulations against excessive polluting vehicles. Japan and South Korea have also been growing their EV markets. Their governments have supported the growth in demand for EVs by installing EV charging stations, setting emission norms, setting deadlines for shifting to fully electric or hybrid EVs from ICE vehicles, etc. Many tire manufacturing companies have made expansions in Asia Pacific. In June 2023, Michelin announced an investment of USD 27.8 million to expand car tire production capacity at its Shenyang, China factory by 1.3 million tires. Owing to the increasing demand for electric passenger and commercial vehicles along with a high number of electric buses in the fleet, the demand for electric vehicle tires is expected to grow in the region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the electric vehicle tires market. The break-up of the primaries is as follows:
• By Company Type: OEMs – 40%, Tier 1 –42% and Tier 2 – 18%,
• By Designation: C Level Executives – 23%, Directors – 43%, and Others – 34%
• By Region: North America – 15%, Europe – 25%, Asia Pacific – 60%,
The electric vehicle tires market comprises major manufacturers such as Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), and Pirelli & C. SpA (Italy), Sumitomo Rubber Industries, Ltd. (Japan), Hankook Tire & Technology Co., Ltd. (South Korea), etc.
Research Coverage:
The study covers the electric vehicle tires market across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as propulsion, vehicle type, load index, application, rim size, sales channel, and region. The study also includes an in-depth competitive analysis of key market players, their company profiles, key observations related to product and business offerings, recent developments, and acquisitions.
This research report categorizes electric vehicle tires market by Propulsion (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle,Fuel Cell Electric Vehicle, and Hybrid Electric Vehicle), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses), Load Index (Less Than 100 and Above 100), Application (On-road and Off-road), Rim Size (13-15”, 16-18”, 19-21”, and >21”), Sales Channel (OEM and Aftermarket), and Region (Asia Pacific, Europe, and North America).
The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the electric vehicle tires market. A detailed analysis of the key industry players provides insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the electric vehicle tires market. Competitive analysis of SMEs/startups in the electric vehicle tires market ecosystem is covered in this report.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall electric vehicle tires market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Growing initiatives for green and clean environment, Increasing demand to improve vehicle range, Growing demand for better fuel efficiency, Rising sales of electric commercial vehicles), restraints (Lack of awareness in electric vehicle tire benefits in emerging economies, Increasing longevity of tires affecting aftermarket sales), opportunities (Increasing demand for replacement tires, Growing focus on environmental sustainability), and challenges (Mandatory tests for electric vehicle tires for commercial use, Higher cost and limited availability of electric vehicle tires) influencing the growth of the electric vehicle tires market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric vehicle tires market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the electric vehicle tires market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric vehicle tires market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), and Pirelli & C. SpA (Italy), Hankook Tire & Technology Co., Ltd. (South Korea) among others in the electric vehicle tires market.
