ELECTRIC VEHICLE TIRE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

One of the major challenge faced by the global electric vehicle tire market is the high initial investment required for EV tires due to the advanced technology used in them. Electric vehicles run at high speeds for long durations needing tires that can withstand significant wear and tear over longer usage cycles compared to conventional vehicle tires. Manufacturing such durable tires incorporating latest materials science and advanced production processes drives up their costs. The specialized tread designs and thread patterns in EV tires optimizing road adhesion and grip for sudden torque and power delivery in EVs adds to their price tag. Further, lack of standardization in EV tire sizes across models and manufacturers complicates mass production and economies of scale, maintaining their premium pricing. As average consumers remain price sensitive, high sticker costs of EV tires acts as a deterrent for global electric vehicle adoption if not subsidized, restricting market expansion in price sensitive regions.

Opportunity - Development of retreading technologies for EV tires for market

One of the major opportunities available for the global electric vehicle tire market is the development of retreading technologies suitable for EV tires. As EVs gain mainstream acceptance, the installed base of tires on electric vehicles will keep growing over the next decade. While premium prices of new EV tires hamper aftermarket prospects, retreading worn out casings can help lower the overall lifetime ownership costs and make electric mobility more affordable. Innovation in retreading compounds, processes and equipment adapting to unique material properties and wear patterns in EV tires can open up a huge secondary market. Establishing collection and recapping infrastructure along with performance guarantees will boost customer confidence in remolded EV tires. This provides an ideal opportunity for companies to expand product offerings as well as establish sustainable recycling practices catering to the emerging needs of electric vehicle industry.