🧵 1. The tire market has seen growth with the rise of electric vehicles (EVs), which wear out tires faster and cost more due to their weight and acceleration. This presents new opportunities for tire companies. #business
🧵 1. The tire market has seen growth with the rise of electric vehicles (EVs), which wear out tires faster and cost more due to their weight and acceleration. This presents new opportunities for tire companies. #business
🧵 2. EVs also pose challenges like dampening tire noise and improving range. Tire selection can impact an EV's range by 10-15%. Companies need to innovate to meet EV-related demands to stand out.
🧵 3. Currently, only about half of buyers ask for specific tire brands. Analysts suggest a potential "gold rush" for tire manufacturers as EVs become more popular, creating opportunities for innovation and growth in the tire industry.
🧵 4. Industry experts project a shift in demand as EVs become more prevalent. Stay informed on how tire companies adapt and capitalize on the booming market driven by electric vehicles.
🧵 Read more at: https://www.cnbc.com/2024/03/19/why-evs-are-causing-a-tire-boom.html