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

Key Developments

• In October 2023, Pirelli & C. SpA, the renowned Italy-based tire manufacturer, entered into a joint venture with Saudi Arabia’s Public Investment Fund (PIF) to establish a tire manufacturing facility in Saudi Arabia. Scheduled to commence operations in 2026, the plant will produce high-quality tires for passenger vehicles.
• In September 2023, Sumitomo Rubber Industries, Ltd., a leading global tire manufacturer, introduced a new all-weather touring tire named Aklimate. This tire incorporates advanced 4D Nano Design technology to enhance wet handling and snow traction.
• In February 2023, Bridgestone Corporation, a major global tire and rubber company, revealed plans to invest USD 72.4 million by 2025 to boost production capacity and enhance technology at its Pune plant. This investment will enhance the plant's capabilities for producing passenger car tires.
• In June 2022, Michelin, a leading global tire manufacturer, signed a partnership with Hyundai Motor Group to develop advanced-generation tires specifically designed for battery electric vehicles (EVs). This agreement focuses on creating eco-friendly tires that significantly enhance the use of sustainable materials and includes the development of a tire monitoring system to analyze wear and various road conditions. These next-generation tires are expected to feature in future premium EV models from Hyundai Motor Group.