Electric Vehicle Tire Market, By Vehicle Type (Battery Electric Vehicles (BEVs), and Plug-in Hybrid Electric Vehicles (PHEVs)), By Tire Size (16 to 20 inches, Less than 16 inches, and Above 20 inches), By Sales Channel (Original Equipment Manufacturers (OEMs), and Aftermarket), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024

Code : CMI7278

Pages :168

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Concentration and Competitive Landscape

Electric Vehicle Tire Market Concentration By Players

Close-monitor your Competitor's Move, Request sample copy

Rising Demand for Long-Lasting and Fuel-Efficient Tires for EVs

With growing concerns over rising fuel costs and emissions from gasoline vehicles, many consumers as well as fleet operators are switching to electric vehicles. As EVs are becoming popular for their lower running costs compared to internal combustion engine vehicles, users expect their tires to offer high mileage and fuel efficiency as well. This rising demand for durable and efficient tires is acting as another key driver for electric vehicle tire market.

EV owners want their tires to last long in order to avoid frequent replacements which otherwise adds to the total cost of ownership. Hence, many are willing to pay more for tires that offer higher tread life. This is encouraging tire manufacturers to focus on developing long-lasting tread compounds and robust tire construction. Advanced silica and polymer additives are making tires more durable from inside. Similarly, optimized tread patterns are improving outer toughness of tires.

At the same time, low rolling resistance of tires retains importance for electric vehicle drivers trying to extract maximum range from each battery charge. Efficient tires help save energy and extend driving range. This factor has spurred innovations around low-heat, enhanced grip and hydroplaning resistant tires. Overall, demand for value and sustainability is fostering continuous product differentiation in the EV tire segment. The new specialized tires are catering to varied performance as well as cost-saving needs of electric vehicle owners.

Key Players Insights