According to the research literature titled ‘Global Electric Vehicle Tire Market Analysis, 2021’, available with Market Study Report, global electric vehicle tire market is projected to register a healthy growth rate throughout the forecast period 2021-2026.
 

Expert analysts cite that rising government inclination towards accelerating adoption of electric vehicles to reduce carbon emission, and growing electrification of public transportation are fueling global electric vehicle tire market growth.
 

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Moreover, spike in sales of lightweight EVs, launch new & advanced tires, escalating demand for motorcycle and e-bikes, and inflowing investments in EV infrastructure development are the other factors contributing to the industry progression.
 

Speaking of the latest developments, the Covid-19 pandemic has dealt a major blow to global electric vehicle tire industry. Temporary shutdown of manufacturing sites and disruption in supply chain due to closed borders have hampered the revenue flow of businesses in this vertical. However, with the easing of lockdown measures, the industry is set to gradually revive in the near future.
 

Based on distribution channel, global electric vehicle tire market is split into OEM and aftermarket. Among these, OEM segment captured majority industry share in the recent past, attributable to the surge in EV sales, introduction of electric buses, and growing presence of OEMs across the globe.
 

Further, the market is also studied from the perspective of type of tire (bias, radial), vehicle type (two wheeler & three wheeler, passenger car, commercial vehicle, others), price category (premium, budget, economy), sales channel (dealers/exclusive outlets, online, direct sales), and rim diameter (up to 12”, 12.1”-15”, 15.1”-18”, 18.1”-20, 20.1”-22.5”, 22.6”-26”, 26.1”-35”, 35.1”-47”, above 47”).
 

Considering the geographical outlook, key contributors to the overall electric vehicle tire market value are North America, South America, Asia Pacific, Europe, and Middle East & Africa.
 

Elaborating on the competitive landscape, Giti Tire, Toyo Tire Corp., Pirelli & C. S.p.A., Kumho Tire Co. Inc., Michelin Group, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Yokohama Rubber Co. Ltd., Bridgestone Corp., and Continental AG are the major players in the industry.