• Strategies: The report also helps stakeholders understand the pulse of the electric vehicle tires market and provides them information on key market drivers, restraints, challenges, and opportunities
Table of Contents
1 INTRODUCTION 35
1.1 STUDY OBJECTIVES 35
1.2 MARKET DEFINITION 36
1.3 MARKET SCOPE 38
1.3.1 MARKETS COVERED 38
1.3.2 REGIONAL SCOPE 39
1.3.3 YEARS CONSIDERED 39
1.4 INCLUSIONS AND EXCLUSIONS 40
1.5 CURRENCY CONSIDERED 40
1.6 STAKEHOLDERS 41
2 RESEARCH METHODOLOGY 42
2.1 RESEARCH DATA 42
2.1.1 SECONDARY DATA 43
- 2.1.1.1 Key secondary sources 44
- 2.1.1.2 Key data from secondary sources 45
2.1.2 PRIMARY DATA 45
- 2.1.2.1 Key data from primary sources 46
- 2.1.2.2 List of participating companies for primary research 47
- 2.1.2.3 Primary research objectives 47
- 2.1.2.4 List of primary participants 48
2.2 MARKET ESTIMATION METHODOLOGY 48
2.3 MARKET SIZE ESTIMATION 49
2.3.1 BOTTOM-UP APPROACH 50
2.3.2 TOP-DOWN APPROACH 51
2.4 DATA TRIANGULATION 52
2.5 FACTOR ANALYSIS 53
2.5.1 REGIONAL ECONOMY IMPACT ANALYSIS 53
2.5.2 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES 54
2.6 RECESSION IMPACT ANALYSIS 55
2.7 RESEARCH ASSUMPTIONS 55
2.8 RESEARCH LIMITATIONS 56
3 EXECUTIVE SUMMARY 57
4 PREMIUM INSIGHTS 60
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ELECTRIC VEHICLE TIRES MARKET 60
4.2 ELECTRIC VEHICLE TIRES MARKET, BY REGION 60
4.3 ELECTRIC VEHICLE TIRES MARKET, BY PROPULSION TYPE 61
4.4 ELECTRIC VEHICLE TIRES MARKET, BY VEHICLE TYPE 61
4.5 ELECTRIC VEHICLE TIRES MARKET, BY APPLICATION 62
4.6 ELECTRIC VEHICLE TIRES MARKET, BY RIM SIZE 62
4.7 ELECTRIC VEHICLE TIRES MARKET, BY LOAD INDEX 63
5 MARKET OVERVIEW 64
5.1 INTRODUCTION 64
5.2 MARKET DYNAMICS 65
5.2.1 DRIVERS 65
- 5.2.1.1 Government initiatives for green and clean environment 65
- 5.2.1.2 Increasing demand to improve vehicle range 66
- 5.2.1.3 Growing demand for better fuel efficiency 67
- 5.2.1.4 Rising sales of electric commercial vehicles 68
5.2.2 RESTRAINTS 68
- 5.2.2.1 Lack of awareness of electric vehicle tires in emerging economies 68
- 5.2.2.2 Increased longevity of tires affecting aftermarket sales 69
5.2.3 OPPORTUNITIES 69
- 5.2.3.1 Increasing demand for replacement tires 69
- 5.2.3.2 Growing focus on environmental sustainability 70
5.2.4 CHALLENGES 70
- 5.2.4.1 Mandatory tests of electric vehicle tires for commercial use 70
- 5.2.4.2 Higher cost and limited availability of electric vehicle tires 71
5.2.5 IMPACT ANALYSIS OF MARKET DYNAMICS 72
5.3 PRICING ANALYSIS 73
5.3.1 AVERAGE SELLING PRICE TRENDS OF KEY PLAYERS, BY VEHICLE TYPE, 2023 73
5.3.2 AVERAGE SELLING PRICE TRENDS, BY REGION, 2023 73
5.4 ECOSYSTEM ANALYSIS 74
5.5 SUPPLY CHAIN ANALYSIS 75
5.6 CASE STUDY ANALYSIS 76
