Electric Vehicle Tires Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of Electric Vehicle Tires Market
The Electric Vehicle (EV) Tires Market is emerging as a crucial segment within the broader EV ecosystem, driven by the accelerated global shift toward electrification and sustainable mobility solutions. As governments, automakers, and consumers increasingly embrace electric vehicles, the demand for specialized tires designed specifically for EVs is gaining rapid momentum. These tires are engineered to accommodate the unique performance characteristics of electric vehicles, such as high torque, increased weight due to battery packs, and the need for low rolling resistance to enhance driving range.
Market Size and Growth Outlook
According to Fortune Business Insights, the global electric vehicle tires market size was valued at USD 3.80 billion in 2022 and is projected to grow from USD 4.12 billion in 2023 to USD 9.72 billion by 2030, exhibiting a CAGR of 13.1% during the forecast period. This robust growth trajectory reflects the increasing penetration of electric vehicles across both developed and emerging markets, along with advancements in tire technology and materials.
EV tires differ significantly from conventional tires in terms of design and functionality. They must handle greater instantaneous torque while maintaining lower rolling resistance and reduced noise levels. Manufacturers are also integrating sustainable materials and smart sensor technologies, further enhancing product innovation and value.
Key Growth Drivers
Several factors are fueling the growth of the EV tires market:
1. Booming EV Adoption: Global sales of electric vehicles have surged, particularly in China, the U.S., and European countries. The growing EV fleet directly translates to higher demand for EV-specific tires.
2. Performance and Safety Needs: EVs exert higher torque on tires compared to internal combustion engine vehicles. This necessitates reinforced tire construction, enhanced grip, and superior durability, prompting OEMs and tire manufacturers to invest in EV-specific tire innovations.
3. Focus on Efficiency and Range: Tire rolling resistance significantly affects EV range. Low rolling resistance tires can extend driving range, making them a critical component for efficiency-conscious EV buyers.
4. Regulatory Push: Governments worldwide are mandating fuel efficiency and carbon emissions standards that indirectly promote the use of low-resistance, energy-efficient tires.
Regional Insights
Asia Pacific dominated the global EV tires market in 2022, accounting for the largest share, primarily due to the massive electric vehicle adoption in China, Japan, and South Korea. China, in particular, is not only the largest EV market globally but also a leading tire manufacturing hub.
Europe follows closely, propelled by stringent environmental regulations, green mobility initiatives, and a well-established EV infrastructure. Countries such as Germany, Norway, and the Netherlands are at the forefront of EV integration, creating strong demand for high-performance, low-emission tire solutions.
North America is witnessing growing EV adoption led by the U.S., supported by policy initiatives such as the Inflation Reduction Act (IRA) and increasing investments in domestic EV and battery manufacturing.
Competitive Landscape
The EV tires market is highly competitive, with key players focusing on technological advancements, strategic partnerships, and geographic expansion. Major companies operating in this space include:
Michelin
Bridgestone Corporation
Continental AG
The Goodyear Tire & Rubber Company
Pirelli & C. S.p.A.
Yokohama Rubber Co., Ltd.
Hankook Tire & Technology
Apollo Tyres Ltd.
These companies are actively investing in the development of eco-friendly, durable, and intelligent tires tailored for electric vehicles. New product launches feature innovations such as sound-absorbing foam, tread wear sensors, and bio-based materials to align with both performance and sustainability goals.
Conclusion
As the world transitions toward a zero-emissions transportation future, the electric vehicle tires market stands as a pivotal enabler of this shift. With rising environmental awareness, government incentives, and consumer demand for electric mobility, EV tires will continue to evolve in performance, sustainability, and intelligence. The industry is poised for dynamic growth, driven by innovation and the global commitment to cleaner, more efficient transportation.
