New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global Advanced Tires Market Size is to Grow from USD 1.27 Billion in 2023 to USD 4.68 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.93% during the projected period.
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Advanced tires are made by combining different types of rubber during the manufacturing process. Because they are composed of airless tubes, they are impermeable. These tires feature a much smaller area of contact than regular tires, which increases the fuel efficiency of the car. Modern tires improve traction and let automobiles travel quicker by lowering the possibility of slipping. They might also have advanced features like multi-chamber, self-inflating, and chip-embedded technology. The automotive industry makes great use of it. Modern cars' increasing integration of linked auto technology has been a major element pushing the need for sophisticated tires. Thanks to sensors that offer real-time data on tire pressure, temperature, and performance, these tires boost fuel efficiency and enhance safety. As connected automobiles become more common, there will likely be a greater need for sophisticated tires with these ingenious features. However, the tire manufacturing industry will be impacted by changes in the automotive industry. Since tires are a necessary component of automobiles, tire manufacturers must make significant financial investments to keep up with these changes.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Advanced Tires Market Size, Share, and COVID-19 Impact Analysis, By Type (Airless Tires, Pneumatic Tires, Run-Flat Tires, and Others), By Technology (Multi-Chamber Tires, Chip-Embedded Tires, Self-Inflating Tires, All-In-One Tires, and Others), By Vehicle Type (Light Duty Vehicles (LDV), Heavy-Duty Vehicles (HDV), and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The pneumatic tires segment is anticipated to hold the greatest share of the global advanced tires market during the projected timeframe.
Based on the type, the global advanced tires market is divided into airless tires, pneumatic tires, run-flat tires, and others. Among these, the pneumatic tires segment is anticipated to hold the greatest share of the global advanced tires market during the projected timeframe. The increased need for automobiles and other kinds of mobility has put automakers in high demand for pneumatic tires. Moreover, growing demand from off-highway applications like mining, construction, and agriculture has contributed to the market's overall growth.
The self-inflating tires segment is anticipated to grow at the fastest pace in the global advanced tires market during the projected timeframe.
Based on the technology, the global advanced tires market is divided into multi-chamber tires, chip-embedded tires, self-inflating tires, all-in-one tires, and others. Among these, the self-inflating tires segment is anticipated to grow at the fastest pace in the global advanced tires market during the projected timeframe. The self-inflating tires are designed to keep the proper tire pressure automatically, adjusting to changes in the road's circumstances and providing dependable performance. Self-inflating tires reduce the risk of accidents caused by under or overinflated tires by eliminating the need for manual inflation checks.
The light-duty vehicles (LDV) segment is predicted to grow at the highest pace in the advanced tires market during the estimated period.
Based on the vehicle type, the global advanced tires market is divided into light-duty vehicles (LDV), heavy-duty vehicles (HDV), and others. Among these, the light-duty vehicles (LDV) segment is predicted to grow at the highest pace in the advanced tires market during the estimated period. The light-duty vehicles (LDV) segment is adopting advanced tires at a remarkable rate because of growing consumer awareness of safety and comfort.
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Asia Pacific is expected to hold the largest share of the global advanced tires market over the forecast period.
Asia Pacific is expected to hold the largest share of the global advanced tires market over the forecast period. Auto manufacturing facilities will concentrate more on developing nations like China, Thailand, and India as the sector becomes more standardized. Thanks to rising sales of commercial vehicles such as trucks, tractors, and trailers, the automobile industry has experienced rapid growth recently. This growth is a result of rapid industrialization.
Europe is predicted to grow at the fastest pace in the global advanced tires market during the projected timeframe. The development of environmentally friendly tire technology is consistent with the region's increased emphasis on sustainability and environmental preservation. The growing trend in European countries toward electric and hybrid autos has resulted in a surge in demand for innovative tires that offer fuel efficiency and smaller carbon footprints. Furthermore, stricter regulations governing vehicle emissions and safety standards are leading to a rise in the adoption of cutting-edge tire solutions in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Advanced Tires Market include CEAT Ltd., Bridgestone Corporation, Hankook Tire & Technology Co.,Ltd., Continental Reifen Deutschland GmbH, Nokian Tyres plc., Michelin, The Goodyear Tire & Rubber Company, Pirelli & C. S.p.A., Yokohama Tire Corporation, Toyo Tire Corporation, and Others.
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Recent Developments
- In March 2023, according to a statement from Goodyear Tire & Rubber Company, the next model in the strategically targeted Fuel Max series was unveiled. The Fuel Max 1 AD was created for single-axle drive tractors that can manage LTD, less-than-truckload, and super-regional applications. The tire's traction, mileage, and fuel efficiency are all intended to satisfy the needs of contemporary fleets.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Advanced Tires Market based on the below-mentioned segments:
Global Advanced Tires Market, By Type
- Airless Tires
- Pneumatic Tires
- Run-Flat Tires
- Others
Global Advanced Tires Market, By Technology
- Multi-Chamber Tires
- Chip-Embedded Tires
- Self-Inflating Tires
- All-In-One Tires
- Others
Global Advanced Tires Market, By Vehicle Type
- Light Duty Vehicles (LDV)
- Heavy-Duty Vehicles (HDV)
- Others
Global Advanced Tires Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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