Why EVs are causing a tire boom
The business of tires has historically been marked by tight competition, low growth and slow margins.The total market value has remained around $50 billion in the past few years, and the overall market grows at a rate of about 2% per year, according to consultancy AlixPartners.But electric vehicles are presenting a whole new set of opportunities.With their heavy weight and quick acceleration, EVs tend to burn through tires about 20% faster than internal combustion vehicles do, according to AlixPartners. And the tires cost…