Table of Contents
Introduction
The Global Rechargeable Tyres Market, valued at USD 116.5 million in 2023, is anticipated to experience a steady growth rate of 4.4% CAGR, reaching approximately USD 179.2 million by 2033. This growth trajectory is driven by escalating demands for sustainable, cost-effective vehicular innovations. Despite the promising expansion, the market faces significant challenges, including high initial costs and technological complexities associated with the production of rechargeable tyres.
Moreover, recent developments in material science and improved battery technologies have played pivotal roles in overcoming some of these hurdles, further propelling the market forward. Integrating advanced sensors and IoT connectivity in rechargeable tyres to monitor wear and performance enhances their appeal, potentially boosting market adoption rates over the forecast period. This dynamic interplay of growth factors, coupled with ongoing challenges and technological advancements, outlines the critical elements shaping the trajectory of the rechargeable tyres market.
Goodyear Tire & Rubber Company has made notable strides with its “Goodyear Forward” transformation plan aimed at optimizing its portfolio and enhancing shareholder value through strategic divestitures and cost reduction measures. In addition, Goodyear introduced the ElectricDrive GT, its first replacement tire in North America specifically designed for electric vehicles, marking a significant step towards addressing the unique needs of the electric vehicle market.
Michelin has been active in expanding its capabilities and market reach in recent developments. Notably, the company enhanced its portfolio and market positioning through the acquisition of Tyroola, Australia’s third-largest online tyre retailer. This move in December 2023 is set to bolster Michelin’s e-commerce presence across Australia and the Asia Pacific, enhancing customer experience from information search to tyre fitting.
Volvo Group completed a notable acquisition of the battery business from Proterra Inc., involving a transaction amounting to USD 210 million. This acquisition includes a development center for battery modules and packs in California and an assembly factory in South Carolina. This strategic move is designed to enhance Volvo’s capabilities in the battery-electric vehicle sector, aligning with its ambition to accelerate its roadmap for battery-electric vehicles.
Nexen Tire Corporation is expanding its production capabilities with a proposed new $1.3 billion tire factory in the southeastern United States. This expansion aims to boost Nexen’s supply capacity and market share in North America. The company is also considering acquiring existing manufacturers or establishing joint ventures to accelerate this process.
Key Takeaways
- Market Growth: The Global Rechargeable Tyres Market is projected to grow from USD 116.5 million in 2023 to USD 179.2 million by 2033, at a CAGR of 4.4%.
- North America holds 38.6% of the rechargeable tyres market, USD 44.9 million.
- By Product Type: Pneumatic rechargeable tyres dominate with 45.3% of the market share.
- By Vehicle Type: Passenger cars lead, constituting 53.6% of the vehicle type segment.
- By Distribution Channel: OEMs are the primary distribution channel, holding 66.8% share.
Rechargeable Tyres Market Statistics
- In addition, you might think the majority of EV breakdowns are caused by out-of-charge batteries, but they actually only account for 11%. More than three times that amount (37%) are down to flat tyres or wheel issues.
- For every 10% a tyre is under-inflated, its wear increases by 10%.
- 75% of EV drivers cite driving experience as a major reason for going electric, and keeping tyres correctly inflated is fundamental to the driving experience.
- Not only does this provide EV drivers with benefits such as extended tread life, advanced handling and stability, but can also boost their battery range by up to 10%.
- In a survey commissioned by road safety charity IAM RoadSmart, 11% of motorists had put off replacing a tyre with a low tread; and 7% had delayed changing a punctured tyre.
- This means that of the almost 36 million people with a full driving license in the UK, up to 4.2 million drivers are possibly deferring critical tyre safety maintenance, while up to 2.5 million, motorists are potentially putting off fixing a puncture.
- By regularly checking tyre pressures and making sure they are at 100% of the manufacturer-recommended psi, the lifespan of the tyres is maximized, which also saves money.
- 70.4% of tyres have a tread depth of 2 mm or below = nearly 24 million tyres.
- 27.3% of tyres were illegal = over 10 million illegal tyres.
- The height of your tyre from the base of the tread to the rim, as a percentage of the tread width. Low-profile tyres have smaller aspect ratios. Example: The height of this tyre is 65% of its width.
- The study concluded that only 2.4% of tyre-related car accidents occurred when the tyres had near-full tread, compared to a shocking 26% of accidents involving cars with worn tyres.
Emerging Trends
- Energy Harvesting Technologies: One of the primary trends in the development of rechargeable tyres is the integration of thermoelectric materials and piezoelectric devices. These components are capable of converting thermal and mechanical energy into electrical energy, which can then be stored or used to power vehicle systems.
