Electric Vehicle Tires Market Size, Share, Opportunities, And Trends By Propulsion Type (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), Fuel Cell Electric Vehicle (FCEV)), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicles, Buses), By Application (On-road, Off-road), By Sales Channel (OEM, Aftermarket), And By Geography - Forecasts From 2024 To 2029

The electric vehicle tires market is anticipated to grow significantly over the forecast period.

Electric vehicle tires are specially designed tires that are specially made to support electric vehicles because of their unique design and architecture. These tires are quieter than conventional tires and are preferred for EVs that are quieter than combustion engines. Also, as the EV engines are quieter therefore they need to cancel out the noise produced by the tires and prevent it from reaching the passengers. Compared to combustion cars, EVs drive technology lowers maintenance, emissions, engine noise, and running costs.

However, one consequence of the many electric vehicle benefits is a major increase in weight. Batteries are heavy, and their weight puts a strain on EV tires. Choosing the right tires for electric vehicles is an essential part of maintaining mileage, braking performance, and efficiency. Additionally, with high instant torque, and increased weight, the demand for a long-range and lower emissions comes with an even greater need for minimal rolling resistance, so tires for electric cars offer a smoother, more energy-efficient, and low-impact ride.

INTRODUCTION:

The electric vehicle tires market is driven majorly by the increasing demand for EVs and the adoption of EVs as commercial vehicles, such as electric buses, trucks, and vans. These tires are equipped with different technology than traditional combustion engine tires which makes the vehicle quieter. Tires can impact the overall performance and efficiency of the vehicle, so it is an essential part of EVs with an increase in demand for them, which will propel the growth of electric vehicle tires.

The adoption of IOT (Internet Of Things) enabled devices are driving market growth. These devices are a major part of the development process of the automotive industry and are a significant part of this industry in recent times which is accelerating the growth and development of electric vehicle smart tires. Major tire manufacturers are developing the functionality of smart tires that depend upon IoT connectivity to deliver more efficient and reliable tires.

MARKET DRIVERS:

• Adoption of EVs for commercial and personal use is predicted to propel the electric vehicle market:

The demand for EVs has seen rapid growth in the market for better efficiency and more eco-friendly options for the general public. This, in turn, is increasing the demand for appropriate tires that go with these EVs, which have different requirements for a tire than a traditional car tire. These smart tires or connected tires are majorly used in new-generation electric vehicles. Therefore, the electric tire market growth is prominent in the forecast period. For instance, the American government is investing heavily in public and private sectors to provide affordable electric vehicles, which will turn up EV sales and, in turn, EV tire sales.

• The adoption of IoT-enabled smart devices market trend is projected to drive the electric vehicle tires market.

The acceptance of IoT in the global automotive industry and the rising demand for connectivity in IoT are helping in innovations and new developments in electric vehicle tires. Many major tire manufacturers are moving towards IoT connectivity to provide more efficiency, which will drive market growth.

• The enhanced features of EV tires are anticipated to propel market growth.

The specially developed tires, according to electric vehicle specifications, produce less carbon emission than traditional combustion engine vehicle tires during manufacturing. Also, these tires produce less sound than traditional tires, which goes perfectly with EVs as they are quieter than fuel-engine vehicles, and sound does not reach the passenger sitting in the driving seat. The added weight of batteries in EVs provides improved resistance and stiffness on the road.

MARKET RESTRAINT:

The use of high-performance tires results in efficient and smooth ride of EVs. Electric vehicles produce more power and torque than traditional fuel-engine vehicles which puts more strain on the tires because it has heavy batteries. Therefore, reducing their lifespan as they wear down 20% faster than fuel engine tires because of the acceleration these vehicles produce. These tires are more expensive than traditional car tires due to their enhanced features. However, their high cost and low lifespan might hinder the market growth of electric vehicle tires in the forecast period.

Prominent growth is projected in the Asia Pacific region.

Asia Pacific region is expected to show major growth in the electric vehicle tires industry. The rapid growth in production and demand of the electric vehicle industry in countries like Japan, South Korea, and China. Also, rising demand for eco-friendly vehicles is driving growth in this region with key players like Toyota, Honda, and others.

Moreover, developing infrastructure related to electric vehicles and governments promoting the use of electric vehicles for commercial and personal use in these regions with various technological advancements related to electric vehicles are taking place, owing to government initiatives, which further propels the market growth of electric vehicles tires in the forecast period in the Asia Pacific region.

Products Offered By Key Companies:

• Yokohama: The ADVAN Apex® V601 is one of the tires produced specially for electric vehicles. It is used for ultra-high-performance cars that demand an ultra-high-performance tire. It is designed to redefine grip and dominate U.S. roads with a strong sidewall and tread, delivering a precise and immediate cornering response. Also, it has rigid construction and optimized groove angles to minimize road noise, providing a quieter road trip.
• Michelin Tires: DEFENDER LTX PLATINUM is a product that is suitable for electric vehicles and provides the best performance and efficiency. It delivers exceptional tread life along with cutting-edge aesthetics with a completely new class of tires developed specifically for luxury heavy-duty pickup trucks. It includes an ultra-premium design with a striking velour sidewall and is designed to last twice as long as the previous generation, providing drivers with a smooth and classy ride the whole journey with these tires.

Key Developments:

• In January 2024, Yokohama Tires launched its brand new product, the new ADVAN Sport® EV A/S, in the US market. These tires have an ultra high-performance all-season tire specifically designed for electric vehicles. It’s the first tire to carry the new E+ badge, which is important for EV tires, and it signifies that the tire can fulfill the unique set of requirements brought by EVs and its compatibility with electric vehicles.

Segmentation:

• By Propulsion Type
  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)
  • Fuel Cell Electric Vehicle (FCEV)
• By Vehicle Type
  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicles
  • Buses
• By Application
  • On-road
  • Off-road
• By Sales Channel
  • OEM
  • Aftermarket
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others 
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others 
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others 
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others