(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Tires Market by Propulsion (BEVs, PHEVs, HEVs, & FCEVs), Vehicle Type (Passenger Cars, Light Commercial Vehicles), Load Index, Application, Rim Size (13-15", 16-18", 19-21", & >21"), Sales Channel & Region - Forecast to 2030" report has been added to ResearchAndMarkets's offering
The electric vehicle (EV) industry is charged for exponential growth, and riding alongside is the EV tires market, which is slated for a remarkable expansion in the coming years. The global electric vehicle tires market, valued at USD 2.8 Billion in 2023, is forecast to accelerate to a market valuation of USD 11.2 Billion by 2030. This growth is projected at an impressive compound annual growth rate (CAGR) of 21.7%, highlighting the substantial opportunities for market stakeholders in the sphere of EV mobility and ancillary industries.
The escalation in EV adoption, driven by an upsurge in environmental concerns and governmental initiatives, is a pivotal factor in the burgeoning demand for electric vehicle tires. Significant emphasis on sustainable transport solutions has accelerated the development of electric vehicles, which in turn spurs the need for specialized EV tires tailored to the unique demands of electrified transportation.
The segment with a load index less than 100 is anticipated to dominate the market due to the preponderance of passenger vehicles operating within this range. High-selling electric models like the Tesla Model 3 and the Chevrolet Bolt EV showcase the importance of this segment, as evidenced by their specific tire requirements. The electric vehicle tires market is further anticipated to witness robust growth in the 16-18” rim size segment, reflecting the popularity of this size among a diverse array of vehicle types, from small passenger cars to crossovers.
With the Asia-Pacific region steering the global EV movement, the market for electric vehicle tires in this geography is projected to experience significant growth. Fueled by China's leadership in EV manufacturing and consumption, coupled with robust initiatives in nations like Japan and South Korea to facilitate electric mobility through infrastructure development and favorable policies, the region is poised to maintain a formidable lead in the global market.
The electric vehicle tires market is intricately tied to the EV industry's propulsion systems, including Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs), and others. Analysis within the research publication delves into various critical market segments, including passenger cars and light commercial vehicles, offering keen insights into their growth trajectories. In-depth interviews with top-tier industry executives offer a comprehensive understanding of the competitive landscape, strategies, and forward-looking innovations that are shaping the electric vehicle tires market.
| Report Attribute
| No. of Pages
| Forecast Period
| 2023 - 2030
| Estimated Market Value (USD) in 2023
| $2.8 Billion
| Forecasted Market Value (USD) by 2030
| $11.2 Billion
| Compound Annual Growth Rate
| Regions Covered
Apollo Tyres Balkrishna Industries Ltd. Bridgestone Corporation Ceat Limited Cheng Shin Rubber Ind. Co. Ltd. Continental AG Cooper Tire & Rubber Company Giti Tire Hankook Tire & Technology Co. Ltd. Kenda Rubber Industrial Co. Ltd. Kumho Tire Co. Inc. Michelin Nexen Tire Nokian Tyres PLC Pirelli & C. Spa Sailun Group Co. Ltd. Shandong Linglong Tyre Co. Ltd. Sumitomo Rubber Industries, Ltd. The Goodyear Tire & Rubber Company The Yokohama Rubber Co. Ltd. Toyo Tires Zhongce Rubber Group Co. Ltd.
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Global Electric Vehicle Tires Market
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