Download Sample, Increasing Sales of Electric Vehicles and Demand for Durability and Efficiency Significantly Drive the Market
The rising sales of electric vehicles greatly influence the electric vehicle tires market because of various interconnected factors. Electric vehicles generate immediate torque, which may result in quicker tire degradation in comparison to conventional vehicles. Studies show that EVs can diminish standard tires at a pace 30% quicker than gasoline-powered cars due to their increased weight and the strain imposed on tires from high torque. This creates the need for the creation and request of specialized tires engineered to endure these circumstances. There are currently over 40 million electric vehicles in operation worldwide and this number is increasing rapidly. Worldwide, approximately 1 in 4 newly sold cars were electric in 2023. EVs tend to be heavier due to their battery packs, which results in an increased load on the tires and this additional weight necessitates tires that can withstand more stress while preserving performance resulting in a greater need for strong and efficient tire designs.
Consumers anticipate that their electric vehicles will provide exceptional performance, featuring improved traction and handling. This anticipation motivates manufacturers to innovate and create tires that not only fulfill but surpass these performance benchmarks, further propelling market expansion. The worldwide movement towards sustainability and more stringent emission regulations are hastening the uptake of electric vehicles. Additionally, government incentives for EV acquisitions also aid in increasing sales, which subsequently boosts the need for specialized tires designed for these vehicles. National Renewable Energy Laboratory forecasts that by 2030 there will be 33 million electric vehicles on the road and 28 million electric vehicle charging ports will be required to accommodate them. Most charging will occur at home and in the workplace, with the public network available for opportunistic charging and infrequent long journeys.
The need for durability and efficiency in electric vehicle tires is a major factor propelling market expansion, shaped by multiple influences that address the specific requirements of EVs. Owners of EVs are paying more attention to the overall cost of ownership, encompassing tire replacement expenses. Tires that are durable with extended tread life can assist in reducing these expenses which makes consumers go for superior quality alternatives that guarantee greater longevity. EV batteries can last around 17 years, whereas the typical lifespan of regular cars is 12 years and these batteries can endure up to 17 years or more than 320,000 kilometers. This implies that EVs do not require regular battery replacements. Additionally, they support sustainability through the utilization of recycled materials and environmentally conscious manufacturing techniques.
The effectiveness of tires has a direct effect on the driving range of electric vehicles. Tires engineered with low rolling resistance are vital for optimizing energy efficiency, enabling EVs to cover greater distances on a single charge. As consumers put range first, the need for efficient tires that improve performance becomes essential. Consumers demand high performance from their EVs, which includes exceptional traction and handling abilities. Tires that offer improved grip and stability across different driving conditions are crucial for fulfilling these expectations, further increasing the need for specialized tire options. As consumers grow more conscious of the advantages of specialized tires made for EVs, manufacturers are responding with innovations that boost performance while tackling sustainability issues, eventually leading to significant market expansion in this area.
Consumers anticipate that their electric vehicles will provide exceptional performance, featuring improved traction and handling. This anticipation motivates manufacturers to innovate and create tires that not only fulfill but surpass these performance benchmarks, further propelling market expansion. The worldwide movement towards sustainability and more stringent emission regulations are hastening the uptake of electric vehicles. Additionally, government incentives for EV acquisitions also aid in increasing sales, which subsequently boosts the need for specialized tires designed for these vehicles. National Renewable Energy Laboratory forecasts that by 2030 there will be 33 million electric vehicles on the road and 28 million electric vehicle charging ports will be required to accommodate them. Most charging will occur at home and in the workplace, with the public network available for opportunistic charging and infrequent long journeys.
The need for durability and efficiency in electric vehicle tires is a major factor propelling market expansion, shaped by multiple influences that address the specific requirements of EVs. Owners of EVs are paying more attention to the overall cost of ownership, encompassing tire replacement expenses. Tires that are durable with extended tread life can assist in reducing these expenses which makes consumers go for superior quality alternatives that guarantee greater longevity. EV batteries can last around 17 years, whereas the typical lifespan of regular cars is 12 years and these batteries can endure up to 17 years or more than 320,000 kilometers. This implies that EVs do not require regular battery replacements. Additionally, they support sustainability through the utilization of recycled materials and environmentally conscious manufacturing techniques.
