Much like the entire global car industry, the tires that power them are experiencing a profound transition. We are seeing a move to cleaner, greener modes of transportation, such electric cars, hybrid vehicles, and fuel cell technologies, as more people around the world become aware of climate change. The emergence of new energy cars, which is a result of this expanding trend in the auto industry, has created a new spring for the tire industry. Can this trend considerably boost the sales of OEM tires?More and more top tire brands in the tire industry are investing in the production of more environmentally friendly raw materials.
New energy vehicles have gained popularity recently due to their advantages for the environment, cheap operating costs, and potential long-term savings. These vehicles rely on cutting-edge technologies to increase their range and cut pollution, including battery electric propulsion systems, sophisticated materials, and intelligent control systems. The need for new energy vehicles is expected to increase as more nations commit to phase out fossil fuel-based engines in the upcoming years.
The global electric vehicle market size was estimated at USD 162.34 billion in 2019 and is expected to reach USD 802.8 billion by 2027, showing a CAGR of 22.6% from 2020 to 2027, according to a report by Allied Market Research. Since the transition to electric and hybrid vehicles necessitates various tire specifications and technologies to satisfy the unique requirements of these vehicles, this growth is anticipated to have a substantial impact on the tire business.
The weight distribution of new energy cars and conventional internal combustion engine (ICE) vehicles is one of their main distinctions. Because the battery pack on electric and hybrid vehicles is usually heavier, they need special tires that can support the added weight while still performing at their best. To save energy and extend range, the tires must also have minimal rolling resistance.
Leading tire manufacturers are spending in R&D to produce cutting-edge tire designs that can serve the expanding market for new energy vehicles in order to fulfill these needs. As an illustration, Continental, a major provider of tires and automotive technology, has created a line of environmentally friendly tires that are especially made for electric and hybrid cars. The EcoContact 6 tire from the business has a low-rolling resistance tread composition that lowers energy usage by up to 15%, extending the range of electric vehicles.
Similar to this, Bridgestone, one of the biggest tire producers in the world, has introduced its Enliten technology, allowing for the creation of lighter and more environmentally friendly tires for electric and hybrid vehicles. The method makes use of exclusive materials to cut the tire’s weight by up to 20%, lowering rolling resistance and enhancing fuel efficiency.
Another top tire brand, Michelin, has created a line of tires for electric and hybrid cars with customized sidewall patterns, improved treads, and compounds that increase handling, endurance, and energy economy. The Energy Saving A/S tire from the firm, which has been created especially for electric vehicles, provides up to 8% more range than regular tires.
In addition to specific tire designs, the rise of new energy vehicles has boosted demand for environmentally friendly and sustainable tire production methods. To lessen their carbon footprint and protect natural resources, tire manufacturers are embracing green technology and procedures at an increasing rate.
For instance, the renowned Italian tire manufacturer Pirelli has introduced its “Green Performance” strategy, which attempts to make every aspect of its manufacturing process environmentally friendly. The business is making investments in green energy, decreasing waste, and creating innovative technologies that can increase performance and efficiency while having a minimal negative impact on the environment.
Similar to this, one of the biggest tire manufacturers in the world, Goodyear, has committed to cutting its greenhouse gas emissions by 25% by 2023 and becoming carbon neutral by 2050. The business is investing in cutting-edge technologies, like artificial intelligence, to streamline its production procedures and cut waste.
In conclusion, the development of new energy vehicles is revolutionizing the automobile sector, and tire producers are leading this change. There is an increasing need for specific tire designs that can satisfy the performance, weight distribution, and energy economy requirements of electric and hybrid cars. Furthermore, as consumers become more concerned about the environment, the necessity for sustainable and ecologically friendly tire production techniques is becoming more and more crucial. Leading tire producers are in a good position to take advantage of the tire industry’s resurgence and fulfill changing consumer needs by investing in research and development and green technology.
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