![Electric Vehicle Tires Market](https://www.skyquestt.com/assets/frontend/images/upcoming_reports_cover_image.jpg)
Report ID: UCMIG25B2016
Report ID:
UCMIG25B2016 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The global market for electric vehicle tires, with a value of $17.24 billion in 2022, is anticipated to experience substantial growth. Projections suggest that it will increase to $22.64 billion in 2023 and eventually reach $128.00 billion by 2030, with a remarkable compound annual growth rate of 28.07% during the forecast period. These specialized tires, distinct from conventional ones, are characterized by their taller and narrower build, reducing rolling resistance and extending the vehicle's range. Furthermore, they incorporate sound-absorbing foam, resulting in quieter operation compared to traditional internal combustion engine vehicle tires. The surge in electric vehicle demand, along with the utilization of electric vans, buses, and trucks for commercial applications, is a key driving force behind the expansion of the electric vehicle tire market.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Tires & Rubber by segment aggregation, the contribution of the Tires & Rubber in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG25B2016