Smithers: Growing need for sustainable EV OE tires

AKRON—With over 14 million electric vehicles sold globally in 2023, there is a pressing need to develop tires that enhance EVs' operation and performance, according to a new Smithers Group report.

The testing and research company forecast that, globally, EV sales will increase 17.5 percent annually through 2029 to 41.2 million vehicles. Sales of EV tires by volume are expected to grow 15.8 percent annually (compound annual growth rate/CAGR) to 884.6 million units in 2029.

"Optimizing vehicle range is an immediate priority for EV drivers, spurring the sale of more low-rolling resistance tires, including those originally intended for fuel-efficient conventionally powered vehicles," Smithers said.

"National and global targets are driving this transition to reduce carbon emissions from transport. As this trend becomes pervasive, auto makers are also calling for greater use of sustainable raw materials, technologies and manufacturing for their OE EV tires."

In the Smithers report, "The Future of Sustainable EV Tires to 2029," the company predicts the value of the EV tire market will more than double by 2029 to $70.3 billion from from a projected $29.9 billion in 2024.

Smithers said the EV tire demand poses several challenges for tire makers, including sustainable EV tire design.

"EV tires are expected to be stronger and lighter, with less rolling resistance due to its importance in CO2 emissions and fuel consumption," Smithers said.

"Developing tire formulations for EVs presents a unique challenge, as the tread compound needs to be more resistant to abrasion. Instantaneous high torque and vehicle dynamics demand traction performance, but battery life and range call for very low rolling resistance compounds. In addition, vehicle weight and new environmental pressures stand for improved durability and abrasion resistance."

Sustainable materials can be broadly divided into "renewable materials" that can be sustained on time, and "recycled materials" that are re-used, potentially from end-of-life tires, according to Smithers, noting several tire companies have developed concept tires using between 70 percent and 93 percent recycled or renewable material content.

"A major focus for the industry is on products for the EV market and many companies announced that most of their compound development work will be for the burgeoning EV market," Smithers said.

The study costs 4,927.50 British pounds (about $6,295).