Electric Vehicle Tire Market is Dominated by Asia-Pacific Until 2028
Global Electric Vehicle Tire Market is expected to grow as the
adoption of electric vehicles is expected to rise rapidly in the forecast
years.
According
to TechSci Research report, “Electric Vehicle Tire
Market - Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2018-2028F”, Global Electric Vehicle Tire Market is expected to
grow as the demand for Electric vehicle (EV) tires is high and in the forecast
years the demand for electric vehicle specific tires will rise. Electric
Vehicle tires are designed to fulfil the unique needs of electric cars, such as
decreased rolling resistance, reduced noise, and greater longevity. Because of
the growing number of electric vehicles on the road, the market for Electric
Vehicle tires is expanding steadily. As governments throughout the world
continue to reward and promote electric vehicles, this trend is projected to
continue.
The Global Electric Vehicle (EV) tire market has grown
significantly in recent years, and this trend is projected to continue in the
future. The primary regions contributing to the growth of this market are North
America (NA), Asia-Pacific (APAC), and Europe. The United States (USA) and
China have been regarded as the main marketplaces in APAC, with the region's
greatest market share. There are many key global players operating in the
global electric vehicle tire market and most of them are developing electric
vehicle tires that have low rolling resistance while also being economical. Similarly,
electric vehicle manufacturers are also looking for electric vehicle specific
tires for better efficiency. Electric vehicle demand is increasing due to the
desire to reduce carbon emission and address environmental issues. Electric
vehicles require tires that can carry the battery's weight while simultaneously
lowering rolling resistance and boosting driving range. As more manufacturers
enter the market, the electric vehicle tire sector becomes increasingly
competitive. Manufacturers are investigating new materials and techniques that
will reduce the environmental impact of tire production while simultaneously
enhancing tire life. These enhancements also include the use of natural rubber
and bio-based components, enhanced manufacturing efficiency, and tire design
for extended service life.
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The Global Electric
Vehicle Tire Market can be segmented based on Vehicle type, by Demand Category,
by Tire Construction type, by Propulsion type, by Region, and by Company. Based
on Vehicle type, the market is further segmented into Passenger Cars, Light
Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three
Wheelers and OTR. The passenger cars segment has the highest market share and
with the rise in the electric vehicle sales, the passenger car segment is
expected to dominate in the category in the forecast period. Based on Demand
Category, the market is segmented into OEM and Replacement. The OEM segment is expected to witness higher
demand in the coming years. Based on Tire Construction Type, the market is
segmented into Radial and Bias. Similarly, based on Propulsion Type, the market
is further divided into BEV, HEV and PHEV. The BEV segment has the maximum
market share and in the forecast period it will dominate in the category
because of a rise in the adoption of BEVs globally. Based on the region, the
market is further segmented into North America, Asia Pacific, Europe & CIS,
South America, and Middle east & Africa.
Some of the major companies operating in the Global
Electric Vehicle Tire Market include:
- The
Michelin Group
- Bridgestone
Corporation
- Continental
AG
- Goodyear
Tire and Rubber Company
- Sumitomo
Rubber Industries Ltd.
- Hankook
Tire & Technology Co. Ltd.
- Pirelli
& C. S.p.A.
- The
Yokohama Rubber Co. Ltd.
- Zhongce
Rubber Group Co. Ltd.
- Toyo
Tire Corporation
These are the key players manufacturing
and launching new products to stay competitive in the market. To increase the customer
outreach, companies are investing in research and development activities to
stay competitive in the market. These companies are also focusing on meeting
the regulations of different regional governments to stay competitive in the
global market.
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“The
rising penetration of electric vehicles in passenger and cargo purposes are
leading to the rise in the demand of electric vehicle specific tires in the
global market. The electric vehicle tire is coming out as a new category in the
global tire industry and in the coming years the market will grow rapidly as
government of different regions is also promoting the electric vehicles so in
the coming years it will generate new opportunity” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Electric Vehicle Tire Market - Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F Segmented By
Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two Wheelers, Three Wheelers and OTR), By Demand Category (OEM and
Replacement), By Tire Construction Type (Radial and Bias), By Propulsion Type
(BEV, HEV and PHEV) and By Region” has evaluated the future growth
potential of Global Electric Vehicle Tire Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Electric Vehicle Tire Market.
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