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Nov 09, 2023

Advanced Tires Market worth $3.2 billion by 2030

News provided by 06 Jun, 2023, 04:00 ET Share this article CHICAGO, June 6, 2023

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06 Jun, 2023, 04:00 ET

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CHICAGO, June 6, 2023 /PRNewswire/ -- Advanced Tires Market size is estimated to grow from USD 1.3 billion in 2023 to reach USD 3.2 billion by 2030 at a CAGR of 14.4% over the forecast period, according to a new report by MarketsandMarkets™. The growth of the advanced tires market is influenced by factors such as increasing government regulations related to tire emissions and brakes, growing consumer preference for advanced safety and convenience features, rising sales of electric vehicles equipped with advanced tires, and technological innovations. Thus, the advanced tires market is expected to witness significant growth in the future.

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Browse in-depth TOC on "Advanced Tires Market".317 - Tables56 - Figures305 - Pages

Advanced Tires Market Scope:

Report Coverage

Details

Market Size

USD 3.2 billion in 2030

Growth Rate

14.4% of CAGR

Largest Market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023 - 2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

On-Highway By Technology, Vehicle Type, Type, material type, By Niche Technology, Electric & Hybrid Vehicle By Type, EV type, Off-Highway Vehicle By Technology, Equipment Type, and Region

Geographies Covered

Asia Pacific, Europe, North America, and the Rest of the World

Report Highlights

Updated financial information/Company Evaluation Quadrant

Key Market Opportunities

Increased Demand for Industrial equipment and warehouse automation

Key Market Drivers

Rising focus on convenience and driver assistance feature

The pneumatic advanced tires segment is estimated to hold the largest share of the advanced tires market during the forecast period.

The pneumatic tires segment is anticipated to dominate the advanced tire market during the forecast period. Premium vehicles above E&F segments are fitted with advanced pneumatic tires, The high-performance, all-terrain, and all-season pneumatic tires offer low rolling resistance, better handling of the vehicle, and enhanced braking capabilities. Further, the growth of premium vehicles in Asia Pacific has been increasing substantially over the past 3 years. Similarly, the E&F segment in North America and Europe is growing at significant growth. In addition to this, the adoption of high-performance pneumatic tires in mid-range economy cars is also increasing owing to its benefits such as better handling of vehicles, better traction, and enhanced fuel efficiency. Thus, rising sales of E&F segments in the Asia Pacific, and growing adoption of high-performance, all-season pneumatic tires in mid-range economy cars will drive the demand for pneumatic advanced tires during the forecast period.

Pneumatic tires are projected to be the prevailing type of advanced tires in passenger cars due to their exceptional grip and maneuverability across various terrains. Moreover, pneumatic tires can be easily mass-produced through the integration of sensors and chips. This streamlined production process, combined with their ability to carry high loads at high speeds, is expected to be a key driver for the advanced pneumatic tires market. In addition to this, pneumatic advanced tires have several advantages such as Improved traction, smoother ride, increased fuel efficiency, better handling, and braking.

The self-inflating tires segment is projected to be the fastest-growing in off-highway vehicles

The self-inflating tire technology in off-highway vehicles is anticipated to grow at the highest CAGR during the forecast period. Different off-highway vehicles such as construction & mining equipment, agricultural tractors, and industrial vehicles operate in different weather conditions on a variety of surfaces for long working hours. For instance, tractors with higher power output (>100 hp) have large tires which come with high pressure, whereas self-inflating tires can adjust tire pressure. So that soil and crop filed remain unharmed. Similarly, construction & mining equipment work on rough terrain at extremely high temperatures and adverse climatic conditions. Self-inflating tires can reduce tire pressure to an optimized level to prevent tire failure. Looking at the opportunity, some of the OEMs offer self-inflation tires in their construction & mining equipment. For instance, Volvo is offering a self-inflating system in its wheel loader model L110H. To reduce operational downtime, improved fuel efficiency and productivity may lead to the rising adoption of self-inflating tires in the off-highway vehicle segment.

Europe accounted for the second largest market share of the advanced tires market based on technology for on-highway vehicles.

Europe is the second largest market in the advanced tires industry for the year 2023. The region has high sales of luxury cars. According to MarketsandMarkets analysis, in 2022, the production of E & F segment cars in Europe was around 1 million units which was nearly 8% of total passenger vehicle production. The high demand is mainly shaped by a range of factors, including strong economic conditions, an affluent customer base, a strong automotive tradition with a strong inclination towards embracing technologically advanced products, proactive regulatory frameworks, and the presence of top premium automobile manufacturers in the OEMs. Germany leads the luxury vehicle demand with about 20-22% along with other prominent countries such as the UK, Italy, Spain, and France. Premium vehicle manufacturers incorporate advanced tires to provide unmatched comfort and performance in terms of effective grip and cushioning on any type of surface. These advanced tires would be more effective given the climatic condition in European countries. Moreover, regional giants such as Continental AG (Germany), Michelin (France), and Pirelli & C. S.p.A is advancing its products with a focus on continuous innovation and development in tire technology. For instance, in 2022, Michelin launched its 5th generation sport tires designed to amplify sporty performance and comes with high precision steering, maximized grip, and breaking on wet roads and dry roads. The innovation and technological development from regional players would be positively accepted by luxury vehicle manufacturers which subsequently expand the market base for advanced tires in the region. Further, the European Commission is also supporting and promoting the adoption of advanced tires in the region. For instance, the European Commission has implemented several rules and regulations such as labeling schemes. Further, Euro 7 will announce the regulation related to emissions from tires and brakes. This will also push OEMs to adopt emission-less, fuel-efficient tires in the coming years.

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Advanced Tires Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenges:

Key Market Players:

Some of the manufacturers in the advanced tires company are Bridgestone Corporation (Japan), Michelin (France), Continental AG (Germany), Pirelli & C. S.p.A (Italy), The Goodyear Tyre and Rubber Company (US), Sumitomo Rubber Industries Ltd (Japan), Yokohama Tire Corporation (Japan), Hankook Tire & Technology Co., Ltd., (South Korea), and Nokian Tyres plc (Finland).

Recent Developments:

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