Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Advanced Tires Market by Type (Pneumatic, Run-Flat, Airless), Technology (Self-Inflating, Chip-Embedded, Multi-Chamber, All-in-One, Self-Sealing), Vehicle (ICE, Electric, Hybrid, Off-Highway), Niche Technology, Material & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In the rapidly evolving automotive industry, advanced tires are emerging as a cornerstone for ensuring a robust, safe, and sustainable future of transportation. With a growing emphasis on emissions control and the increasing demand for comfort and safety features in Light Duty Vehicles (LDVs), the importance of cutting-edge tire solutions is more prominent than ever. The comprehensive market research report delves into the dynamics of the advanced tires market, offering valuable insights and serving as a crucial guide for businesses looking to tap into this lucrative market.
Premium Insights and Market Dynamics
The market for advanced tires is experiencing significant growth, fueled by the rising production of premium vehicles. Automotive manufacturers worldwide are increasingly integrating advanced tires into their offerings, driving substantial demand. These advanced tires come with benefits such as self-healing capabilities and run-flat features, contributing to their rapid development and adoption on a global scale. As automotive technology continues to evolve, the report provides valuable insights into key market developments and the driving forces behind this critical sector.
Key Market Dynamics
The agricultural tractor segment is also poised for substantial growth in advanced tires. Mechanization in agriculture is on the rise, leading to a growing need for advanced tires that provide maximum traction, reduce soil compaction, and enhance fuel efficiency. These benefits are positively impacting agricultural practices, making advanced tires a crucial component in this sector.
Asia-Pacific: A Hotbed of Growth
Asia-Pacific is set to exhibit remarkable growth in the advanced tires market. Factors such as a burgeoning population, economic development, and increasing domestic consumption of feature-rich vehicles are driving the need for efficient transportation solutions. Government initiatives to promote electric vehicle adoption are further boosting growth in this region. Major industry players are actively investing in advanced tire technologies in Asia-Pacific, making it a focal point for future developments.
Market Projections
According to the research, the global advanced tires market is expected to soar from USD 1.26 billion in 2023 to USD 3.22 billion by 2030, representing a robust CAGR of 14.4% during this period. This growth is attributed to the rising focus on reducing carbon dioxide (CO2) and nitrogen oxide (NOx) emissions and the increasing demand for convenience and safety features in LDVs. Additionally, the high maintenance and replacement costs associated with Off-The-Road (OTR) tires are driving demand for advanced tire solutions.
Premium Vehicles Leading the Way
The on-highway advanced tires market is primarily dominated by the Light Duty Vehicle (LDV) segment. Premium vehicle production in regions like North America, Europe, and select Asian countries has surged, creating a substantial demand for advanced tires. Leading global automotive manufacturers such as BMW, Mercedes-Benz, Volvo, Land Rover, Audi, General Motors, and Volkswagen are now equipping their premium vehicles with advanced tires as standard features. This trend is further supported by tire suppliers like Michelin, Goodyear, Bridgestone, and Continental, who are expanding their advanced tire portfolios to include features like self-healing, run-flat capabilities, futuristic airless designs, and multi-chambered tires.
Case Study: Michelin's Innovative Collaboration
As a testament to the industry's drive towards innovation, Michelin has partnered with DHL to test its airless tire, known as 'Uptis,' on approximately 50 express vans for last-mile delivery in Singapore, scheduled for the end of 2023. Such collaborations are expected to drive the adoption of advanced tires in the light trucks and minivans segment.
Fastest Growth in Agriculture Tractors Segment
The demand for advanced tires in agriculture tractors is expected to witness the fastest growth during the forecast period. Factors such as a shrinking labor force and the trend towards larger farms have increased labor costs, driving the need for high-power tractors. These tractors are expected to be early adopters of advanced tires due to the benefits they offer, including enhanced traction, reduced soil compaction, and improved fuel efficiency. To boost efficiency and farm productivity, North American and European countries are increasingly opting for tractors equipped with advanced tire technology.
Asia-Pacific: The Epicenter of Growth
Asia-Pacific is projected to experience the fastest Compound Annual Growth Rate (CAGR) from 2023 to 2030, driven by population growth, economic development, and rising domestic consumption of feature-rich vehicles. The advanced tires market in this region is further bolstered by the increasing demand for advanced safety features, growing automobile production and sales, and government initiatives promoting electric vehicle adoption. Key industry players like Continental, Goodyear, and Michelin are actively investing in advanced tire technologies in Asia-Pacific. Moreover, the presence of local players such as Bridgestone, Yokohama, Sumitomo Rubber Industries, and Yokohama Tire Corporation contributes to regional growth and innovation in advanced tires.
Conclusion
In conclusion, the advanced tires market is on an upward trajectory, driven by the increasing demand for sustainability, safety, and comfort in transportation. This market offers significant growth opportunities, especially in premium vehicles, agriculture tractors, and the Asia-Pacific region. The comprehensive market research report provides an in-depth analysis of market dynamics, key drivers, restraints, opportunities, and challenges. It serves as a valuable resource for businesses looking to formulate informed strategies and stay ahead in this rapidly evolving market.
Companies Mentioned
- Apollo Tyres Limited
- Bridgestone Corporation
- Continental AG
- Goodyear Tyre and Rubber Company
- Michelin
- Pirelli & C. S.p.A
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 298 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.26 Billion |
| Forecasted Market Value (USD) by 2030 | $3.22 Billion |
| Compound Annual Growth Rate | 14.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/a86lmm
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