Abstract: With the growth of the global automotive market and the progress of intelligent and electrification processes, the tire industry is in a period of vigorous development. According to the latest market research data, the global tire market size will exceed $120 billion in 2023, with the market share of electric vehicle tires continuously increasing, becoming an important driving force for the development of new generation tires. This report will analyze the development trends of the global tire industry, focus on the demand changes of electric vehicle tires market, and provide market insights and business opportunities for industry participants.
Development History of Global Tire Industry From the perspective of the development history of the global tire industry, tire products have experienced successive updates in production technology since the 1930s, gradually becoming more complex, safer, and performance-oriented. The material of tires has been iteratively updated, and bias-ply tires have gradually been replaced by radial tires. In recent years, the tire industry’s production technology has continuously improved, and tire products have gradually become more diverse in terms of performance and functions. For tire products themselves, there are also trends in intelligentization, environmental protection, and sustainability.
Analysis of Global Tire Market Size According to the latest data from the market research company Statista, the global tire market size will reach $121.22 billion in 2023, an increase of 3.6% compared to 2021. Among them, traditional fuel vehicle tires still occupy the majority of the market share, but the market share of electric vehicle tires will continue to expand. According to data from the International Energy Agency (IEA), by 2030, the global stock of electric vehicles will grow to more than 240 million, and the demand for electric vehicle tires will gradually dominate the market.
Analysis of Electric Vehicle Tire Market Demand The growth of demand for electric vehicle tires has driven the development and production of new generation tires. Compared with traditional fuel vehicle tires, the demand for electric vehicle tires is more focused on safety, environmental protection, and performance optimization. Electric vehicle tires need to be more durable, as light as possible, provide greater traction, and have lower rolling resistance to improve the range of electric vehicles. At the same time, electric vehicle tires also need to have characteristics such as fast drainage, low noise, and high comfort to ensure smooth and comfortable driving.
At present, the electric vehicle tire market is showing a steady growth trend. According to a report released by market research company Technavio, the global electric vehicle tire market is expected to grow at an average annual compound growth rate of 18% from 2020 to 2024. At the same time, as the sales of electric vehicles increase rapidly, tire manufacturers are also constantly developing and launching new types of tires suitable for electric vehicles.
In addition to the growth of market demand, policies and environmental awareness are also important factors driving the development of the electric vehicle tire market. In order to meet environmental requirements, governments around the world have introduced a series of policies that encourage the use of electric vehicles, such as tax reductions, subsidies, and free parking. These policies promote the sales of electric vehicles, thus promoting the development of the electric vehicle tire market.
In addition, with the development of intelligent technology, more and more electric vehicles are beginning to adopt autonomous driving technology. This technology has higher performance requirements for tires, requiring tires to provide more accurate positioning and higher anti-skid performance.Therefore, tire manufacturers are continuously developing and improving new tire products to meet the demands of the electric vehicle market.
In conclusion, the global tire industry is in a period of vigorous development, driven by the growth of the global automotive market and the advancement of intelligent and electric processes. According to the latest market research data, the global tire market is expected to exceed $120 billion in 2023, with the electric vehicle tire market continuing to grow and becoming an important driver of the development of a new generation of tires. This report analyzes the development trends of the global tire industry, focusing on the changing demand of electric vehicle tires, providing market insights and business opportunities for industry participants.
