by Rechargeable tires also known as battery-powered tires are the tires that can be recharged through wireless charging technology or wired connection. These tires comprise of an in-built power source and electric motor that helps to enhance traction and efficiency. Rechargeable tires provide advantages like maintenance free operations, regenerative braking, and torque vectoring. With rising concerns over fuel efficiency and carbon emissions, rechargeable tires are emerging as a viable solution for electric vehicles.
The Global Rechargeable Tires Market Size is estimated to be valued at US$ 177.7 Mn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period 2023-2030.
Rechargeable tires offer significant benefits over conventional tires such as reduced rolling resistance and improved driving range of electric vehicles. Major automakers are focusing on developing electric vehicles with innovative tire technologies to meet stringent emission norms.
Key Takeaways
Key players operating in the rechargeable tires market are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, Nokian Tyres. These players are focusing on new product launches and partnerships to gain competitive advantage.
Rising investments in electric vehicle charging infrastructure and growing demand for zero-emission vehicles present lucrative opportunities in the rechargeable tires market. With supportive government policies promoting clean mobility, demand for rechargeable tires is expected to surge in the coming years.
Asia Pacific represents a key market for rechargeable tires globally with China and Japan being the forefront of EV adoption. OEMs are expanding their manufacturing facilities in Southeast Asian countries to cater to the growing regional demand. Strengthening EV supply chains is poised to boost the rechargeable tires market expansion internationally.
Market Drivers
The rising adoption of electric vehicles worldwide is a major factor driving the growth of rechargeable tires market. Rechargeable tires are well-suited for EVs as they help to reduce rolling resistance and extend driving range on a single charge. Stringent regulations limiting vehicle emissions and growing consumer inclination toward green mobility are propelling the demand for advanced tire technologies. This is estimated to present lucrative opportunities for rechargeable tires market over the forecast period.
PEST Analysis
Political: Government regulations related to carbon emission standards are promoting the use of innovative technologies like rechargeable tires.
Economic: Availability of subsidies and tax benefits on electric vehicles and their components is positively impacting the adoption of rechargeable tires.
Social: Rising environmental concerns and changing customer preferences towards green technologies are fueling the demand for sustainable tire solutions like rechargeable tires.
Technological: Advancements in materials science and energy storage solutions are allowing manufacturers to develop efficient and durable rechargeable tires. New production technologies are also helping to reduce costs and ensure large scale production of these tires.
The rechargeable tires market in terms of value is currently concentrated in regions like North America and Europe owing to stringent vehicle emission norms and the early adoption of electric vehicles in these markets. Countries like the US, Canada, Germany, France and the UK account for over 60% of the global rechargeable tires market revenue. However, with growing environmental awareness and rapidly expanding middle class, the Asia Pacific region is emerging as a major market for rechargeable tireswith China and India expected to drive most of the demand over the coming years.
The rechargeable tires market is experiencing the fastest growth in the Asia Pacific region majorly due to the presence of developing economies like China and India. Factors such as rising disposable incomes, growing electric vehicle sales and supportive government policies are fueling the demand for sustainable tire technologies in the Asia Pacific countries. Moreover, regional players are actively investing in developing indigenous rechargeable tire manufacturing capacities to cater to the local requirements, which is further propelling the market growth in the region.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
