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Electric Vehicle Tires Market Trends

Report ID: GMI7639
Published Date: Dec 2023
Report Format: PDF

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Electric Vehicle Tires Market Trends

Increased emphasis on sustainability could be a prominent EV tires industry trend over 2024-2032. With a growing focus on sustainability, there could be an increasing trend toward eco-friendly tire materials and manufacturing processes in the market. Tire manufacturers are exploring innovative, sustainable materials and production methods to align with the environmental goals of electric vehicle users.

For an instance, in December 2023, amidst the COP28 climate conference in Dubai, UAE, Enso urged leaders to eliminate fossil fuels and advocated for the full decarbonization of the global tire industry. On Transport Day at COP28, Enso committed to phasing out fossil fuels in the sector by achieving a complete decarbonization of its supply chain by 2030—asserting that this target is "two decades ahead of mainstream tire manufacturers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric vehicle tires reached USD 15.4 billion in 2023 and is set to witness 9% CAGR from 2024 to 2032, attributed to the growing popularity and adoption of electric vehicles.

The passenger cars segment accounted for a market share of around 45% in 2023, as more consumers embrace the shift to electric mobility for environmental reasons and reduced fuel costs.

Asia Pacific market share was around 30% in 2023, with a surge in electric vehicle adoption, particularly in countries like China and Japan.

Bridlestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire & Technology Co Ltd., Michelin, Pirelli & C. SPA, and Sumitomo Rubber Industries Ltd.