The effectiveness of tires has a direct effect on the driving range of electric vehicles. Tires engineered with low rolling resistance are vital for optimizing energy efficiency, enabling EVs to cover greater distances on a single charge. As consumers put range first, the need for efficient tires that improve performance becomes essential. Consumers demand high performance from their EVs, which includes exceptional traction and handling abilities. Tires that offer improved grip and stability across different driving conditions are crucial for fulfilling these expectations, further increasing the need for specialized tire options. As consumers grow more conscious of the advantages of specialized tires made for EVs, manufacturers are responding with innovations that boost performance while tackling sustainability issues, eventually leading to significant market expansion in this area.
Sustainability Focus and Advancements in Tire Technology Shape the Future of Electric Vehicle Tires Market.
Electric vehicles keep approximately 89% of the energy in their fuel, whereas gas-powered vehicles utilize about 80% of their fuel. The contrast between these two vehicle types favors EVs regarding energy efficiency and cost-effectiveness. EVs utilize less energy and are cheaper to maintain because of improvements in EV technology, rendering them a more environmentally friendly and economical option. A gasoline-powered vehicle emits up to 69% more greenhouse gas emissions compared to a medium-sized electric vehicle. In addition to reducing emissions, EVs enhance air quality by removing tailpipe emissions or pollutants that a vehicle's exhaust system discharges into the atmosphere. As the global electricity grids become less carbon-intensive, the disparity in emissions between electric vehicles and gasoline-powered vehicles may increase.
As per a recent report, shifting to complete sales of zero-emission vehicles and entirely non-combustion electricity production over the next three decades may yield more than US$1.2 trillion in health advantages in the United States. In conclusion, the emphasis on sustainability is transforming the market for electric vehicle tires by promoting advancements in material utilization, improving performance attributes, adhering to regulatory requirements, and aligning with consumer desires for environmentally friendly products. As this trend progresses, it is anticipated to generate substantial opportunities for growth and innovation in the industry, ultimately aiding in the development of a more sustainable automotive ecosystem.
Improvements in tire technology by different manufacturers are greatly influencing the electric vehicle tire market. For instance, according to data published in April 2024, Sumitomo Rubber is working on a new method called the Tire Aerodynamic Simulation, which is intended to decrease the electricity usage of electric vehicles. To lower both air and tire rolling resistance, Sumitomo is designing a tire shape that enhances aerodynamic efficiency by employing AI simulations to depict the airflow around the tire of a moving vehicle. The firm aims to create a tire to be introduced in 2027 that further aids in reducing the electricity consumption of an EV in its upcoming tire generation. Furthermore, Sumitomo has recently invented a method that alters the shapes of the lettering and fine textures on the sidewall while the tires are in motion. Although it's crucial to streamline the sidewall to minimize air resistance in EVs, this simulation technique will allow for the creation of a tire that attains both aesthetic and aerodynamic performance at elevated standards.
As per a recent report, shifting to complete sales of zero-emission vehicles and entirely non-combustion electricity production over the next three decades may yield more than US$1.2 trillion in health advantages in the United States. In conclusion, the emphasis on sustainability is transforming the market for electric vehicle tires by promoting advancements in material utilization, improving performance attributes, adhering to regulatory requirements, and aligning with consumer desires for environmentally friendly products. As this trend progresses, it is anticipated to generate substantial opportunities for growth and innovation in the industry, ultimately aiding in the development of a more sustainable automotive ecosystem.
Improvements in tire technology by different manufacturers are greatly influencing the electric vehicle tire market. For instance, according to data published in April 2024, Sumitomo Rubber is working on a new method called the Tire Aerodynamic Simulation, which is intended to decrease the electricity usage of electric vehicles. To lower both air and tire rolling resistance, Sumitomo is designing a tire shape that enhances aerodynamic efficiency by employing AI simulations to depict the airflow around the tire of a moving vehicle. The firm aims to create a tire to be introduced in 2027 that further aids in reducing the electricity consumption of an EV in its upcoming tire generation. Furthermore, Sumitomo has recently invented a method that alters the shapes of the lettering and fine textures on the sidewall while the tires are in motion. Although it's crucial to streamline the sidewall to minimize air resistance in EVs, this simulation technique will allow for the creation of a tire that attains both aesthetic and aerodynamic performance at elevated standards.
