April 17, 2024
Rechargeable Tires Market

Rechargeable Tires Market is Transforming Mobility Trends by Enabling Longer Range

Rechargeable tires are advanced tires embedded with energy storage and regeneration capabilities. They provide key advantages over traditional tires such as enabling longer range for electric vehicles and reduced charging requirements. The growing demand for longer range and lower operational costs of electric vehicles is expected to drive the demand for 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 2024-2031.

Key players operating in the rechargeable tires market are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, Nokian Tires. These players are focusing on developing advanced tire technologies to optimize energy capture and storage. Michelin recently launched its proprietary Harvest® energy recovery system technology that can store energy generated from braking and convert it into additional miles of range.

The growing demand for electric vehicles worldwide is another key factor augmenting the rechargeable tires market growth. According to the International Energy Agency, the global stock of electric passenger cars exceeded 10 million in 2020 and is expected to grow over 30% annually till 2031. Rechargeable tires can address range anxiety issues for electric vehicles and make them more viable for daily commuting needs.

Key players are also focusing on expanding their global footprint to leverage high growth opportunities. For instance, in 2024, Toyo Tires plans to begin mass production of its latest tire technology featuring energy storage capabilities in its new US factory. This expansion strategy will help the company reduce delivery timelines for the North American electric vehicle market.

Market Key Trends:

The key trend transforming the rechargeable tires market is the integration of advanced technologies. Tire manufacturers are focusing on developing nanotechnologies and novel conductor formulations to improve energy storage density by over 30% compared to existing solutions. This will allow tires to capture and store more braking energy, thereby enhancing EV range. Another trend is the development of self-charging smart tires that can adjust air pressure automatically for optimal performance and energy efficiency using cloud connectivity. Such innovations are expected to make rechargeable tires more viable and disrupt the automotive industry.

Porter’s Analysis

Threat Of New Entrants: Low capital requirement and established buyers make this market prone to new entrants.

Bargaining Power Of Buyers: Large global automobile manufacturers can negotiate lower prices from tire manufacturers.

Bargaining Power Of Suppliers: Rechargeable tire manufacturers rely on raw material suppliers and suppliers have some control over pricing.

Threat Of New Substitutes: Materials that enable longer tire life pose competition risk but rechargeable attribute is unique.

Competitive Rivalry: Tire brands differentiate based on design, mileage and pricing leading to intense competition.

The geographical region where the rechargeable tires market is concentrated in terms of value is North America. This is because of high vehicle ownership and preference for innovative automotive technologies. The USA leads demand for rechargeable tires in commercial and passenger vehicle segments.

The fastest growing region for the rechargeable tires market is Asia Pacific. Countries like China, India and Japan are witnessing rising vehicle sales annually along with increasing discretionary spending on premium tires. Research & development investments by Chinese tire makers are contributing to the market’s expansion in Asia Pacific.

What are the key data covered in this Rechargeable Tires Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Rechargeable Tires Market’s growth between 2024 and 2031.

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

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

:- Rechargeable Tires Market 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 Rechargeable Tires Market vendors

FAQ’s

Q.1 What are the main factors influencing the Rechargeable Tires market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Rechargeable Tires Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Rechargeable Tires market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

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