Pune, May 18, 2023 (GLOBE NEWSWIRE) -- Global Market Overview
According to a report by SNS Insider, "The Advanced Tires Market reached a valuation of USD 305.92 million in 2022. It is projected to reach USD 1149 million by 2030, exhibiting a compound annual growth rate (CAGR) of 18% during the forecast period of 2023-2030".
Market Report Scope
Advanced tires, also referred to as high-performance or innovative tires, represent a revolutionary leap in automotive components, aiming to elevate the performance, safety, and efficiency of vehicles to new heights. By integrating cutting-edge technologies and materials, these tires offer a host of features that ensure exceptional grip, traction, durability, and comfort, ultimately delivering an unparalleled driving experience.
Market Analysis
The global advanced tires market is witnessing significant expansion due to the combined influence of factors such as the growth in premium car production, advancements in connected car technologies, and the benefits offered by advanced tires, including puncture resistance and real-time monitoring. Additionally, the improved fuel efficiency achieved through optimal tire pressure has further stimulated the demand for advanced tires. As the market continues to evolve, new opportunities for profitability are emerging, driving the rapid growth of this dynamic industry.
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Impact of Recession
A recession can have varying impacts on the advanced tires market. Reduced consumer spending, shifting preferences, decreased production, and competitive pressures are some of the challenges that companies may face. However, the market's ability to rebound and future growth opportunities should not be overlooked. Adapting to changing consumer demands, maintaining product quality, and focusing on innovation can help companies weather the storm and emerge stronger in the post-recession period.
Key Regional Development
Both the European and North American regions hold significant shares in the advanced tires market for various reasons. While the European market benefits from the presence of major car-producing countries and a growing interest in connected technologies, the North American market thrives on the rising need for safety and convenience in passenger cars, as well as the expanding adoption of fleet management technologies. These factors collectively contribute to the growth and development of the advanced tires industry in these regions.
Advanced Tires Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 305.92 Million |
| Market Size by 2030 | US$ 1149 Million |
| CAGR | CAGR of 18% From 2023 to 2030 |
| Key Segments | • by Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, Other materials), • by Technology (Chip Embedded Tires, Self-Inflating Tires, Multi-Chamber Tires, All in One Tires, Others) • by Vehicle Type (Passenger cars, LCV, HCV, Two-wheelers) |
| Regional Analysis | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Continental (Germany), Goodyear (US), Bridgestone (Japan), Michelin (France), Pirelli (Italy), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), Sumitomo (Japan), and Toyo Tire (Japan) |
| Market Drivers | • Costs of upkeep and replacement are somewhat high for conventional OTRs. • Demand for innovative tires is expected to rise as consumers prefer premium cars and linked technologies. |
Key Takeaway from Advanced Tires Market Study
- The market is witnessing a significant shift towards sustainable and eco-friendly materials, with natural rubber segment emerging as a dominant force in this transformative era. As the demand for high-performance tires continues to rise, manufacturers are increasingly turning their attention to natural rubber due to its unique properties and environmental advantages.
- The passenger cars segment is poised to dominate the market, driven by increasing demand, technological advancements, and a growing market for electric vehicles. Tire manufacturers and industry stakeholders must stay at the forefront of innovation to cater to the evolving needs of this dominant segment and capitalize on the vast opportunities presented by the market.
Recent Developments Related to Advanced Tires Market
- Sumitomo Rubber Industries, a leading tire manufacturer, has announced its plans to increase the production capacity of its 'advanced' tires in Asia and Turkey. This strategic move aims to meet the growing demand for high-quality tires in these regions.
- Apollo Tyres, a global leader in tire manufacturing, has recently inaugurated its cutting-edge tire testing facility, reaffirming its commitment to innovation and excellence. This state-of-the-art facility is poised to revolutionize the way tires are developed, tested, and refined.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Advanced Tires Market Segmentation, By Material type
9. Global Advanced Tires Market Segmentation, By Technology
10. Global Advanced Tires Market Segmentation, By Vehicle Type
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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