The tyre industry is marked by fierce competition, static growth, and slim profit margins. But that is about to change.
In recent years, the total market value has consistently hovered around $50 billion, with an annual growth rate of approximately 2%, according to research. However, the advent of electric vehicles (EVs) is creating new possibilities.
Due to their substantial weight and rapid acceleration, EVs typically wear out tires around 20% quicker than vehicles with internal combustion engines, research suggests. Additionally, the cost of these tyres is roughly 50% higher.
Additional technical challenges encompass mitigating tyre noise, which becomes significantly more discernible inside of an otherwise quiet electric vehicle (EV) and enhancing an EV’s driving range. Research conducted by Michelin reportedly indicates that tyre selection can influence an EV’s range by 10% to 15%.
Summary Electric Vehicle (EV) Tyre Wear
Weight and Acceleration: EVs are heavier due to their batteries, and they often have quick acceleration.
Wear Rate: On average, EV tyres tend to wear down about 20% faster than internal combustion engine (ICE) vehicle tyres.
Cost: EV-specific tyres can be more expensive, costing approximately 50% more than regular tyres.
EV tyres are more expensive, and you get less use from them – remember to factor this into your purchasing decision.