Recent trends in the Electric Vehicle Tires Market
- Specialized EV designs featuring characteristics like taller and narrower shapes
- Reduce rolling resistance including sound-absorbing materials to minimize cabin noise, improving overall driving comfort
- Increased demand for premium tires that offer enhanced features
- Adaptive tread patterns that can change based on driving conditions
- Enhanced load capacity and durability to handle additional weight without compromising performance
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High Manufacturing Costs and Supply Chain Challenges Pose Threat to the Market
High production expenses present a notable risk to the electric vehicle (EV) tire industry due to various interconnected elements. The costs of crucial raw materials, including natural and synthetic rubber, have risen sharply. For instance, according to data published in April 2024, Global natural rubber costs have surged more than 30 percent in a mere seven months, hitting around Rs 215-220 per kg. EV tires necessitate cutting-edge technology and materials to meet the unique requirements of electric vehicles, including greater torque and weight. The demand for tailored tread patterns and robust materials raises the complexity and expenses of production. Consequently, these tires are typically more expensive than standard tires, which might dissuade cost-conscious buyers from acquiring them.
Supply chain issues present a major risk to the electric vehicle tire industry, affecting production, accessibility, and overall market expansion. Rising demand for these resources, combined with geopolitical conflicts and environmental legislation, can result in increased expenses and restricted availability of vital parts for EV tires. As producers attempt to satisfy the rising demand for EV tires, they encounter constraints in their production abilities. The requirement for cutting-edge manufacturing techniques and technologies to create specialized tires can pressure current facilities, leading to extended lead times and possible order backlogs. The fluctuation in demand for electric vehicles can make it challenging for tire manufacturers to manage their inventories and this variability can cause stock shortages or surplus inventory, affecting profitability.
Supply chain issues present a major risk to the electric vehicle tire industry, affecting production, accessibility, and overall market expansion. Rising demand for these resources, combined with geopolitical conflicts and environmental legislation, can result in increased expenses and restricted availability of vital parts for EV tires. As producers attempt to satisfy the rising demand for EV tires, they encounter constraints in their production abilities. The requirement for cutting-edge manufacturing techniques and technologies to create specialized tires can pressure current facilities, leading to extended lead times and possible order backlogs. The fluctuation in demand for electric vehicles can make it challenging for tire manufacturers to manage their inventories and this variability can cause stock shortages or surplus inventory, affecting profitability.
The Intersection of Innovation and Sustainability Helping Expand the Market Reach
The launch of cutting-edge tires equipped with state-of-the-art features is greatly influencing the electric vehicle tire industry in multiple aspects. Contemporary tire designs emphasize minimizing rolling resistance, which is vital for enhancing the driving range of electric vehicles. Tires that exhibit reduced rolling resistance enable EVs to operate for extended periods on one charge, directly tackling consumer worries regarding range anxiety. For instance, in May 2024, CST Tires, a leading company among the top 10 in global tire manufacturing, revealed the introduction of SALEKS E·X1, an innovative tire designed specifically for electric vehicles. The SALEKS E·X1 signifies a major advancement in tire technology, tackling the issues created by the increased weight mainly because of their battery packs. Key characteristics of the SALEKS E·X1 consist of improved handling, decreased rolling resistance, and minimized noise.
The incorporation of sustainable materials in the manufacturing of tires is rising in popularity, in line with the larger environmental objectives linked to electric mobility. Producers are testing renewable resources, which not only lessen environmental effects but also attract environmentally aware consumers. For instance, in June 2024, Hankook introduced the iON GT, a summer tire specially made for electric vehicles, broadening its iON product line. This new tire is crafted for battery-operated city vehicles and sedans, aiming to address the specific requirements of EVs while highlighting sustainability. This technology guarantees consistent contact pressure on the road, encouraging even wear and prolonging tire life, which is essential for EVs that generally face increased wear rates.