5.6.1 CASE STUDY 1: DEVELOPMENT OF HIGH-PERFORMANCE N-MARKED TIRES 76
5.6.2 CASE STUDY 2: CO-DEVELOPMENT OF TECHSYN TIRE FOR IMPROVED ENVIRONMENTAL PERFORMANCE 77
5.6.3 CASE STUDY 3: TIRE MANUFACTURING FOR BMW IX ELECTRIC SUV 77
5.6.4 CASE STUDY 4: TIRE DESIGNED FOR LUCID AIR DREAM EDITION 78
5.6.5 CASE STUDY 5: USE OF RANGEMAX RSD TIRE FOR LOWER ROLLING RESISTANCE 78
5.7 PATENT ANALYSIS 79
5.8 TECHNOLOGY ANALYSIS 80
5.8.1 SMART TIRES 80
5.8.2 3D-PRINTED TIRES 80
5.8.3 RUN-FLAT TIRES 81
5.8.4 GREEN TIRES 81
5.8.5 TREAD DESIGN 81
5.8.6 CONNECTIVITY TECHNOLOGY 82
5.9 TARIFF AND REGULATORY LANDSCAPE 82
5.9.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 82
- 5.9.1.1 North America 82
- 5.9.1.2 Europe 83
- 5.9.1.3 Asia Pacific 84
5.10 KEY CONFERENCES AND EVENTS, 2023-2024 85
5.11 KEY STAKEHOLDERS AND BUYING CRITERIA 85
5.11.1 KEY STAKEHOLDERS IN BUYING PROCESS 86
5.11.2 BUYING CRITERIA 86
5.12 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 88
5.13 MARKETSNANDMARKETS INSIGHTS ON MATERIALS USED FOR ELECTRIC VEHICLE TIRES 88
5.13.1 MATERIALS 88
- 5.13.1.1 Silica 88
- 5.13.1.2 Synthetic rubber 89
- 5.13.1.3 Steel belts 89
- 5.13.1.4 Nylon 89
5.14 ELECTRIC VEHICLE TIRE OFFERINGS, BY KEY PLAYERS 90
5.14.1 GDP TRENDS AND FORECASTS FOR MAJOR ECONOMIES 91
6 ELECTRIC VEHICLE TIRES MARKET, BY VEHICLE TYPE 92
6.1 INTRODUCTION 93
6.2 PASSENGER CARS 95
6.2.1 INCREASING SPENDING POWER OF CONSUMERS AND SALES OF PRIVATELY OWNED PASSENGER CARS TO DRIVE MARKET 95
6.3 LIGHT COMMERCIAL VEHICLES 96
6.3.1 GROWING DEMAND FOR REDUCING OPERATING COST OF COMMERCIAL VEHICLES TO DRIVE MARKET 96
6.4 HEAVY COMMERCIAL VEHICLES 98
6.4.1 RISING DEMAND FOR SUSTAINABLE GOODS TRANSPORTATION TO DRIVE MARKET 98
6.5 BUSES 100
6.5.1 ELECTRIFICATION OF PUBLIC TRANSPORT TO DRIVE MARKET 100
6.6 KEY INDUSTRY INSIGHTS 102
7 ELECTRIC VEHICLE TIRES MARKET, BY PROPULSION TYPE 103
7.1 INTRODUCTION 104
7.2 BATTERY ELECTRIC VEHICLES 106
7.2.1 GROWING INVESTMENTS BY OEMS IN R&D TO DRIVE MARKET 106
7.3 PLUG-IN HYBRID ELECTRIC VEHICLES 108
7.3.1 REDUCTION IN VEHICLE OWNERSHIP TAX AND INCREASED CHARGING-BASED INCENTIVES TO DRIVE MARKET 108
7.4 FUEL CELL ELECTRIC VEHICLES 110
7.4.1 EXPANDING HYDROGEN REFUELING INFRASTRUCTURE TO DRIVE MARKET 110
7.5 HYBRID ELECTRIC VEHICLES 111
7.5.1 AFFORDABLE PRICES THAN BATTERY ELECTRIC VEHICLES TO DRIVE MARKET 111
7.6 KEY INDUSTRY INSIGHTS 112
8 ELECTRIC VEHICLE TIRES MARKET, BY RIM SIZE 113
8.1 INTRODUCTION 114
8.2 13-15 INCHES 118
8.2.1 RISING SALES OF SMALL AND MID-SIZED ELECTRIC PASSENGER CARS TO DRIVE MARKET 118
8.3 16-18 INCHES 119
8.3.1 EXPANDING LOGISTICS INDUSTRY TO DRIVE MARKET 119
8.4 19-21 INCHES 121
8.4.1 GROWING DEMAND FOR SPORTS AND LUXURY PASSENGER CARS TO DRIVE MARKET 121
