Rechargeable tires are the eco-friendly tires that can be recharged through wireless induction charging technology. These tires possess multiple advantages over regular tires such as lower rolling resistance and increased fuel efficiency. The global need for sustainable and green transportation has propelled the demand for rechargeable tires in recent years. They also offer reduced noise and vibration level during driving. Rechargeable tires works on principle of electromagnetic induction where an induction coil gets integrated into the tire structure. This coil receives wireless power from an external pad or mat and stores it in the in-tire battery. The stored energy is then utilized to enhance various tire properties.
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 are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, Nokian Tyres. Michelin, Goodyear and Pirelli dominate the market with their innovative rechargeable tire models and strong distribution network across regions.
The growing demand for electric vehicles globally has hugely boosted the demand for rechargeable tires. As electric vehicles require tires with low rolling resistance to maximize range, rechargeable tires perfectly fit the bill. Their self-inflating and charge sustaining properties help electric vehicles drive longer without compromising on performance.
Technological advancement in wireless charging technology has allowed efficient power transfer between charging pads and induction coils inside tires. New metrics like five-layer reinforced coils and usage of aerospace-grade materials in manufacturing ensure optimal energy storage capacities. Advancements in battery chemistries have also augmented the energy storage abilities of in-tire batteries.
Market Trends
1. Increasing research towards self-charging capabilities - Major tire manufacturers are investing in R&D to develop rechargeable tires that can replenish lost energy through sustainable means like solar energy, kinetic energy harvesting etc. instead of external charging.
2. Focus on intelligent tire sensors - Tire companies are equipping rechargeable tires with sensors to monitor pressure, temperature and tread wear in real-time for maximizing performance and safety. Data collected is sent to driver's dashboard for easy monitoring.
Market Opportunities
1. Growth in commercial electric vehicle fleets - Widespread adoption of electric trucks, buses offers lucrative growth opportunity for low-rolling resistance and durable rechargeable tires.
2. Rise of shared mobility industry - Autonomous taxis, ride-sharing services require tire solutions for continuous high-mileage driving. Rechargeable tires with optimized energy storage are well-suited here.
Impact of COVID-19 on Rechargeable Tires Market Growth
The COVID-19 pandemic hit the global Rechargeable Tires market severely. Strict lockdowns and social distancing measures imposed worldwide led to decreased mobility as well as halted the supply chain networks. Major tire manufacturers had to temporarily suspend their production facilities to comply with the lockdown protocols. As automotive sales declined sharply, the demand for replacement tires also witnessed a significant fall. Decreased demand from OEMs along with end-users adversely impacted the Rechargeable Tires market growth in 2020. However, with mass vaccination drives globally, economic activities have started gaining steady momentum from 2021. As restrictions are being gradually lifted, the tire replacement market is witnessing a rebound which is supporting the recovery of the Rechargeable Tires market. However, raw material price fluctuations and disrupted supply chains still pose challenges. The market is expected to get back on the growth trajectory by 2022, supported by pent-up demand as well as growing adoption of EVs.
Geographical Regions with High Market Concentration
North America currently dominates the global Rechargeable Tires market in terms of value, accounting for over 35% share. Presence of major automakers as well as increasing EV adoption rate are fueling the demand for Rechargeable Tires in the US and Canada. Europe is another lucrative region for the Rechargeable Tires market with countries like Germany, UK and France holding significant shares. Stringent emission regulations are promoting greener transportation solutions in the region. Asia Pacific is emerging as the fastest growing market with China leading the way supported by efforts to expand EV infrastructure as well as growing popularity of shared mobility. Countries like India are also offering subsidies and tax benefits to boost EV sales and in turn, support the Rechargeable Tires market growth.
Fastest Growing Region - Asia Pacific
Asia Pacific holds immense growth potential for the Rechargeable Tires market and is projected to witness the highest CAGR during the forecast period. This can be attributed to rising automobile production and sales as well as increasing urbanization in emerging economies like China and India. Governments in the region are strongly promoting the adoption of EVs through incentives and regulations in order to reduce carbon emissions. Considerable investments are being made towards developing EV charging infrastructure and battery technologies. Growing EV fleet size as well as rising replacement demand are fueling the Rechargeable Tires market expansion. Additionally, presence of leading tire manufacturers is enhancing product access. If the growth momentum sustains, Asia Pacific will emerge as the global market leader in the coming years.
What Are The Key Data Covered In This Keyword Market Report?
:- Market CAGR throughout the predicted period
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:- 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
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