Advanced tire technologies aid in creating products that last longer, minimizing waste and the need for frequent replacements and this aspect of sustainability is growing in importance as consumers seek environmentally conscious choices. For instance, in January 2024, Goodyear Tire and Rubber Co. introduced its newest innovation in electric vehicle tires, the ElectricDrive 2 in conjunction with partnerships focused on improving tire technologies. This novel all-season tire is crafted to boost performance and sustainability for battery-operated vehicles. The tire seeks to significantly increase mileage past the typical lifespan of 30,000 to 40,000 miles for conventional EV tires, while earlier versions provided a warranty of up to 60,000 miles. Goodyear highlights sustainability in the ElectricDrive 2, utilizing at least 50% sustainable materials by weight.
The incorporation of sound-absorbing foam materials into tire manufacturing is greatly affecting the electric vehicle (EV) tire industry in numerous ways. Sound-absorbing foam is intended to minimize cabin noise by soaking up impact sounds produced while driving. For instance, in April 2024, Kumho Tire USA broadened its electric vehicle tire selection with the launch of two new models which include the Majesty 9 Solus TA91 EV and the Crugen HP71 EV. The Majesty 9 Solus TA91 EV and Crugen HP71 EV both feature Kumho's exclusive K-Silent technology, which incorporates sound-absorbing foam materials into the tire construction. This design aids in minimizing cabin noise and improving overall driving comfort, which is a significant aspect for EV drivers who encounter more noticeable road noise in the absence of engine sounds. Both tires are designed to reduce rolling resistance, which is vital for maximizing the driving range per charge in electric vehicles.
The incorporation of sustainable materials in the manufacturing of tires is rising in popularity, in line with the larger environmental objectives linked to electric mobility. Producers are testing renewable resources, which not only lessen environmental effects but also attract environmentally aware consumers. For instance, in June 2024, Hankook introduced the iON GT, a summer tire specially made for electric vehicles, broadening its iON product line. This new tire is crafted for battery-operated city vehicles and sedans, aiming to address the specific requirements of EVs while highlighting sustainability. This technology guarantees consistent contact pressure on the road, encouraging even wear and prolonging tire life, which is essential for EVs that generally face increased wear rates.
Advanced tire technologies aid in creating products that last longer, minimizing waste and the need for frequent replacements and this aspect of sustainability is growing in importance as consumers seek environmentally conscious choices. For instance, in January 2024, Goodyear Tire and Rubber Co. introduced its newest innovation in electric vehicle tires, the ElectricDrive 2 in conjunction with partnerships focused on improving tire technologies. This novel all-season tire is crafted to boost performance and sustainability for battery-operated vehicles. The tire seeks to significantly increase mileage past the typical lifespan of 30,000 to 40,000 miles for conventional EV tires, while earlier versions provided a warranty of up to 60,000 miles. Goodyear highlights sustainability in the ElectricDrive 2, utilizing at least 50% sustainable materials by weight.
The incorporation of sound-absorbing foam materials into tire manufacturing is greatly affecting the electric vehicle (EV) tire industry in numerous ways. Sound-absorbing foam is intended to minimize cabin noise by soaking up impact sounds produced while driving. For instance, in April 2024, Kumho Tire USA broadened its electric vehicle tire selection with the launch of two new models which include the Majesty 9 Solus TA91 EV and the Crugen HP71 EV. The Majesty 9 Solus TA91 EV and Crugen HP71 EV both feature Kumho's exclusive K-Silent technology, which incorporates sound-absorbing foam materials into the tire construction. This design aids in minimizing cabin noise and improving overall driving comfort, which is a significant aspect for EV drivers who encounter more noticeable road noise in the absence of engine sounds. Both tires are designed to reduce rolling resistance, which is vital for maximizing the driving range per charge in electric vehicles.
