Electric Vehicle Tires Market size is projected to grow from USD 2.8 billion in 2023 to USD 11.2 billion by 2030, at a CAGR of 21.7%, according to a new report by MarketsandMarkets™. The rise in focus towards e-mobility is expected to increase the demand for electric vehicle tires. Also, the strong policies set by the regulatory bodies and governments to combat carbon effluents from passenger and commercial vehicles is anticipated to promote the revenue growth of electric vehicle tires market.

Browse in-depth TOC on “Electric Vehicle Tires Market“.

247 – Tables
49 – Figures       
262 – Pages

Electric Vehicle Tires Market Scope:

Passenger Cars segment is expected to have largest share in the global electric vehicle tires market

The passenger cars segment is expected to hold the largest share of the electric vehicle tires industry during the forecast period. The demand for electric vehicle tires among several automotive manufacturers is rising to help increase EV sales due to the focus on reducing CO2 emissions from passenger cars. Tire manufacturers are working closely with the automakers to develop and provide EV tires for passenger cars. In June 2022, Hyundai Motor Group and Michelin announced a collaboration up to 2025 to develop the next-generation tires for premium electric vehicles. In January 2023, Pirelli & C. SpA announced that it would be supplying P Zero Elect tires for the BMW i4 M50. In addition, vehicle utilization is on the rise in developing economies due to increasing cab-sharing facilities, which will create growth opportunities for the market.

Off-road application segment is estimated to exhibit the fastest growth in global electric vehicle tires market

The Off-road segment is expected to have the fastest growth in the electric vehicle tires market by 2030. The off-road application of electric vehicle tires includes heavy-duty trucks and construction. There has been a rapid growth of the construction industry in developing economies, which has catalysed the demand for off-road tires. North America is the largest market for pick-up trucks for transporting goods and passengers. Many vehicle manufacturers such as Ford, Chevrolet, Rivian, Tesla, and more are releasing electric pick-up trucks. Ford has offered F-150 lightning since 2022. The Rivian R1T pick-up truck was released in September 2021. Chevrolet will offer the next-generation Silverado EV pick-up truck from 2024, while Tesla will deliver the Cybertruck in November 2023 for off-road applications. The growing availability of electric trucks will increase the demand for off-road electric vehicle tires. Many fleet owners that provide vehicles at construction and mining sites are being educated regarding the long-term economic benefits of using electric vehicles and, in turn, electric vehicle tires. Hindustan Zinc Limited, an Indian mining and resource production company, has added Normet Agitator SmartDrive EV into its underground mining operations. Off-road vehicles must operate in harsh environments. There is an increasing need for high-quality electric vehicle tires that have excellent durability and better grip for all terrains. Many key tire manufacturers are investing heavily in this segment and launching off-road capable tires. In October 2023, Toyo Tires (Japan) introduced its new line of all-terrain off-road replacement tire Open Country A/T III EV for electric off-road light trucks in North America. It features a sidewall AeroWing technology to improve rolling resistance. It was first fitted in February 2024 for Ford F-150 Lightning and subsequently will be made available for other electric trucks such as Rivian R1S and GMC Hummer EV.

Germany to lead the electric vehicle tires market in Europe

Germany is expected to be the largest market in Europe for electric vehicle tires during the forecast period. Germany is considered the hub of the automotive industry and the largest producer of passenger cars. Increasing sales of electric passenger cars is the key driving factor for electric vehicle tires in Germany. The advancement of the automotive industry in Europe is another key factor impacting the growth of the electric vehicle tires market in the region. This contributes to the high growth of the electric vehicle tires market in the region. Increasing government initiatives regarding controlling carbon emissions are boosting the sales of electric vehicles in Europe, which will boost the electric vehicle tires market in the region. In March 2023, Norway became the first country in the world to announce a ban on the sale of new petrol and diesel cars from 2025. Other European countries, such as the UK, Denmark, and Sweden, have also announced plans to ban the sale of new ICE vehicles by 2030 or earlier.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=219022969

Key Market Players:

The major players in Electric Vehicle Tires Companies include Michelin (France), Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Corporation (US), Continental AG (Germany), and Pirelli & C. SpA (Italy), Sumitomo Rubber Industries, Ltd. (Japan), among others.

