Electric Vehicle Tire Market Segment, Companies, Trend & Growth Analysis 2024-30

Global Electric Vehicle Tire Market Analysis

MarkNtel Advisors, a leading consulting, data analytics, and market research firm, recently published an analytical report description that describes the recent achievements and developments of prominent players including new launching of innovative products, strategic collaborations, or partnerships, that bolster the growth of the Global Electric Vehicle Tire market. The research report on the Electric Vehicle Tire Market presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts.

The report further comprises, “Global Electric Vehicle Tire Market size was valued at USD 3.1 Billion in 2023 and is projected to reach USD 13.4 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 18.7% during the forecast period, i.e., 2024-30.

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Global Electric Vehicle Tire Market Drivers:

Rising Production of EVs Worldwide Uplifting the Requirement for Electric Vehicle Tires– In recent years, Greenhouse emissions have increased at an alarming rate due to the consistent increase in transportation activities & rapid industrialization. As per the International Energy Agency, in 2022, more global emissions reached approximately 8 Gt, an increase of about 250 Mt or about 3% compared to the previous year. These emissions contribute to global warming and air pollution, leading to adverse health effects and environmental degradation. Therefore, the official authorities across the globe are encouraging the adoption of sustainable transportation modes, including EVs. This, in turn, is resulting in the increased sales of EVs across the Globe, facilitating the requirement for EV-specific tires. Also, to cater to this growing demand for EVs, top companies are expanding their production units. For instance, in 2024, BYD announced to set up an EV manufacturing facility in Turkey. Similarly, other players are also ramping up the production of EVs, which would generate the demand for EV-specific tires directly from the original equipment manufacturers and contribute to enlarging the market size during the forthcoming years.

Global Electric Vehicle Tire Market Segment & Geography [2024-30]

The Electric Vehicle Tire market is segmented into significant segments based on Geography.

-By Type of Tire

Radial
Bias

-By Vehicle Type

Passenger Car
Two Wheeler & Three Wheeler
Commercial Vehicle
Others

-By Price Category

Budget
Premium
Economy

-By Distribution Channel

OEM
Aftermarket

-By Sales Channel

Direct Sales
Online
Dealers/ Exclusive Outlets

-By Rim Diameter

Up to 12”
1” to 15”
1.” to 18”
1” to 20”
1” to 22.5”
6” to 30”
1” to 35”
1” to 47”
Above 47”

Geographical Analysis

-By Region

North America
South America
Europe
Middle East & Africa
Asia Pacific

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Top Companies Essentially Working in Electric Vehicle Tire Market

Continental AG
Bridgestone Corporation
Yokohama Rubber Company Ltd.
Hankook Tire & Technology Group
The Goodyear Tire & Rubber Company
Michelin Group
Kumho Tire Company Inc.
Pirelli & C. S.p.A
Toyo Tire Corporation
GITI Tire

Frequently Asked Questions (FAQs)-

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends influencing the current scenario of the market?
What leading factors would propel and impede the industry across the geography?
How has the industry been evolving in terms of geography & Electric Vehicle Tire adoption?
How has the competition been shaping up across the geography?

Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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