Electric vehicle tire market size to exceed US$161.6 billion

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Tokyo, June 13, 2022 (GLOBE NEWSWIRE) — The world Electric Vehicle (EV) Tire Market was reached at 40 billion US dollars in 2021. Regarding the impact of covid 19, the market size of tires for electric vehicles is estimated at 8.6% per annum. The overall market is mainly driven by the growing demand for smart vehicles and the advancement of automatic connected vehicles. The increasing shift to artificial intelligence rather than manually operated vehicles and the recent introduction of the 5G network have largely contributed to boosting the electric vehicle market. The rapid emergence of modern technology associated with these smart vehicles has also encouraged a huge population to opt for them.

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Regional overviews

The North American market provides a great opportunity for the electric vehicle tire market owing to the growing demand for environmentally friendly electric vehicles. The growing use of these vehicles also facilitates demand from the tire market. Other regions increasing the electric vehicle tire market size include Europe and Japan. Asia-Pacific countries like India and China are also trending towards the use of sustainable energy resources, which facilitates the use of tires for electric vehicles, thus helping the market to grow.

Report Highlights

  • On the basis of type, the market is seeing growth in the passenger vehicle segment owing to the increasing use of electric vehicles by private commuters on a daily basis to increase their disposable income.
  • Based on the technology, radial type technology has seen a rise due to its seamless compatibility with the performance associated with electric vehicles and the smooth experience seen by end users.
  • Based on distribution channel, OEM has seen commendable growth compared to the aftermarket sector.

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Report scope

Report attributes Details
Market size in 2021 $40 billion
Revenue forecasts by 2030 $161.6 billion
CAGR 16.78% from 2022 to 2030
The biggest market Asia Pacific
Fastest growing region North America
base year 2021
forecast year 2022 to 2030
Key players Falken tire, Michelin, Nokian Tire, Cooper Tire and Rubber Company, Apollo tire, Pirelli and co., Bridgestone, Continental AG, Yokohama rubber, Goodyear tire and rubber company

Market Ddynamic

Drivers

The expected torque of electric vehicle tires is higher than that of normal internal combustion vehicles due to the higher weight of electric vehicles due to the heavy batteries they use. On the other hand, reduction in noise pollution due to the absence of an internal combustion engine also helps boost the market during the forecast period. The higher distance range can cover makes the use of special tires for electric vehicles inevitable. The low rolling resistance needed for electric vehicle tires to provide better distance is a key factor. The low rolling resistance offered by the tires of electric vehicles results in less wasted energy. The grip on wet ground provided by the tires of electric vehicles contributes to reducing the braking time of the wheels on the road.

Constraints

The increase in the total weight of a vehicle linked to the high weight of the batteries reduces the total autonomy covered by the electric vehicle. The R&D carried out on electric vehicles is not enough to offer consumers a safer lifestyle. Related to the absence of engine noise from electric vehicles, tire noise is audible inside the passenger compartment of the electric vehicle. As electric vehicle use has not been widely adopted, the number of charging stations provided is less, making it difficult for current users to opt for long-distance trips. The energy loss associated with the use of electric vehicle tires resulting from the increase in torque required when exiting a stop is proving to be of concern to the market.

Opportunities

The combination of carbon black and silica which is used in recent tires benefits from both, by providing low resistance as well as better tire wear during use. Rising usage of EVs due to rising fuel prices are also expected to boost the EV tire market. The improved thread pattern and sidewall construction using advanced technology proved to be an opportunity for the developing market. The reduction in braking distance thanks to the concept of wet grip has also stimulated the use of tires for electric vehicles.

Challenges

The improvement of the tread with the help of new technologies led to the modification of the shape of the tires. The method used to construct the sidewall of the tires also affected the size of the tires. The greater rolling resistance provided by electric vehicle tires when the vehicle leaves a standstill requires greater energy consumption and provides less work in return. The increase in the total weight of the electric vehicle linked to the heavy batteries used in the operation of the machine uses more energy, which affects the average economy of the vehicle. The installation of charging stations has not seen a steady pace in the current period, therefore the use of electric vehicles challenges the customer to decide on the feasibility of the vehicle for long-distance travel.

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Recent Ddevelopments

In order to reduce the production of noise in vehicle propulsion, Michelin has developed pneumatic technology. Polyurethane foam is used to make the experience about twenty percent quieter during a car ride by the customer. The hut is therefore very peaceful. The high performance expected from sport utility vehicle tires has been fulfilled by these tires. This happened in March 2021.

‘Ecorun A-A’, developed in May 2018, which is a smart tire developed by a collaboration between Falken, a Japanese company and Toyota. The best performance displayed against grip and efficiency on wet ground gave the name to the product.

Market segmentation

By distribution channel

By type

  • Passenger vehicles
  • Commercial vehicles
  • Two wheels

By technology

By tire size

  • Up to 14″
  • 15-18″
  • Above 18″

By motorization

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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