Recent Developments

• In October 2023, Pirelli & C. SpA. started a joint venture with Saudi Arabia PIF (Public Investment Fund) to build a tire manufacturing facility In Saudi Arabia. The plant is expected to start in 2026, with the manufacturing of high-quality tires for passenger cars.
• In September 2023, Sumitomo Rubber Industries, Ltd. announced an all-weather touring tire called Aklimate. The tire features 4D Nano Design technology for better wet handling and snow traction.
• In August 2023, Continental AG announced that Alfa Romeo will be factory fitting EcoContact 6 to the new compact SUV Tonale, which especially will be beneficial for the hybrid variant of the vehicle.
• In June 2023, Michelin announced an investment of USD 27.8 million to expand car tire production capacity at its Shenyang, China factory by 1.3 million tires.
• In June 2023, The Goodyear Tire & Rubber Company released the Urban Max BSA tires. The tire features lower rolling resistance compared to conventional transit tires from the company.
• In February 2023, Bridgestone Corporation announced an investment of USD 72.4 million by 2025 to expand production capacity and upgrade technology at its Pune-based plant. It will improve the plant’s capability in terms of technologies and capacities for the manufacture of tires for the passenger car segment.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=219022969

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Automotive Green Tires Market – Global Forecast to 2028

Automotive Tires Market – Global Forecast to 2028

OTR Tires Market – Global Forecast to 2027

Connected Tires Market – Global Forecast to 2028

 

Amidst the burgeoning demand for robotics, artificial intelligence (AI) and automation technologies, the International Trade Administration, the administrative arm of Taiwan’s Ministry of Economic Affairs (MOEA), has initiated the Smart Machinery Overseas Promotion Program, primarily targeting the Japanese robotics market. The program is designed to enhance Taiwanese companies’ capabilities in international marketing and their competitive edge in smart manufacturing. Under the aegis of the International Trade Administration, a delegation of five premier Taiwanese smart machinery manufacturers – TECHMAN, Touché Solutions, HIWIN, LIPS and Tricore – made their mark at the International Robot Exhibition 2023 (iREX 2023) in Tokyo. The event was a platform for highlighting their advancements in robotic technologies most notably in the areas of intelligent manufacturing, industrial robots and collaborative robots (cobots), as well as vision and system integration. Connected with a total of 92 Japanese buyers during the event, this has brought estimated business opportunities of USD8.38 million.

iREX 2023, commencing on November 29^th, was a landmark event, featuring 654 companies and organizations spanning 3,508 booths and attracting over 148,125 professional buyers. This year’s exhibition, significantly larger than its predecessors, provided an expansive platform for exhibitors to connect with potential clients.

Chun-shou Lin, director of the Taipei Economic and Cultural Representative Office in Japan, and Kou-I Szu, Chairman of the Taiwan Intelligent Automation and Robotics Association (TAIROA), delivered welcome speeches at iREX 2023. In his address, Mr. Lin underscored Taiwan’s significant contribution to intelligent manufacturing, highlighting the region’s extensive production- and service-related expertise. He pointed out that Taiwanese firms are adept at rapidly integrating information and adopting flexible production methods to provide customized intelligent solutions tailored to customer needs. Mr. Lin emphasized the enduring and important trade relationship between Taiwan and Japan. He noted that Taiwan’s rapid advancement in sectors like information and communications technology (ICT), electronics and semiconductors, not only strengthens its global standing but also positions it as a strategic partner to Japan, building on complementary industrial synergies.

The Smart Machinery Overseas Promotion Program is an initiative launched by the International Trade Administration to aid Taiwan’s smart machinery manufacturers in strengthening their competence in international marketing. Jointly executed by the Precision Machinery Research and Development Center (PMC) and TAIROA, the initiative features an integrated multi-faceted marketing strategy aimed at enhancing Taiwan’s position in the global intelligent manufacturing sector and showcasing the region’s intelligent manufacturing solutions and competitive edge to international buyers.

 

Playground, leading various IT projects from its bases in Singapore, Korea, and Vietnam, has unveiled a new smartphone, START24. Despite being in the mid-low price range, START24 throws down the gauntlet to the market with a unique concept as an ‘entertainment phone’, equipped with a large 6.81-inch screen and flamboyant LED lighting.

The hallmark of START24 is that it offers an experience that goes beyond a mere communication tool. It adds joy to users’ daily lives through its various smartphone platform features. Notably, it comes standard with a digital wallet and the AI chatbot ‘ChatGPT’, allowing users to experience a level of convenience and fun that is different from conventional smartphones.

Furthermore, START24 has introduced a membership system for purchasers, offering up to a 30% discount on each new model released. This aspect strengthens START24’s competitiveness and is expected to be particularly appealing to young consumers who seek high value for the price.

Playground plans to aggressively target emerging markets such as Southeast Asia, the Middle East, Latin America, and Africa with START24. These regions are still relatively less influenced by major smartphone manufacturers, presenting a significant opportunity for an innovative product like Start24 to carve out a market.

In the era of Web3.0, Playground is attempting a new way of app store operation by introducing a decentralized app store, which will provide more value to both developers and consumers. This strategy represents a differentiated approach from the traditional centralized app stores, expected to offer users a broader freedom of choice and new experiences.

The launch of START24 is seen as more than just a product release; it heralds a shift in the tech industry’s paradigm. The industry is closely watching the innovative and transformative moves of START24.