by The global rechargeable tires market has been gaining significant traction over the recent past, majorly attributed to growing implementation of vehicle electrification around the world. Rechargeable tires offer various advantages over conventional tires such as enhanced durability, reduced emissions, improved safety and traction. Growing environmental concerns have compelled automakers to shift their focus towards development of sustainable transportation solutions, thereby boosting the adoption of eco-friendly rechargeable tires.
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 tires market are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, Nokian Tyres. Growing sustainability initiatives are boosting the demand for eco-friendly tire solutions across major automotive markets. Furthermore, increasing adoption of electric vehicles worldwide is expected to drive the sales of rechargeable tires over the coming years. With rising electric vehicle sales, tire manufacturers are focusing towards global expansion to tap the growth opportunities in developing automotive hubs.
Market Key Trends
Adoption of vehicle electrification is one of the major trends spurring the demand for rechargeable tires globally. As electric vehicles require less maintenance and emit zero tailpipe emissions, many countries are supporting large scale production and adoption of EVs through mandates and incentives. This is positively impacting the sales of rechargeable tires. Also, stringent emission regulations aimed at curbing air pollution are compelling automakers to switch to sustainable transportation solutions like EVs. This in turn is boosting the replacement demand for rechargeable tires.
Porter’s Analysis
Threat Of New Entrants: Tire manufacturing requires high capital investment and R&D which makes difficult for new companies to enter the market.
Bargaining Power Of Buyers: Since there are multiple established brands available, buyers have moderate bargaining power in the market.
Bargaining Power Of Suppliers: Key raw materials like natural and synthetic rubber have few suppliers globally, so suppliers have moderate bargaining power.
Threat Of New Substitutes: Though electric vehicles are emerging, conventional vehicles still dominate so threat from substitutes is low currently.
Competitive Rivalry: Being an essential product, competition is high among major brands to gain market share through product innovation, quality and brand loyalty.
North America and Europe currently hold around 60% of the global rechargeable tires market value due to high demand for eco-friendly tires and stringent emission norms. However, Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising electric vehicle sales and increasing replacement demand in countries like China and India. Regional governments are also supporting adoption of green tires which is further expected to drive the APAC rechargeable tires market.
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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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
