Electric Vehicle Tire Market to Reach 3.1 Billion in 2023, Growing at a CAGR of 18.7%

Global Electric Vehicle Tire Market Overview:

MarkNtel Advisors has recently published a detailed research report on the Global Electric Vehicle Tire Market. The report is specifically tailored to offer valuable insights and support for clients navigating this dynamic market. It focuses on key objectives such as predicting trends, gaining a profound understanding of market perspectives, identifying strategic investment opportunities, and evaluating potential business partners.

Electric Vehicle Tire Market Insights and Analysis

The Global Electric Vehicle Tire Market size was valued at USD 3.1 Billion in 2023 and is projected to grow at a CAGR of around 18.7% during the forecast period, i.e., 2024-30. Our comprehensive report provides a thorough examination of market players, opportunities, and valuable insights, equipping our clients with the indispensable information needed to make well-informed decisions within this dynamically evolving environment.

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Insights into Dominant Segments in the Electric Vehicle Tire Market

By analysing each Segments, including

-By Vehicle Type

Passenger Cars
Two Wheelers
Three Wheelers
Commercial Vehicles

Amongst these three, passenger cars are anticipated to dominate the Global Electric Vehicle Tire Market with the largest market share. It attributes principally to favorable government policies and incentives for EV adoption, coupled with the growing disposable income of people, i.e., driving their interest in private vehicle ownership for the daily commute, i.e., depicting an escalating fleet size of EVs worldwide and flourishing Electric Vehicle Tire Market for passenger cars. On the other hand, commercial EVs are expecting swift traction in the coming years, which, in turn, would significantly contribute to the market growth for EV tires. It owes principally to the increasing focus of governments on bringing green mobility solutions to the transportation logistics sectors as a step toward reducing carbon emissions. Hence, the expected rise in the sales of commercial EVs would promulgate the demand for compatible tires and augment the overall market growth in the years to come.

-By Type of Tire

Radial
Bias

-By Price Category

Budget
Premium
Economy

-By Distribution Channel

OEM
Aftermarket

-By Sales Channel

Direct Sales
Online
Dealers/ Exclusive Outlets

-By Rim Diameter

Up to 12”
1” to 15”
1.” to 18”
1” to 20”
1” to 22.5”
6” to 30”
1” to 35”
1” to 47”
Above 47”

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Electric Vehicle Tire Market Geographical Reach:

The Electric Vehicle Tire Market Geographical Reach assesses the distribution and prominence of consumption, highlighting regions that dominate in terms of market size, volume, and promising future growth prospects.

-By Region

North America
South America
Europe
The Middle East Africa
Asia-Pacific

Clients can concentrate their investments on the segments that present the most favourable prospects. This strategic methodology empowers clients to fine-tune their investment portfolio and attain enduring growth within the Electric Vehicle Tire market.

Current Landscape of Electric Vehicle Tire Market

The key players profiled in the research report are

Continental AG
Bridgestone Corporation
Yokohama Rubber Company Ltd.
Hankook Tire Technology Group
The Goodyear Tire Rubber Company
Michelin Group
Kumho Tire Company Inc.
Pirelli C. S.p.A
Toyo Tire Corporation
GITI Tire

In light of the ongoing rapid transformations within the Electric Vehicle Tire market, retaining a strategic advantage is paramount for both businesses and investors. At MarkNtel Advisors, we exactly identify and study every notable player, taking into account their recent product launches, mergers, acquisitions, and collaborations. This thorough analysis assists our clients in making more accurate projections and staying competitive in the market.

Electric Vehicle Tire Market Future Prospects

The outlook for Electric Vehicle Tire appears favourable in terms of both revenue share and sales, as evidenced by the market trends. Anticipating continued robust growth over the next five years, market participants are expected to further bolster their portfolios by harnessing technological advancements within the industry. Adding to the market's attractiveness is the widespread application of the product/service across various end-users, allowing market players to establish a solid presence across continents.

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Global Electric Vehicle (EV) Tire Industry Recent Development:

2023: Sumitomo Rubber Industries announced to launch of Falken Ziex, a new line of replacement tires for electric vehicles in Europe.
2022: Goodyear Tire Rubber Company., launched its new electric drive all-season tire in four new sizes with about 60,000-mile tread life and limited warranty.

Frequently Asked Questions

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