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 28.07% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Vehicle Type
Passenger Car
Commercial Vehicle
By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle ( HEV)
By Sales Channel
OEM
Aftermarket
By Tire Size
Up to 17”
18"" to 21""
Above 21""
By Region
North America (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
U.S. (By Vehicle Type)
Canada (By Vehicle Type)
Mexico (By Vehicle Type)
Europe (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
U.K. (By Vehicle Type)
Germany (By Vehicle Type)
France (By Vehicle Type)
Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
China (By Vehicle Type)
India (By Vehicle Type)
Japan (By Vehicle Type)
Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
The Electric Vehicle (EV) Tires Market is emerging as a crucial segment within the broader EV ecosystem, driven by the accelerated global shift toward electrification and sustainable mobility solutions. As governments, automakers, and consumers increasingly embrace electric vehicles, the demand for specialized tires designed specifically for EVs is gaining rapid momentum. These tires are engineered to accommodate the unique performance characteristics of electric vehicles, such as high torque, increased weight due to battery packs, and the need for low rolling resistance to enhance driving range.
Market Size and Growth Outlook
According to Fortune Business Insights, the global electric vehicle tires market size was valued at USD 3.80 billion in 2022 and is projected to grow from USD 4.12 billion in 2023 to USD 9.72 billion by 2030, exhibiting a CAGR of 13.1% during the forecast period. This robust growth trajectory reflects the increasing penetration of electric vehicles across both developed and emerging markets, along with advancements in tire technology and materials.
EV tires differ significantly from conventional tires in terms of design and functionality. They must handle greater instantaneous torque while maintaining lower rolling resistance and reduced noise levels. Manufacturers are also integrating sustainable materials and smart sensor technologies, further enhancing product innovation and value.
Key Growth Drivers
Several factors are fueling the growth of the EV tires market:
1. Booming EV Adoption: Global sales of electric vehicles have surged, particularly in China, the U.S., and European countries. The growing EV fleet directly translates to higher demand for EV-specific tires.
2. Performance and Safety Needs: EVs exert higher torque on tires compared to internal combustion engine vehicles. This necessitates reinforced tire construction, enhanced grip, and superior durability, prompting OEMs and tire manufacturers to invest in EV-specific tire innovations.
3. Focus on Efficiency and Range: Tire rolling resistance significantly affects EV range. Low rolling resistance tires can extend driving range, making them a critical component for efficiency-conscious EV buyers.
4. Regulatory Push: Governments worldwide are mandating fuel efficiency and carbon emissions standards that indirectly promote the use of low-resistance, energy-efficient tires.
Regional Insights
Asia Pacific dominated the global EV tires market in 2022, accounting for the largest share, primarily due to the massive electric vehicle adoption in China, Japan, and South Korea. China, in particular, is not only the largest EV market globally but also a leading tire manufacturing hub.
Europe follows closely, propelled by stringent environmental regulations, green mobility initiatives, and a well-established EV infrastructure. Countries such as Germany, Norway, and the Netherlands are at the forefront of EV integration, creating strong demand for high-performance, low-emission tire solutions.
North America is witnessing growing EV adoption led by the U.S., supported by policy initiatives such as the Inflation Reduction Act (IRA) and increasing investments in domestic EV and battery manufacturing.
Competitive Landscape
The EV tires market is highly competitive, with key players focusing on technological advancements, strategic partnerships, and geographic expansion. Major companies operating in this space include:
Michelin
Bridgestone Corporation
Continental AG
The Goodyear Tire & Rubber Company
Pirelli & C. S.p.A.
Yokohama Rubber Co., Ltd.
Hankook Tire & Technology
Apollo Tyres Ltd.
These companies are actively investing in the development of eco-friendly, durable, and intelligent tires tailored for electric vehicles. New product launches feature innovations such as sound-absorbing foam, tread wear sensors, and bio-based materials to align with both performance and sustainability goals.
Conclusion
As the world transitions toward a zero-emissions transportation future, the electric vehicle tires market stands as a pivotal enabler of this shift. With rising environmental awareness, government incentives, and consumer demand for electric mobility, EV tires will continue to evolve in performance, sustainability, and intelligence. The industry is poised for dynamic growth, driven by innovation and the global commitment to cleaner, more efficient transportation.
