May 24, 2024
Rechargeable Tires Market

Rechargeable Tires Market Is Expected To Be Flourished By Growing Demand For Sustainable Transportation

Rechargeable tires refers to tires that can be recharged using electricity to replenish its energy for maneuvering vehicles. These tires utilize embedded electric motors and rechargeable batteries to provide power for movement. They enable electric vehicles to eliminate the need for traditional motors and transmissions. Rechargeable tires allow tires to be individually powered and provide better traction and handling. They are gaining popularity in autonomous delivery vehicles, scooters, bicycles, and personal mobility devices. The tires can be recharged through wireless induction charging systems or using charging ports.

The global rechargeable tires market is estimated to be valued at US$ 177.7 million in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Growing demand for sustainable transportation is expected to drive the growth of the rechargeable tires market over the forecast period. Rechargeable tires provide improved energy efficiency as compared to traditional tires, thereby reducing fuel consumption and carbon emissions. These tires can efficiently transfer power to the road without any transmission losses. In addition, rechargeable tires as powered by electricity are more environment-friendly than fuel-burning vehicles. Customers are increasingly adopting electric vehicles to lower their carbon footprint, which in turn is boosting the demand for electric tires.

Another factor facilitating the adoption of rechargeable tires is the recent technological advancements in areas of embedded systems, internet of things, and electric motor engineering. Tire manufacturers are able to integrate various electronics and develop smart tires that have the ability to sense road conditions, track vehicle performance, and provide power to wheels. The availability of low-cost and long-lasting batteries is also supporting the production of cost-effective rechargeable tires.

Segment Analysis:

The global rechargeable tires market is segmented basis vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars segment dominates the market and accounts for around 60% share owing to rising sales of electric vehicles globally. Within passenger cars, electric vehicles sub-segment leads the market and is expected to witness growth of over 35% during the forecast period due to stringent emission norms and focus toward developing sustainable modes of transportation.

Rechargeable Tires Market Segmentation:

  • By Technology
    • Airless Tires
    • Multi-Chamber Tires
    • Self-Inflating Tires
    • All-In-One Tires
    • Others
  • By Vehicle Type
    • Passenger Cars
    • Light Commercial Vehicles
    • Heavy Commercial Vehicles
    • Two-Wheelers
    • Off-Highway Vehicles
    • Electric Vehicles
    • Others
  • By Sales Channel
    • OEMs
    • Aftermarket

PEST Analysis:

Political: Stringent emission norms in countries like China, India, and European nations are pushing automakers to develop electric vehicles. This is positively impacting the rechargeable tires market.
Economic: Rising disposable income and spending capability of consumers is fueling the sales of premium and luxury electric vehicles fitted with rechargeable tires.
Social: Increasing awareness about environmental protection and sustainable mobility is encouraging adoption of electric vehicles fitted with next-gen technologies like rechargeable tires.
Technological: Manufacturers are investing heavily in developing smart and self-inflating rechargeable tires integrated with sensors and IoT connectivity. This is helping improve driving performance and safety.

Key Takeaways:

The global Rechargeable Tires Market Size  is expected to witness high growth at a CAGR of around 34% during the forecast period. The market size is projected to reach over US$ 177.7 million by 2024.

Regional Analysis: North America dominates the market currently due to presence of major automakers and tire manufacturers in the region. Asia Pacific is expected to witness fastest growth led by China, where electric vehicle adoption is growing rapidly.
Key players: Key players operating in the rechargeable tires market are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, and Nokian Tyres. The companies are investing in technologies like renewable energy and sensor integration to make tires sustainable and smart.

*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it