Electric Vehicle Tires Market By Propulsion Type (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Passenger Cars, LCVs, HCVs, Buses), By Load Index (Less Than 100, Above 100), By Application (On-Road, Off-Road), By Rim Size (13-15 Inches, 16-18 Inches, 19-21 Inches, >21 Inches), By Sales Channel (OEM, Aftermarket), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Electric Vehicle Tires Market was valued at USD 2.7 billion in 2023 and will surpass USD 10.8 billion by 2030; growing at a CAGR of 21.8% during 2024 - 2030.

The Electric Vehicle (EV) Tires Market is witnessing a significant transformation driven by the increasing adoption of electric vehicles across the globe. The shift towards sustainable transportation has propelled the demand for specialized tires that cater to the unique requirements of EVs, including higher torque, reduced rolling resistance, and improved energy efficiency. As EV technology continues to advance, manufacturers are innovating to enhance tire performance and safety, creating a distinct market poised for growth.

Passenger Cars Segment is Largest Owing to Increased Adoption of Electric Sedans

The passenger cars segment of the Electric Vehicle Tires Market is the largest, primarily due to the increasing adoption of electric sedans and hatchbacks. The growing consumer preference for eco-friendly vehicles, coupled with government incentives and subsidies, has led to a surge in electric car sales. Major automotive manufacturers are investing in the production of electric passenger cars, enhancing their offerings with improved technology and design features. As a result, the demand for high-performance tires that can support the specific requirements of these vehicles is on the rise.

Furthermore, the passenger car segment is characterized by advancements in tire technology aimed at enhancing performance and safety. Manufacturers are focusing on developing tires that offer lower rolling resistance to improve the overall range of electric vehicles while providing superior grip and durability. The integration of smart technology in tires, such as sensors that monitor tire pressure and tread wear, is also gaining traction. These innovations not only improve safety and efficiency but also provide consumers with added convenience, further propelling the growth of the passenger car segment within the EV tires market.

Commercial Vehicles Segment is Fastest Growing Owing to E-commerce Demand

The commercial vehicles segment is the fastest-growing within the Electric Vehicle Tires Market, driven by the burgeoning e-commerce industry and the need for sustainable logistics solutions. As businesses shift towards electric commercial fleets to reduce carbon emissions and comply with environmental regulations, the demand for specialized tires that cater to heavy-duty vehicles is rapidly increasing. This transition is particularly evident in sectors such as delivery services, freight transport, and public transportation, where electric vans and trucks are becoming increasingly common.

The growth in this segment is also fueled by advancements in tire technology designed specifically for commercial applications. Manufacturers are investing in developing durable tires that can withstand the demands of heavy loads while optimizing performance and energy efficiency. Additionally, the implementation of smart tire technologies that provide real-time data on tire performance is enhancing operational efficiency and safety. As the trend towards electrification of commercial fleets continues, the commercial vehicles segment is expected to experience substantial growth in the coming years.

Two-Wheeler Segment is Largest Owing to Rising Popularity of Electric Scooters

The two-wheeler segment of the Electric Vehicle Tires Market is witnessing remarkable growth, primarily driven by the rising popularity of electric scooters and motorcycles. Urban areas are increasingly embracing electric two-wheelers as a convenient and eco-friendly mode of transportation, leading to a surge in demand for tires specifically designed for these vehicles. This trend is particularly prominent in densely populated cities where traffic congestion and pollution concerns are prompting consumers to opt for electric two-wheelers as a viable alternative to traditional gasoline-powered vehicles.

Tires for electric two-wheelers are being developed with a focus on lightweight materials and innovative tread designs that enhance performance and range. Manufacturers are also exploring the use of sustainable materials to produce tires that are not only efficient but also environmentally friendly. As electric two-wheelers continue to gain traction, this segment is expected to grow significantly, further contributing to the overall expansion of the EV tires market.

