Rechargeable Tire Market Growth Is Driven By Electric Vehicles Adoption

By Author: Ben
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The rechargeable tire market is gaining prominence owing to the advantages it provides such as enhanced fuel efficiency and longer durability. Rechargeable tires are manufactured with the integration of sensors and batteries that detects tire pressure and provides real-time alerts to avoid tire failure. They have a smart chip installed that wirelessly recharges through induction pads installed on the roads while driving. This eliminates the need for manual inflation and improves road safety.

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.

Key Takeaways

Key players operating in the rechargeable tire 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 a competitive edge in the market. For instance, Michelin partnered with U.S. automaker General Motors in 2021 to develop airless tires for passenger vehicles by 2024.

The demand for rechargeable ...
... tires is increasingrapidly owing to the rising adoption of electric vehicles globally. As electric vehicles require less maintenance and have negligible fuel costs, consumers prefer them over conventional vehicles. This growing EV demand will propel the need for advanced tire technologies such as self-inflating tires.

Several tire manufacturers are focusing on expanding their global footprint to tap the growth opportunities in developing nations. For example, in 2022, Bridgestone inaugurated its largest off-highway tire manufacturing facility in Morocco to strengthen its presence in the Africa market. Such initiatives will help increase the availability of innovative tire solutions worldwide.

Market Drivers

The primary driver accelerating the rechargeable tire market growth is the increasing adoption of electric vehicles globally. As electric vehicles become mainstream, vehicle manufacturers are rigorously working to enhance driving range. Rechargeable tires solve the range anxiety issue as they eliminate the need for manual inflating and puncture repairs. Therefore, OEMs are actively collaborating with tire makers to integrate smart technologies in tires. This rising focus on developing autonomous, connected vehicles will continue propelling the rechargeable tires demand until 2030.

The geopolitical turmoil across various parts of the globe is expected to challenge the growth trajectory of the rechargeable tires market over the coming years. Regional conflicts and geostrategic rivalries have disrupted supply chains and made cross-border trade difficult. This is worrying for a industry that depends heavily on the free movement of raw materials and components across international borders. Rising political instability and uncertainty in major manufacturing hubs like Asia could lead to delayed projects and dampen investor sentiment. Furthermore, heightened geopolitical risks often translate to currency volatility that makes cost projections challenging for the market. However, companies will need to devise effective risk mitigation strategies and alternative sourcing plans to minimize supply disruptions. They must also focus on localizing production wherever feasible to reduce dependency on conflict-ridden regions.

In terms of value, the rechargeable tires market is currently concentrated in regions with high vehicle density and spending power like North America and Western Europe. This is because consumers in these developed automotive markets are usually early adopters of advanced technologies and willing to pay premium prices for features like extended driving range. However, with growing environmental awareness and demand for sustainable transport solutions, Asian countries particularly China and India are emerging as high growth opportunities. Their massive populations and rapid urbanization translating to rising vehicle ownership makes them lucrative from a volume sales standpoint. Additionally, supportive government policies around clean mobility solutions are helping boost the region's attractiveness for manufacturers.

Among individual countries, the United States currently leads in terms of value sales of rechargeable tires due to high vehicle ownership and preferences for modern designs. However, China is predicted to become the fastest growing country during the forecast period. This can be attributed to the country's ambitious electric vehicle production targets, growing fleet electrification programs in public transport, and availability of favorable subsidies for eco-friendly auto technologies. Riding on these favorable governmental initiatives as well policies aimed at lowering carbon footprint from the transport sector, China seems well-positioned to drive maximum demand growth of rechargeable tires globally over the next few years.

What Are The Key Data Covered In This Keyword Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Keyword's growth between 2024 and 2031.

:- Accurate calculation of the size of the Keyword and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Keyword Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Keyword vendors

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