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Advanced Tires Market: Segmented: By Vehicle Type (Light Duty Vehicles (LDV) and Heavy-Duty Vehicles (HDV)), By Technology (Chip embedded tires, Self-inflating tires, Multi chamber tires, all in one tire and others), By Tire Type (Pneumatic tires, Run flat tires, Airless tires and Others), And Region Global Analysis of Market Size, Share & Trends For 2019 2020 And Forecasts To 2031
Advanced Tires Market to surpass USD 1,433.3 million by 2031 from USD 268 million in 2021 at a CAGR of 18.3% in the coming years, i.e., 2021-31.
Advanced tires are made up of a variety of materials in various combinations. Tires that are generally advanced are airless and cannot be punctured. When compared to other tires, it has a smaller surface contact area, which improves the vehicle's fuel efficiency. Advanced tires maintain their grip even when the vehicles are operating at a higher speed, and they are less risky on wet roads. Furthermore, the sophisticated tire is a new technology that improves tire functionality and performance by sensing road conditions.
The Global Advanced Tires market is expected to project a notable CAGR of 18.3% in 2031.
The overall demand for sophisticated tires is expected to rise due to rising premium car production and advancements in connected car technologies. Furthermore, tire manufacturers' increased attention to technological advancements such as 3D printers, organic raw materials, and autonomous vehicles is projected to enhance demand for advanced tires in the future.
Light-Duty Vehicle segment to grow with the highest CAGR during 2021-31
Based on vehicle type, the market is classified into two categories: light-duty vehicles (LDV) and heavy-duty vehicles (HDV). The LDV industry is expected to have the highest share of the market. Increased demand for sophisticated tires has stemmed from the increased manufacturing of luxury vehicles in different regions, as well as an increase in the desire for linked technology. Furthermore, like premium cars, high-end SUVs are driving demand for advanced tires, and high-end SUVs are expected to be early investors in advanced tires.
Pneumatic tires segment to grow with the highest CAGR during 2021-31
Based on tire type, the market is split into Pneumatic tires, Run-flat tires, Airless tires, and others. During the forecast period, pneumatic tires are expected to have the biggest market share. Pneumatic tires are expected to have the highest installation rate in passenger vehicles since they provide superior grip and vehicle mobility. Pneumatic tires are also simple to produce mass for any tire manufacturer with existing manufacturing capacity. Furthermore, the need for improved pneumatic tires is fueled by the great durability of pneumatic tires combined with their high weight carrying capacity.
The rise in demand for connected and autonomous technology
Chip-embedded, self-inflating, multi-chamber, as well as all tires, are examples of advanced tires. These technologies are projected to dramatically improve in-vehicle convenience. By monitoring tire pressure in real-time, these technologies help boost tire durability. Furthermore, maintaining a proper tire pressure enhances the vehicle's fuel efficiency. As a result, modern tire technologies are predicted to reduce vehicle maintenance costs, resulting in increased demand for advanced tires around the world. Furthermore, continual new product innovations by top businesses are expected to move the advanced tire market forward for the foreseeable future.
Increasing concerns about fuel safety and efficiency
The main advantages of advanced tires are fuel performance and safety considerations. Governments are enacting strict tire performance regulations, including fuel savings and wet grip-related stopping distance reduction, to address safety concerns. As a result, tire manufacturers will have plenty of opportunities to launch tires that comply with regulatory rules. As a result of technological improvements, tire manufacturers are developing highly efficient tires that improve vehicle overall fuel efficiency. For example, a polymer-based engineering company has released a new line of advanced tires with attributes such as grip & durability. As a result, the growing concern for fuel safety and efficiency is expected to provide significant growth potential for innovative tire manufacturers.
Raw material prices fluctuate
The worldwide advanced tire market is restrained by changing raw material prices due to increasing input costs due to reduced production of natural rubber & oil prices. Furthermore, practically all basic materials are crude derivatives, making crude oil prices a factor. Furthermore, the raw materials required to make advanced tires account for the total cost of manufacture, with synthetic & natural rubber being the most common. Crude oil prices have been rising in recent years all across the world. As a result, synthetic rubber or other crude substitutes used in tire manufacturing are projected to rise in price in the future years. As a result, the worldwide advanced tire market's growth is likely to slow.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Global Advanced Tires market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe holds a significant portion of the worldwide advanced tire market. In Europe, the high pace of adoption of linked technology in automobiles is likely to stimulate demand for innovative tires. Rapid development and advancement of technologies in the automotive manufacturing industry are also predicted to propel the market in the area forward. Furthermore, the market's growth is predicted to be aided by luxury and premium car manufacturers' increased focus on high-performance automobiles during the projected period.
The COVID-19 pandemic has impacted a wide range of enterprises all across the world. The Advanced Tires Industry had a significant impact as well. To halt the spread of COVID-19, governments around the world implemented harsh restrictions such as border locks, lockdowns, and tight social distancing measures. These measures had a significant effect on the world economy, affecting a variety of industries. Furthermore, a decrease in raw material supply impacted global demand for sophisticated tire device manufacturers. When evaluating the current and prospective market size & growth patterns for all regions and countries, the effect of COVID-19 on market demand is taken into account.
| Report Attribute | Details |
| The market size value in 2021 | USD 268 million |
| The revenue forecast in 2031 | USD 1,433.3 million |
| Growth Rate | CAGR of 18.3% from 2021 to 2031 |
| The base year for estimation | 2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle type, Tire Type, Technology, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Bridgestone Corporation, CEAT Ltd., Continental Reifen Deutschland GmbH, Hankook Tire & Technology Co. Ltd., Michelin, Nokian Tires plc., Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Yokohama Tire Corporation, and Other Prominent Players. |
The Advanced Tires Market size was estimated at USD 268 million in 202 and is expected to reach USD 1,433.3 million by 2031
Bridgestone Corporation, CEAT Ltd., Continental Reifen Deutschland GmbH, Hankook Tire & Technology Co. Ltd., Michelin, Nokian Tires plc., Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Yokohama Tire Corporation, and Other Prominent Players.
Light-Duty Vehicle segment and Pneumatic tires segment are anticipated to hold the Advanced Tires Market
Drivers. The rise in demand for connected and autonomous technology
Advanced tires are made up of a variety of materials in various combinations. Tires that are generally advanced are airless and cannot be punctured. When compared to other tires, it has a smaller surface contact area, which improves the vehicle's fuel efficiency.
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