Electric vehicle tires market to exceed $38.5 billion by 2032 due to growing EV demand.

From GlobeNewswire: 2024-05-23 06:30:00

The electric vehicle tires market is projected to reach a valuation of USD 38.5 billion by 2032. This growth is driven by the increasing adoption of electric vehicles globally, which require specialized tires for improved durability and energy efficiency. With EV sales expected to reach 3.5 million units in Europe in 2024, the demand for EV tires is on the rise due to supportive government policies and environmental awareness among consumers.

Hydrogen fuel cell electric vehicles (FCEVs) are also contributing to the growth of the EV tires market, with superior durability and efficiency needed to meet the demands of these vehicles. The market for electric vehicle tires in the light commercial vehicles (LCVs) segment is expected to rise significantly by 2032, driven by the expanding fleet of electric vans and trucks used for urban delivery and logistics.

Europe is projected to witness substantial growth in the electric vehicle tires market between 2024 and 2032, supported by stringent emission regulations and government incentives for EV adoption. Leading tire manufacturers are focusing on developing specialized tires for electric vehicles to meet the unique requirements of electric mobility in the region, further driving industry growth. Industries like Bridlestone Corporation, Continental AG, and Michelin are at the forefront of this market, implementing strategies like mergers, collaborations, and new product launches to maintain a competitive edge.



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