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 28.07% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Vehicle Type
Passenger Car
Commercial Vehicle
By Propulsion Type
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle ( HEV)
By Sales Channel
OEM
Aftermarket
By Tire Size
Up to 17”
18"" to 21""
Above 21""
By Region
North America (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
U.S. (By Vehicle Type)
Canada (By Vehicle Type)
Mexico (By Vehicle Type)
Europe (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
U.K. (By Vehicle Type)
Germany (By Vehicle Type)
France (By Vehicle Type)
Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
China (By Vehicle Type)
India (By Vehicle Type)
Japan (By Vehicle Type)
Rest of Asia Pacific (By Vehicle Type)
Rest of the World (By Vehicle Type, By Propulsion, By Sales Channel, By Tire Size)
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
150 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
- 4.2. Porters Five Forces Analysis
- 4.3. PEST Analysis
- 4.4. Technological Development
- 4.5. Impact of Covid-19
- 5. Global Electric Vehicle Tire Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Definitions
- 5.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.2.1. Passenger Car
- 5.2.2. Commercial Vehicle
- 5.3. Market Analysis, Insights and Forecast – By Propulsion Type
- 5.3.1. Battery Electric Vehicle (BEV)
- 5.3.2. Hybrid Electric Vehicle (HEV)
- 5.4. Market Analysis, Insights and Forecast – By Sales Channel
- 5.4.1. OEM
- 5.4.2. Aftermarket
- 5.5. Market Analysis, Insights and Forecast – By Tire Size
- 5.5.1. Up to 17
- 5.5.2. 18"" to 21"
- 5.5.3. Above 21"
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia pacific
- 5.6.4. Rest of the world
- 6. North America Electric Vehicle Tire Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Key Findings / Definitions
- 6.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.2.1. Passenger Car
- 6.2.2. Commercial Vehicle
- 6.3. Market Analysis, Insights and Forecast – By Propulsion Type
- 6.3.1. Battery Electric Vehicle (BEV)
- 6.3.2. Hybrid Electric Vehicle (HEV)
- 6.4. Market Analysis, Insights and Forecast – By Sales Channel
- 6.4.1. OEM
- 6.4.2. Aftermarket
- 6.5. Market Analysis, Insights and Forecast – By Tire Size
- 6.5.1. Up to 17”
- 6.5.2. 18"" to 21"
- 6.5.3. Above 21"
- 6.6. Market Analysis – By Country
- 6.6.1. The U.S.
- 6.6.1.1. By Vehicle Type
- 6.6.2. Canada
- 6.6.2.1. By Vehicle Type
- 6.6.3. Mexico
- 6.6.3.1. By Vehicle Type
- 7. Europe Electric Vehicle Tire Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Key Findings / Definitions
- 7.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.2.1. Passenger Car
- 7.2.2. Commercial Vehicle
- 7.3. Market Analysis, Insights and Forecast – By Propulsion Type
- 7.3.1. Battery Electric Vehicle (BEV)
- 7.3.2. Hybrid Electric Vehicle (HEV)
- 7.4. Market Analysis, Insights and Forecast – By Sales Channel
- 7.4.1. OEM
- 7.4.2. Aftermarket
- 7.5. Market Analysis, Insights and Forecast – By Tire Size
- 7.5.1. Up to 17
- 7.5.2. 18"" to 21"
- 7.5.3. Above 21"
- 7.6. Market Analysis – By Country
- 7.6.1. The U.K
- 7.6.1.1. Vehicle Type
- 7.6.2. Germany
- 7.6.2.1. Vehicle Type
- 7.6.3. France
- 7.6.3.1. Vehicle Type
- 7.6.4. Rest of Europe
- 7.6.4.1. Vehicle Type
- 8. Asia Pacific Electric Vehicle Tire Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Key Findings / Definitions
- 8.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.2.1. Passenger Car
- 8.2.2. Commercial Vehicle
- 8.3. Market Analysis, Insights and Forecast – By Propulsion Type
- 8.3.1. Battery Electric Vehicle (BEV)
