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 (EV) tires market is predicted to expand at a compound annual growth rate of 14.03% and increase from US$37.887 billion in 2024 to account for US$73.034 billion in 2029.

Electric vehicle (EV) 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. As the EV engines are quieter, 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 electric vehicles' many benefits is a major weight increase. Batteries are heavy, and their weight puts a strain on EV tires. Choosing the right tires for electric vehicles is essential to maintaining mileage, braking performance, and efficiency. Additionally, with high instant torque and increased weight, the demand for 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.

Electric Vehicle Tires Market Trends:

The electric vehicle tires market is driven majorly by the increasing demand for EVs and their adoption as commercial vehicles, such as electric buses, trucks, and vans. These tires are equipped with technology that is different from traditional combustion engine tires, making 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, propelling the electric vehicle tires market growth.

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 have been a significant part of this industry in recent times, 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.

What are the electric vehicle tire market drivers?

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

The demand for EVs has seen rapid market growth 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 EV 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 EV tires. Many major tire manufacturers are moving towards IoT connectivity to increase efficiency, driving market growth.

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

According to electric vehicle specifications, the specially developed tires produce less carbon emission than traditional combustion engine vehicle tires during manufacturing. These tires also 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.

Major challenges in the electric vehicle tire market:

The use of high-performance tires results in efficient and smooth EV rides. Electric vehicles produce more power and torque than traditional fuel-engine vehicles, increasing the strain on the tires because they have heavy batteries. This reduces their lifespan as they wear down 20% faster than fuel engine tires because of these vehicles' acceleration. 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.

Geographical outlook of the electric vehicle tire market:

• The Asia Pacific region is expected to dominate the electric vehicle (EV) tires market.

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

Furthermore, the development of infrastructure for electric vehicles, along with government initiatives promoting their use for both commercial and personal purposes, is driving significant technological advancements in these regions. This, in turn, is expected to boost the market growth of electric vehicle tires during the forecast period in the Asia Pacific region.

Major players and products in the electric vehicle tire market:

• 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. It also 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 and cutting-edge aesthetics with a new class of tires developed specifically for luxury heavy-duty pickup trucks. It includes an ultra-premium design with a striking velour sidewall. It 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 the electric vehicle tire market:

• In January 2024, Yokohama Tires launched its 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.

Market Segmentation:

The Electric Vehicle (EV) Tires Market is segmented and analyzed as below:

• 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
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ELECTRIC VEHICLE (EV) TIRES MARKET BY PROPULSION TYPE

5.1. Introduction

5.2. Battery Electric Vehicle (BEV)

5.3. Plug-in Hybrid Electric Vehicle (PHEV)

5.4. Hybrid Electric Vehicle (HEV)

5.5. Fuel Cell Electric Vehicle (FCEV)

6. ELECTRIC VEHICLE (EV) TIRES MARKET BY VEHICLE TYPE

6.1. Introduction

6.2. Passenger Car

6.3. Light Commercial Vehicle

6.4. Heavy Commercial Vehicles

6.5. Buses

7. ELECTRIC VEHICLE (EV) TIRES MARKET BY APPLICATION 

7.1. Introduction

7.2. On-road

7.3. Off-road

8. ELECTRIC VEHICLE (EV) TIRES MARKET BY SALES CHANNEL

8.1. Introduction

8.2. OEM

8.3. Aftermarket

9. ELECTRIC VEHICLE (EV) TIRES MARKET BY GEOGRAPHY

9.1. Introduction

9.1. North America

9.1.1. By Propulsion Type

9.1.2. By Vehicle Type

9.1.3. By Application

9.1.4. By Sales Channel

9.1.5. By Country

9.1.5.1. United States

9.1.5.2. Canada

9.1.5.3. Mexico

9.2. South America

9.2.1. By Propulsion Type

9.2.2. By Vehicle Type

9.2.3. By Application

9.2.4. By Sales Channel

9.2.5. By Country

9.2.5.1. Brazil

9.2.5.2. Argentina

9.2.5.3. Others

9.3. Europe

9.3.1. By Propulsion Type

9.3.2. By Vehicle Type

9.3.3. By Application

9.3.4. By Sales Channel

9.3.5. By Country

9.3.5.1. United Kingdom

9.3.5.2. Germany

9.3.5.3. France

9.3.5.4. Italy

9.3.5.5. Spain

9.3.5.6. Others

9.4. Middle East and Africa

9.4.1. By Propulsion Type

9.4.2. By Vehicle Type

9.4.3. By Application

9.4.4. By Sales Channel

9.4.5. By Country

9.4.5.1. Saudi Arabia

9.4.5.2. United Arab Emirates

9.4.5.3. Others

9.5. Asia Pacific

9.5.1. By Propulsion Type

9.5.2. By Vehicle Type

9.5.3. By Application

9.5.4. By Sales Channel

9.5.5. By Country

9.5.5.1. China

9.5.5.2. India

9.5.5.3. Japan

9.5.5.4. South Korea

9.5.5.5. Taiwan

9.5.5.6. Thailand

9.5.5.7. Indonesia

9.5.5.8. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. Yokohama

11.2. Smithers

11.3. Michelin Tires

11.4. Continental Tire

11.5. Hankook USA

11.6. Big O Tires

11.7. Pirelli

11.8. Crawford Tire Service

Yokohama

Smithers

Michelin Tires

Continental Tire

Hankook USA

Big O Tires

Pirelli

Crawford Tire Service