- Sustainability Initiatives: As the global emphasis on environmental sustainability intensifies, rechargeable tyres are gaining attention as a method to reduce the overall energy consumption of vehicles. By contributing to a vehicle’s power needs, these tyres can decrease reliance on fossil fuels and lower emissions.
- Advancements in Material Science: The efficiency of rechargeable tyres is heavily dependent on the materials used in their construction. Research is ongoing into new compounds that can enhance the energy conversion rates and durability of these tyres, making them more practical and appealing to consumers.
- Integration with Electric and Hybrid Vehicles: Rechargeable tyres are particularly synergistic with electric and hybrid vehicle technologies. As these vehicles require efficient energy management systems, the additional energy provided by rechargeable tyres could improve their range and overall performance.
- Regulatory and Industry Support: Governments and automotive industry bodies are beginning to support the research and development of rechargeable tyres through funding and regulatory incentives. This support is crucial for overcoming technical challenges and accelerating commercial adoption.
Use Cases
- Urban Commuting: Rechargeable tires, designed to harvest kinetic energy during vehicle operation, could revolutionize urban commuting. With approximately 68% of the world’s population projected to reside in urban areas by 2050, the demand for efficient, eco-friendly transportation solutions is escalating. Rechargeable tires could reduce the frequency of charging electric vehicles (EVs) by up to 10-15%, enhancing convenience for daily commuters and reducing urban traffic congestion.
- Long-Distance Travel: For long-distance travel, where electric vehicle range anxiety remains a significant barrier, rechargeable tires offer a compelling solution. By potentially extending vehicle range by 5-10% per charge, these tires could make EVs more appealing for long journeys. This application is particularly valuable given the current global EV market growth, which saw an increase of 43% in sales from the previous year.
- Commercial Transportation and Logistics: In the commercial sector, where vehicles accrue high mileage and fuel efficiency are critical, rechargeable tires could significantly impact operational costs. For logistics companies, reducing fuel consumption by even 2-3% per vehicle can translate into substantial annual savings, considering that fuel costs can account for up to 30% of total operating expenses in this industry.
- Emergency and Utility Services: Vehicles used in emergency and utility services, which often idle or operate at varied speeds, stand to benefit from rechargeable tires through improved fuel efficiency and reduced emissions. By capturing energy during deceleration and idle moments, these tires could enhance the operational efficiency of service fleets, which is crucial during extended on-field operations.
- Public Transport Systems: Rechargeable tires could be integrated into buses and other public transportation systems, where frequent starting and stopping would maximize energy capture. With public transport vehicles typically covering extensive routes daily, even a modest improvement in fuel efficiency (e.g., 3-5%) could result in significant cost reductions and environmental benefits over the vehicle’s lifecycle.
Key Players Analysis
The Goodyear Tire & Rubber Company is innovating in the rechargeable tires sector with its reCharge concept, designed to enhance electric vehicle mobility. This concept features a wheel that can inject new tread from a central reservoir, using cartridges filled with a customized, biodegradable compound. This innovative approach simplifies tire maintenance, potentially revolutionizing tire use in a future dominated by electric vehicles.
Michelin is advancing the rechargeable tires sector with its innovative VISION concept, which features airless, biodegradable tires made possible through 3D printing technology. These tires are designed for longevity and adaptability, with the ability to reprint tread directly onto the tire, tailored to varying driving conditions. This concept aligns with sustainable mobility goals, utilizing bio-sourced materials and integrating sensors for real-time monitoring, revolutionizing future tire maintenance and usage.
Volvo Car Corporation does not appear to have a specific initiative or product line directly related to rechargeable tires similar to those developed by companies like Michelin or Goodyear. Volvo’s focus within the tire sector is primarily on ensuring the quality and performance of the tires used in their vehicles, including those for electric and hybrid models. Their tires are optimized for safety, handling, and efficiency standards suitable for their range of vehicles.
Nexen Tire Corporation does not currently engage in the development of rechargeable tires. Their focus remains on advancing tire technology in other areas, such as their patented nano-composite and environmentally friendly ‘Green Hive’ tires, demonstrating their commitment to innovation and sustainability.
Conclusion
Rechargeable tires represent a significant innovation in the automotive sector, promising to enhance vehicle efficiency and support environmental sustainability. These tires, which generate energy from the motion of the vehicle, are particularly suited for applications ranging from daily commuting to heavy-duty logistics. As urban populations grow and the shift towards electric vehicles accelerates, the potential for rechargeable tires to extend vehicle ranges and reduce charging needs could play a crucial role in their adoption.
Industry forecasts suggest a positive growth trajectory for this technology, as both consumers and commercial enterprises recognize the economic and ecological benefits. Continued advancements and broader acceptance of rechargeable tires are expected to significantly influence future transportation dynamics, emphasizing the importance of ongoing market research to track these trends.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