8.5 MORE THAN 21 INCHES 122
8.5.1 INCREASING CONSTRUCTION PROJECTS AND ADOPTION OF ELECTRIC BUSES TO DRIVE MARKET 122
8.6 KEY INDUSTRY INSIGHTS 124
9 ELECTRIC VEHICLE TIRES MARKET, BY LOAD INDEX 125
9.1 INTRODUCTION 126
9.2 LESS THAN 100 129
9.2.1 INCREASING SALES OF ELECTRIC AND HYBRID SMALL PASSENGER CARS TO DRIVE MARKET 129
9.3 ABOVE 100 131
9.3.1 GROWING DEMAND FOR ELECTRIC LUXURY CARS AND SUVS TO DRIVE MARKET 131
9.4 KEY INDUSTRY INSIGHTS 133
10 ELECTRIC VEHICLE TIRES MARKET, BY APPLICATION 134
10.1 INTRODUCTION 135
10.2 ON-ROAD 137
10.2.1 RISING ADOPTION OF ELECTRIC BUSES TO DRIVE MARKET 137
10.3 OFF-ROAD 138
10.3.1 GROWING AVAILABILITY OF ELECTRIC TRUCKS TO DRIVE MARKET 138
10.4 KEY INDUSTRY INSIGHTS 140
11 ELECTRIC VEHICLE TIRES MARKET, BY SALES CHANNEL 141
11.1 INTRODUCTION 141
11.2 OEM 143
11.2.1 INCREASING PREFERENCE OF CONSUMERS FOR SPECIALLY DEVELOPED TIRES FOR ELECTRIC VEHICLES TO DRIVE MARKET 143
11.3 AFTERMARKET 143
11.3.1 GROWING ONLINE SALES OF ELECTRIC VEHICLE TIRES TO DRIVE MARKET 143
11.4 KEY INDUSTRY INSIGHTS 144
12 ELECTRIC VEHICLE TIRES MARKET, BY REGION 145
12.1 INTRODUCTION 146
12.2 ASIA PACIFIC 148
12.2.1 ASIA PACIFIC: RECESSION IMPACT ANALYSIS 148
12.2.2 CHINA 151
- 12.2.2.1 Made in China 2025 and Preferential Vehicle Licensing System initiatives to drive market 151
12.2.3 JAPAN 153
- 12.2.3.1 Growing domestic automobile manufacturing to drive market 153
12.2.4 INDIA 155
- 12.2.4.1 Rising disposable income and affordable electric vehicle models to drive market 155
12.2.5 SOUTH KOREA 157
- 12.2.5.1 Growing investments in electric vehicles to drive market 157
12.2.6 THAILAND 158
- 12.2.6.1 Increasing tax rebates and subsidies to drive market 158
12.2.7 INDONESIA 159
- 12.2.7.1 Declining battery cost and increasing consumer awareness to drive market 159
12.2.8 MALAYSIA 159
- 12.2.8.1 Battery Electric Vehicle Global Leaders Initiative to drive market 159
12.2.9 VIETNAM 160
- 12.2.9.1 Setting up of new manufacturing plants to drive market 160
12.3 EUROPE 160
12.3.1 EUROPE: RECESSION IMPACT ANALYSIS 161
12.3.2 FRANCE 164
- 12.3.2.1 Growing incentives to promote eco-friendly vehicles to drive market 164
12.3.3 GERMANY 166
- 12.3.3.1 Increasing penetration of electric passenger cars from domestic and foreign brands to drive market 166
12.3.4 NETHERLANDS 168
- 12.3.4.1 Growing demand for sustainable transportation to drive market 168
12.3.5 NORWAY 170
- 12.3.5.1 Government incentives and tax rebates to drive market 170
12.3.6 SWEDEN 171
- 12.3.6.1 Growing initiatives for vehicle electrification to drive market 171
12.3.7 UK 173
- 12.3.7.1 Increasing government investments to drive market 173
12.3.8 AUSTRIA 175