Off-Road Vehicles Segment is Fastest Growing Owing to Adventure Tourism Trends

The off-road vehicles segment is emerging as the fastest-growing segment within the Electric Vehicle Tires Market, propelled by the rising popularity of electric off-road vehicles among adventure enthusiasts and eco-conscious consumers. As more individuals seek sustainable outdoor activities, manufacturers are responding with electric options for off-road vehicles that can navigate challenging terrains while minimizing environmental impact. The increasing availability of electric all-terrain vehicles (ATVs) and electric dirt bikes is attracting a new demographic of environmentally conscious consumers eager for adventure.

Innovations in tire technology are also contributing to the growth of this segment, with manufacturers focusing on developing rugged tires that can withstand rough conditions while providing optimal traction and durability. The integration of advanced materials and design features allows these tires to perform effectively in diverse environments, enhancing the appeal of electric off-road vehicles. As adventure tourism continues to flourish, the off-road vehicles segment is poised for rapid growth, making it a key player in the overall electric vehicle tires market.

Fastest Growing Region is Asia-Pacific Owing to Rising EV Adoption

The Asia-Pacific region is recognized as the fastest-growing market for electric vehicle tires, driven by rapid urbanization, government initiatives promoting electric mobility, and a significant rise in electric vehicle production and sales. Countries like China, Japan, and India are at the forefront of this transition, with substantial investments in electric vehicle infrastructure and favorable policies aimed at reducing carbon emissions. The increasing number of electric vehicle models available in the market is further bolstering consumer interest and adoption rates in this region.

Additionally, the Asia-Pacific region is home to some of the world's largest tire manufacturers, who are increasingly focusing on developing tires tailored for electric vehicles. This local production capacity, coupled with growing consumer demand, positions the region as a key player in the global EV tires market. The focus on technological advancements and sustainability in tire production is expected to further accelerate growth, solidifying Asia-Pacific's status as the fastest-growing region in the electric vehicle tires market.

Competitive Landscape and Leading Companies

The Electric Vehicle Tires Market is characterized by a competitive landscape, with several key players actively engaged in innovation and market expansion. The leading companies in this sector include:

1. Michelin: Known for its commitment to sustainability and innovation, Michelin is a key player in the development of electric vehicle tires, focusing on performance and durability.
2. Bridgestone: Bridgestone is at the forefront of tire technology, offering a range of products specifically designed for electric vehicles, emphasizing lower rolling resistance and enhanced performance.
3. Continental: With a strong focus on R&D, Continental is developing advanced tire solutions for electric vehicles, including smart tire technologies that monitor performance.
4. Goodyear: Goodyear is actively investing in electric vehicle tire technology, aiming to improve energy efficiency and overall vehicle performance.
5. Pirelli: Pirelli specializes in high-performance tires for electric vehicles, emphasizing technology and innovation to enhance driving experiences.
6. Dunlop: Dunlop is focusing on developing tires that meet the unique demands of electric vehicles, combining performance with sustainability.
7. Hankook: Hankook is expanding its portfolio to include tires for electric vehicles, focusing on performance, safety, and environmental impact.
8. Toyo Tires: Toyo is committed to providing innovative tire solutions for electric vehicles, emphasizing performance and durability.
9. Yokohama: Yokohama is investing in research and development to produce tires that cater to the specific needs of electric vehicles, focusing on energy efficiency.
10. Nokian Tires: Nokian is known for its environmentally friendly tire solutions and is actively developing products for the electric vehicle market.

As the electric vehicle tires market continues to evolve, these companies are competing on innovation, sustainability, and performance, ensuring they meet the growing demands of the electric vehicle segment. With increasing consumer interest and regulatory support for electric mobility, the market is expected to witness robust growth, driven by both established players and emerging entrants.

Report Objectives:

The report will help you answer some of the most critical questions in the Electric Vehicle Tires Market. A few of them are as follows:

1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
2. What are the prevailing technology trends in the Electric Vehicle Tires Market?
3. What is the size of the Electric Vehicle Tires Market based on segments, sub-segments, and regions?
4. What is the size of different market segments across key regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa?
5. What are the market opportunities for stakeholders after analyzing key market trends?
6. Who are the leading market players and what are their market share and core competencies?
7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope: