Global EV Tires Market Size, Share, and Forecast Analysis 2025-2029

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What Are the EV Tires Market Size Forecast for 2025?
There has been a robust increase in the ev tires market size in the recent years. Its growth is expected to surge from $18.78 billion in 2024 to $20.41 billion in 2025, marking a compound annual growth rate (CAGR) of 8.7%. Factors contributing to this impressive growth during the historical period include the upswing in electric vehicle adoption, governmental incentives and regulations, environmental concerns and sustainability, as well as enhanced energy efficiency.

What Is the Market Size Outlook for EV Tires Until 2029?
The market for electric vehicle tires is anticipated to witness substantial growth in the upcoming years, reaching $27.63 billion in 2029, with a compound annual growth rate (CAGR) of 7.9%. This projected augmentation can be linked to the increasing infiltration of the EV market, enhanced range specifications, governmental directives and incentives, and the proliferation of electric vehicle models. The forecast period is expected to be marked by a growing emphasis on sustainability, advancements in tire technology, the emergence of intelligent tires, enhanced range and efficiency, and the introduction of winter-compatible EV tires.

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What Are the Major Factors Driving Demand in the EV Tires Market?
The escalating need for electric vehicles (EVs) is predicted to fuel the expansion of the market for EV tires. EVs are vehicles primarily or exclusively powered by electricity from rechargeable batteries. Tires designed for EVs contribute greatly to the effectiveness, performance, and safety of these vehicles. This, in turn, aids the total triumph and general acceptance of electric transportation. As per the records of the International Energy Agency (IEA), a France-based independent intergovernmental body, roughly 14 million electric cars were added globally in the year 2023. The data recorded in April 2024 showed a surge in electric car sales by 3.5 million units from the previous year, indicating a 35% growth rate. This upward demand for EVs underpins the expansion of the EV tire market.

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How Are End-Use Segments Shaping the EV Tires Market Outlook?
The ev tires market covered in this report is segmented -

1) By Product Type: Radial Tires, Bias Tires, Composite Tires, Other Products
2) By Vehicle Type: Passenger Cars, Two Wheelers And Three Wheelers, Commercial Vehicles
3) By Distribution Channel: Original Equipment, After market

Subsegments:
1) By Radial Tires: Passenger Vehicle Radial Tires, Light Truck Radial Tires, Heavy-Duty Radial Tires
2) By Bias Tires: Passenger Vehicle Bias Tires, Light Truck Bias Tires, Heavy-Duty Bias Tires
3) By Composite Tires: Hybrid Tires, Specialty Composite Tires
4) By Other Products: Retread Tires, All-Terrain Tires, Performance Tires

What Are the Strategic Trends Transforming the EV Tires Market Landscape?
In the EV tire market, top-tier companies are concentrating on the launch of state-of-the-art, innovative EV tires. To achieve this and maintain a competitive advantage, they are utilizing ground-breaking technologies like ENLITEN. ENLITEN technology is a revolutionary innovation in tire design that emphasizes lowering the environmental impact of tires, vehicles, and fleets. This is achieved by using special lightweight materials in tire construction that lower rolling resistance (LRR), thus reducing the fuel usage in combustion vehicles and resulting in more resilient tires with better wear rates. For example, Bridgestone Corporation, a tire manufacturing company based in Japan, introduced the Turanza EV Grand Touring Tire with Bridgestone ENLITEN technology in May 2023. This new tire, specifically designed for high-end electric vehicles, represented the company's first entry into the replacement tire market. The tire was uniquely created to accommodate the distinctive attributes of electric vehicles. It offers the benefits of long-lasting tread life, quiet ride, and reliable handling in wet conditions, along with the advantage of ENLITEN technology, which brings together cutting-edge tread compounds, structural elements, and heightened efficiency.

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Who Are the Prominent Companies in the EV Tires Market by ?
Major companies operating in the EV tires market are MRF Limited, JK Tyre & Industries, Cheng Shin Rubber Industrial Co. Ltd., Caterpillar Inc., Continental AG, Bridgestone Corporation, Michelin Group, Sailun Group, Goodyear tyre and rubber company, Nokian Tyre, Hankook Tire & Technology Co. Ltd., Yokohama rubber Co. Ltd, Kumho Tire Co. Inc., Apollo tyre, Giti Tire, Cooper Tyre and Rubber Company, Titan International Inc., Pirelli & C. SpA, Maxxis International, Falken tyre, Sumitomo Rubber Industries, Trelleborg Wheel Systems, CEAT Limited, Federal Corporation, Nexen Tire

Which Region Is Expected to See the Highest CAGR in the EV Tires Market?
Asia-Pacific was the largest region in the EV Tires market in 2024. It is expected to be the fastest-growing region in the forecast period. The regions covered in the EV tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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