The Business Research Company’s EV Tires Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LANDON, GREATER LANDON, UK, June 19, 2024 /EINPresswire.com/ — The electric vehicle (EV) tires market has seen rapid growth in recent years. It is projected to grow from $17.02 billion in 2023 to $18.78 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to the rise in electric vehicle adoption, government incentives and regulations promoting sustainability, and advancements in energy-efficient technologies.
The EV tires market size is expected to continue its robust growth, reaching $26.2 billion by 2028 with a CAGR of 8.7%. This growth trajectory is driven by increasing penetration of electric vehicles in global markets, higher demands for enhanced range capabilities, supportive government policies and incentives, and the proliferation of electric vehicle models.
Increasing Demand for Electric Vehicles Drives Market Growth
The increasing adoption of electric vehicles worldwide is a primary driver fueling the growth of the EV tires market. Electric vehicles, powered by rechargeable batteries, rely on specialized tires designed to optimize efficiency, performance, and safety. This focus on EV-specific tire technologies contributes significantly to the widespread acceptance and success of electric transportation. For example, according to the International Energy Agency (IEA), global sales of electric vehicles nearly doubled in 2021, reaching 6.6 million units, highlighting a substantial shift towards electric mobility.
Explore the global EV tires market with a detailed sample report:
https://www.thebusinessresearchcompany.com/sample_request?id=14102&type=smp
Major Players and Market Trends
Key players in the EV tires market, such as Bridgestone Corporation, Michelin Group, and Continental AG, are actively innovating to introduce advanced EV tire solutions. These innovations include technologies like ENLITEN, which enhances tire efficiency and sustainability. For instance, Bridgestone Corporation launched the Turanza EV Grand Touring Tire featuring ENLITEN technology, specifically designed to meet the unique demands of high-end electric vehicles. This technology improves tread life, reduces road noise, and enhances wet handling, aligning perfectly with the requirements of electric mobility.
Segments
Product Type: Radial Tires, Bias Tires, Composite Tires, Other Products
Vehicle Type: Passenger Cars, Two Wheelers and Three Wheelers, Commercial Vehicles
Distribution Channel: Original Equipment, Aftermarket
Geographical Insights: Asia-Pacific Leads the Market
Asia-Pacific emerged as the largest region in the EV tires market in 2023 and is poised to maintain its position as the fastest-growing region in the forecast period. This region’s dynamic growth is driven by increased production and adoption of electric vehicles, supported by favorable government policies and investments in EV infrastructure.
Access the complete report for in-depth analysis:
https://www.thebusinessresearchcompany.com/report/ev-tires-global-market-report
EV Tires Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The EV Tires Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on EV tires market size, EV tires market drivers and trends, EV tires market major players, competitors’ revenues, market positioning, and market growth across geographies. The EV tires market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
Browse Through More Similar Reports By The Business Research Company:
Flexion Tires Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/flexion-tires-global-market-report
Aircraft Tires Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/aircraft-tires-global-market-report
Airless Tires Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/airless-tires-global-market-report
About The Business Research Company
The Business Research Company has published over 27 industries, spanning over 8000+ markets and 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
info@tbrc.info
Visit us on social media:
Facebook
Twitter
LinkedIn
READ SOURCE
