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Tokyo, June 13, 2022 (GLOBE NEWSWIRE) — The global electric vehicle (EV) tires market was reached at US$ 40 billion in 2021. As far as the impact of covid 19 is concerned, the size of the electric vehicle tire market is estimated to touch 8.6% yearly. The entire market is primary carried on by the increasing demand for smart vehicles and the advancement of automatic connected vehicles. The increasing shift to artificial intelligence rather than manually operated vehicles and the recent introduction of the 5G network has helped to boost the electric vehicle market to a great extent. The rapid emergence of modern technology associated with these smart vehicles has also encouraged a huge population to opt for them.
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Regional Snapshots
The North American market is providing a great opportunity to the electric vehicle tire market pertaining to the increasing demand for environmentally sustainable electric vehicles. The increasing use of these vehicles facilitates the demand for the tire market parallelly. The other regions boosting he size of the EV tire market includes Europe and Japan. The Asia Pacific countries like India and China also tend to shift to the use of sustainable energy resources which facilitates the use of EV tires thus helping the market to grow.
Report highlights
- On the basis of type, the market sees a growth in the passenger vehicles segment due to increasing use of electric vehicles by the private commuters on the daily basis to increase their income disposable.
- On the basis of technology, the radial type of technology has shown a rise due to its perfect compatibility with the performance associated with the electric vehicles and the smooth experience observed by the end users.
- On the basis of distribution channel the OEM has seen a commendable growth as compared to the aftermarket sector.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 40 Billion |
| Revenue Forecast by 2030 |
Full story available on Benzinga.com
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