- 12.3.8.1 Rising demand for passenger and commercial electric vehicles to drive market 175
12.3.9 SPAIN 177
- 12.3.9.1 Growing implementation of subsidy schemes to drive market 177
12.3.10 SWITZERLAND 179
- 12.3.10.1 Increasing focus on reducing carbon footprint to drive market 179
12.3.11 DENMARK 179
- 12.3.11.1 Rising adoption of electric fleets by taxi companies to drive market 179
12.4 NORTH AMERICA 180
12.4.1 NORTH AMERICA: RECESSION IMPACT ANALYSIS 180
12.4.2 US 182
- 12.4.2.1 Growing use of electric vehicles for construction, landscaping, and delivery services to drive market 182
12.4.3 CANADA 184
- 12.4.3.1 Increasing awareness of electric vehicle benefits and favorable trade agreements to drive market 184
13 COMPETITIVE LANDSCAPE 187
13.1 OVERVIEW 187
13.2 KEY PLAYERS’ STRATEGIES, 2020-2023 187
13.3 MARKET SHARE ANALYSIS 188
13.3.1 MICHELIN 189
13.3.2 BRIDGESTONE CORPORATION 189
13.3.3 THE GOODYEAR TIRE & RUBBER COMPANY 190
13.3.4 CONTINENTAL AG 190
13.3.5 PIRELLI & C. SPA 190
13.4 REVENUE ANALYSIS 191
13.5 COMPANY EVALUATION MATRIX 192
13.5.1 STARS 192
13.5.2 EMERGING LEADERS 192
13.5.3 PERVASIVE PLAYERS 192
13.5.4 PARTICIPANTS 192
13.5.5 COMPANY FOOTPRINT 194
13.6 STARTUP/SME EVALUATION MATRIX 195
13.6.1 PROGRESSIVE COMPANIES 195
13.6.2 RESPONSIVE COMPANIES 195
13.6.3 DYNAMIC COMPANIES 195
13.6.4 STARTING BLOCKS 196
13.6.5 COMPETITIVE BENCHMARKING 197
13.7 COMPETITIVE SCENARIO 199
13.7.1 DEALS 199
13.7.2 PRODUCT LAUNCHES 201
13.7.3 OTHERS 202
14 COMPANY PROFILES 204
14.1 KEY PLAYERS 204
14.1.1 MICHELIN 204
14.1.2 BRIDGESTONE CORPORATION 209
14.1.3 THE GOODYEAR TIRE & RUBBER COMPANY 214
14.1.4 CONTINENTAL AG 219
14.1.5 PIRELLI & C. SPA 224
14.1.6 SUMITOMO RUBBER INDUSTRIES, LTD 229
14.1.7 HANKOOK TIRE & TECHNOLOGY CO., LTD 233
14.1.8 NOKIAN TYRES PLC 237
14.1.9 KUMHO TIRE CO., INC 241
14.1.10 ZHONGCE RUBBER GROUP CO., LTD 245
14.2 OTHER PLAYERS 247
14.2.1 SAILUN GROUP CO., LTD 247
14.2.2 CHENG SHIN RUBBER IND. CO., LTD 247
14.2.3 APOLLO TYRES 248
14.2.4 SHANDONG LINGLONG TYRE CO., LTD 248
14.2.5 GITI TIRE 249
14.2.6 THE YOKOHAMA RUBBER CO., LTD 249
14.2.7 COOPER TIRE & RUBBER COMPANY 250
14.2.8 NEXEN TIRE 250
14.2.9 TOYO TIRES 251
14.2.10 CEAT LIMITED 251
14.2.11 BALKRISHNA INDUSTRIES LTD 252
14.2.12 KENDA RUBBER INDUSTRIAL CO., LTD 252
15 RECOMMENDATIONS BY MARKETSANDMARKETS 253
15.1 ASIA PACIFIC TO BE LARGEST MARKET FOR ELECTRIC VEHICLE TIRES 253
15.2 TIRE MANUFACTURERS PREFER HIGH-PERFORMANCE ELECTRIC VEHICLE TIRES 253
15.3 CONCLUSION 254
16 APPENDIX 255
16.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 255
16.2 DISCUSSION GUIDE 256
16.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 259
16.4 CUSTOMIZATION OPTIONS 261
16.5 RELATED REPORTS 261
16.6 AUTHOR DETAILS 262