- 8.3.2. Hybrid Electric Vehicle (HEV)
- 8.4. Market Analysis, Insights and Forecast – By Sales Channel
- 8.4.1. OEM
- 8.4.2. Aftermarket
- 8.5. Market Analysis, Insights and Forecast – By Tire Size
- 8.5.1. Up to 17”
- 8.5.2. 18"" to 21"
- 8.5.3. Above 21"
- 8.6. Market Analysis – By Country
- 8.6.1. China
- 8.6.1.1. Vehicle Type
- 8.6.2. India
- 8.6.2.1. Vehicle Type
- 8.6.3. Japan
- 8.6.3.1. Vehicle Type
- 8.6.4. Rest of Asia Pacific
- 8.6.4.1. Vehicle Type
- 9. Rest of the World Electric Vehicle Tire Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Key Findings / Definitions
- 9.2. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.2.1. Passenger Car
- 9.2.2. Commercial Vehicle
- 9.3. Market Analysis, Insights and Forecast – By Propulsion Type
- 9.3.1. Battery Electric Vehicle (BEV)
- 9.3.2. Hybrid Electric Vehicle (HEV)
- 9.4. Market Analysis, Insights and Forecast – By Sales Channel
- 9.4.1. OEM
- 9.4.2. Aftermarket
- 9.5. Market Analysis, Insights and Forecast – By Tire Size
- 9.5.1. Up to 17”
- 9.5.2. 18"" to 21"
- 9.5.3. Above 21"
- 10. Competitive Analysis
- 10.1. Key Industry Development
- 10.2. Global Market Ranking Analysis (2022)
- 10.3. Competition Dashboard
- 10.4. Comparative Analysis – Major Players
- 10.5. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 10.5.1. Michelin (France)
- 10.5.1.1. Overview,
- 10.5.1.2. Products & services,
- 10.5.1.3. SWOT analysis,
- 10.5.1.4. Recent developments,
- 10.5.1.5. strategies,
- 10.5.1.6. financials (based on availability)
- 10.5.2. Continental AG (Germany)
- 10.5.2.1. Overview,
- 10.5.2.2. Products & services,
- 10.5.2.3. SWOT analysis,
- 10.5.2.4. Recent developments,
- 10.5.2.5. strategies,
- 10.5.2.6. financials (based on availability)
- 10.5.3. Goodyear Tyres (United States)
- 10.5.3.1. Overview,
- 10.5.3.2. Products & services,
- 10.5.3.3. SWOT analysis,
- 10.5.3.4. Recent developments,
- 10.5.3.5. strategies,
- 10.5.3.6. financials (based on availability)
- 10.5.4. Sumitomo Rubber Industries (Japan)
- 10.5.4.1. Overview,
- 10.5.4.2. Products & services,
- 10.5.4.3. SWOT analysis,
- 10.5.4.4. Recent developments,
- 10.5.4.5. strategies,
- 10.5.4.6. financials (based on availability)
- 10.5.5. Nokian Tires (Finland)
- 10.5.5.1. Overview,
- 10.5.5.2. Products & services,
- 10.5.5.3. SWOT analysis,
- 10.5.5.4. Recent developments,
- 10.5.5.5. strategies,
- 10.5.5.6. financials (based on availability)
- 10.5.6. Toyo Tyres (Japan)
- 10.5.6.1. Overview,
- 10.5.6.2. Products & services,
- 10.5.6.3. SWOT analysis,
- 10.5.6.4. Recent developments,
- 10.5.6.5. strategies,
- 10.5.6.6. financials (based on availability)
- 10.5.7. PIRELLI TYRE S.P.A. (Italy)
- 10.5.7.1. Overview,
- 10.5.7.2. Products & services,
- 10.5.7.3. SWOT analysis,
- 10.5.7.4. Recent developments,
- 10.5.7.5. strategies,
- 10.5.7.6. financials (based on availability)
- 10.5.8. Bridgestone Corporation (Japan)
- 10.5.8.1. Overview,
- 10.5.8.2. Products & services,
- 10.5.8.3. SWOT analysis,
- 10.5.8.4. Recent developments,
- 10.5.8.5. strategies,
- 10.5.8.6. financials (based on availability)
- 10.5.9. Trelleborg AB (Sweden)
- 10.5.9.1. Overview,
- 10.5.9.2. Products & services,
- 10.5.9.3. SWOT analysis,
- 10.5.9.4. Recent developments,
- 10.5.9.5. strategies,
- 10.5.9.6. financials (based on availability)
- 10.5.10. Hankook Tire & Technology (South Korea)
- 10.5.10.1. Overview,
- 10.5.10.2. Products & services,
- 10.5.10.3. SWOT analysis,
- 10.5.10.4. Recent developments,
- 10.5.10.5. strategies,
- 10.5.10.6. financials (based on availability)
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