Market Definition
Electric vehicle tires are specialized tires designed specifically for use on electric vehicles. They differ from traditional tires in their construction and design to accommodate the unique needs of electric cars.
One of the main differences between electric vehicle tires and traditional tires is their low rolling resistance. This is achieved through the use of special rubber compounds and tread patterns that reduce friction and improve energy efficiency. This is important for electric vehicles because they rely solely on battery power, and any extra resistance from the tires can decrease their range. Another important feature of electric vehicle tires is their ability to handle the weight of the car and its battery pack. Electric vehicles tend to be heavier than traditional gasoline cars due to the weight of their batteries. Therefore, the tires need to have a higher load-carrying capacity and be able to distribute the weight evenly to ensure proper handling and performance.
Market Outlook
Electric vehicles (EVs) are becoming increasingly popular due to their environmental benefits and advancements in technology. As a result, the demand for electric vehicle tires is also on the rise. To meet the unique needs of EVs, tire manufacturers are constantly innovating and developing new technologies.
1. Low Rolling Resistance Tires: One of the main challenges in manufacturing tires for EVs is to reduce the rolling resistance, as it directly affects the vehicle’s range. Low rolling resistance tires are designed to minimize the energy required to maintain the vehicle’s speed, resulting in increased mileage. This is achieved by using advanced tread designs, lighter materials, and specialized rubber compounds that reduce friction between the tire and the road.
2. Increased Durability: The weight of EVs is significantly higher than traditional vehicles due to the heavy battery packs. This puts more stress on the tires, making durability a crucial factor. To address this, tire manufacturers are using stronger and more durable materials in the construction of tires, such as high-strength steel belts and advanced rubber compounds. This not only increases the lifespan of the tire but also improves safety by reducing the risk of blowouts.
Electric vehicles (EVs) have been gaining popularity in recent years due to their environmental benefits and technological advancements. As the demand for EVs continues to rise, the demand for specialized tires for these vehicles also increases. The electric vehicle tires market is expected to grow at a significant rate in the coming years. This growth can be attributed to several key drivers, which are discussed below.
- Governments across the globe are implementing various initiatives and regulations to promote the use of electric vehicles. These initiatives include tax incentives, subsidies, and regulations that require automakers to produce a certain percentage of electric vehicles. These policies are expected to drive the demand for electric vehicles, subsequently increasing the demand for electric vehicle tires.
- With the increasing awareness about the harmful effects of fossil fuels on the environment, there is a growing demand for eco-friendly vehicles. Electric vehicles, being emission-free, are considered a more sustainable alternative to traditional gasoline or diesel-powered vehicles. This awareness has led to a surge in the adoption of electric vehicles, which in turn, is boosting the demand for electric vehicle tires.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The Electric Vehicle Tires Market can be segmented by vehicle type, propulsion type, sales channel, tire size and region. By Vehicle Type, the market can be divided into passenger car and commercial vehicle. By Propulsion Type, the market can be divided into battery electric vehicle and hybrid vehicle. By Sales Channel, the market can be divided into OEM and aftermarket. By Tire Size, the market can be divided into up to 17”, 18”-21” and above 21”. By region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
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Major Players
The Electric Vehicle Tires Market market includes players such as Michelin (France), Continental AG (Germany), Goodyear Tyres (US), Sumitomo Rubber Industries (Japan), Nokian Tires (Finland), Toyo Tyres (Japan), PIRELLI TYRE S.P.A (Italy), Bridgestone Corporation (Japan), Trelleborg AB (Sweden), and Hankook Tire & Technology (South Korea), among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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