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Asia Pacific Leading the Electric Vehicle Tires Market Driven by Rising Adoption of Electric Vehicles
The electric vehicle tires market is primarily led by the Asia-Pacific region, due to several important reasons. There is a notable increase in the adoption of electric vehicles in the region, especially in nations such as China, Japan, and South Korea. Electric vehicle introductions in India in 2025 are expected to exceed those of petrol and diesel cars. Of the 28 vehicle introductions scheduled for the year, 18 are electric, based on a report by The Economic Times. This represents a major increase from the 4-5 EV models brought out each year in the previous two years and surpasses the total of 11 and 15 new vehicles including both EV and internal combustion engine launched in 2023 and 2024, respectively.
Governments in the Asia Pacific region are proactively promoting the shift to electric mobility by providing subsidies, and tax incentives, and enforcing strict emission standards. For instance, initiatives by China foster the production and sale of electric vehicles, whereas Japan and South Korea are making substantial investments in charging infrastructure and pollution control measures. The Asia Pacific area hosts some of the largest tire manufacturers globally who are making significant investments in research and development to develop innovative tire technologies specifically designed for electric vehicles. This aggregation of industry stakeholders boosts the competitive edge of the region and the ability to satisfy increasing demand. The swift progress of tire technology within the region is allowing manufacturers to create tires that fulfill the distinct needs of electric vehicles, such as minimized rolling resistance and improved durability. These advancements are essential for optimizing the performance and efficiency of electric vehicles.
Governments in the Asia Pacific region are proactively promoting the shift to electric mobility by providing subsidies, and tax incentives, and enforcing strict emission standards. For instance, initiatives by China foster the production and sale of electric vehicles, whereas Japan and South Korea are making substantial investments in charging infrastructure and pollution control measures. The Asia Pacific area hosts some of the largest tire manufacturers globally who are making significant investments in research and development to develop innovative tire technologies specifically designed for electric vehicles. This aggregation of industry stakeholders boosts the competitive edge of the region and the ability to satisfy increasing demand. The swift progress of tire technology within the region is allowing manufacturers to create tires that fulfill the distinct needs of electric vehicles, such as minimized rolling resistance and improved durability. These advancements are essential for optimizing the performance and efficiency of electric vehicles.
The report provides a detailed overview of the electric vehicle tires market insights in regions including North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. The country-specific assessment for the electric vehicle tires market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the electric vehicle tires market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the electric vehicle tires market. Some key countries and regions included in the electric vehicle tires market report are as follows:
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Poland, Netherlands, Switzerland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Slovakia, Czech Republic, Rest of Europe |
| Asia Pacific | China, Hong Kong, India, Japan, South Korea, Australia, New Zealand, Indonesia, Singapore, Malaysia, Thailand, Rest of Asia Pacific |
| Middle East and Africa | United Arab Emirates, Saudi Arabia, South Africa, Turkey, Israel, Egypt, Morocco, Rest of MEA |
Electric Vehicle Tires Market Research Report Covers In-depth Analysis on:
- Electric vehicle tires market detailed segments and segment-wise market breakdown
- Electric vehicle tires market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in electric vehicle tires industry)
- Current, historical, and forthcoming 10 years market valuation in terms of electric vehicle tires market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- Electric vehicle tires market demand analysis
- Electric vehicle tires market pricing analysis over the forecast period (by key segment and by region)
- Electric vehicle tires market regional insights with the region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in the electric vehicle tires market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in the electric vehicle tires market
- Electric vehicle tires market sales and distribution strategies
- A comprehensive overview of the parent market
- A detailed viewpoint on the electric vehicle tires market forecast by countries
- Mergers and acquisitions in the electric vehicle tires market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What factors are driving the demand for electric vehicle tires?
The demand for electric vehicle tires is driven by the increasing adoption of electric vehicles, stricter emissions regulations, and the need for specialized tires that support the unique performance characteristics of EVs.
What are the key challenges in the electric vehicle tire market?
The key challenges include the high cost of specialized EV tires, the need for ongoing innovation in materials and technology, and the development of tires that are compatible with diverse EV models.
Which regions are expected to lead the electric vehicle tire market?
Regions like North America, Europe, and Asia-Pacific are expected to lead the market, driven by increasing electric vehicle production, government incentives, and the growing shift towards sustainable mobility.
