Dublin, June 27, 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.
The global advanced tires market is projected to grow from USD 1.26 billion in 2023 to USD 3.22 billion by 2030, at a CAGR of 14.4% from 2023 to 2030
Rising focus on carbon dioxide (CO2), and nitrogen oxide (NOx), and growing demand for convenience and safety features in the LDV segment. Further, the high maintenance and replacement cost of OTR tires creates demand for advanced tires.
LDVs are expected to hold the largest share in the advanced tires market owing to rising demand for comfort and safety features
The on-highway advanced tires market is predominantly dominated by the LDV (Light Duty Vehicle) segment. The production of premium vehicles in regions such as North America, Europe, and some Asian countries has been on the rise, fueling the demand for the advanced tire market.
Global automotive manufacturers such as BMW, Mercedes-Benz, Volvo, Land Rover, Audi, General Motors, and Volkswagen among others are offering advanced tires in their premium vehicles as a standard fitment. According to analysis, global premium vehicle penetration increased with a growth rate of ~7% from 2020 to 2022. The top brands, such as Mercedes-Benz, Tesla, and BMW, dominated the global luxury vehicle market in 2022.
To support this OEM demand, tire suppliers like Michelin, Goodyear, Bridgestone, and Continental are developing and expanding advanced tire portfolios including self-healing, run-flat, futuristic airless, and multi-chambered tires. Further, Michelin partnered with DHL in which about 50 express vans will be tested with Michelin's airless tire- called 'Uptis' for last-mile delivery in Singapore towards the end of 2023. More such collaboration is expected soon which will drive the adoption of advanced tires in the light trucks and minivans segment.
The demand for advanced tires in agriculture tractors will be fastest during the forecast period
The growth of advanced tires in agricultural tractors can be accounted for due to factors such as a lack of labor force and growing average farm size have increased the overall cost of labor. As a result, the rate of mechanization in agriculture and the demand for high-power tractors has increased tremendously. These high-power tractors are speculated to be the early adapters for advanced tires.
Additionally, advanced tires offer benefits such as maximized traction, mitigating soil compaction, and enhancing fuel efficiency, thereby positively impacting agricultural practices. Thus, to increase efficiency and farm productivity, North America and European countries prefer tractors installed with advanced tire technology.
The advanced tire market for Asia-Pacific is estimated to grow at the fastest CAGR during the forecast period
Asia-Pacific is anticipated to grow at the fastest CAGR from the period of 2023-2030 owing to high population growth and economic development with increasing domestic consumption of feature-rich vehicles have intensified the need for efficient transportation.
Further, the advanced tires market in the Asia-Pacific region is poised for substantial growth driven by factors such as the rising demand for advanced safety features, increasing automobile production and sales, and government initiatives that encourage the adoption of electric vehicles. Notably, major industry players like Continental, Goodyear, and Michelin are actively investing in the development of advanced tire technologies in the region.
Furthermore, the Asia-Pacific market benefits from the presence of local players such as Bridgestone, Yokohama, Bridgestone Corporation, Sumitomo Rubber Industries, and Yokohama Tire Corporation MRF and JK Tire, who contribute to regional growth and innovation in the field of advanced tires. As a result, the Asia-Pacific market is expected to experience ongoing innovation and continued growth in the forthcoming years.
Competitive landscape
The advanced tires market comprises prominent players such as Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire and Rubber Company (US), Michelin (France), and Pirelli C & S.p.A (Italy).
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 |
Premium Insights
- Rise in Demand for Safety and Performance and Increased Government Initiatives Expected to Drive Global Market
- Light-Duty Vehicles (LDV) to Account for Larger Market Share (By Value)
- Run-Flat Tire Segment to Have Fastest Growth During Forecast Period
- Chip-Embedded Tires to Register Largest Share in 2023
- Elastomers Segment to Witness Highest Growth in 2023
- Autonomous Vehicle Advanced Tires to Lead Market During Forecast Period
- BEV Segment to Hold Largest Share During Forecast Period
- Pneumatic Tires to Account for Highest CAGR During Forecast Period
- Industrial Vehicles Segment to Have Highest Growth During Forecast Period
- Chip-Embedded Tires Technology Segment to Account for Largest Share During Forecast Period (2023-2030)
- Asia-Pacific Dominated Advanced Tires Market in 2022
Market Dynamics
Drivers
- Increased Focus on Reducing Co2 and NOx
- Focus on Convenience and Driver Assistance Features
- High Maintenance and Replacement Costs of OTR Tires
Restraints
- High Initial Investment, High Cost, and Difficulty in Mass Production
Opportunities
- Increased Demand for Industrial Equipment and Warehouse Automation
- Rising Electric Vehicle Sales and Developments in Autonomous Vehicles
Challenges
- Real-Life Implementation and Lower Customer Acceptance
Trends/Disruptions Impacting Buyers
Advanced Tires Market Ecosystem
- Tire Manufacturers
- Technology Providers
- IoT Platform Providers
- Automotive OEMs
Case Study Analysis
- Use Case 1: Embraer Case Study
- Use Case 2: Ferrari Case Study
- Use Case 3: New Tire Mobility Solutions
- Use Case 4: Mercedes Case Study
Technology Trends
- 3D-Printed Tires
- Radio Frequency Identification (RFID)
- Green Tires
- Organic Tires
- Shape-Shifting Tires
Company Profiles
Advanced Tires Market - Key Players
- Continental AG
- Bridgestone Corporation
- Michelin
- Goodyear Tyre and Rubber Company
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries, Ltd.
- Yokohama Tire Corporation
- Hankook Tire & Technology Co. Ltd.
- Nokian Tyres PLC
- Toyo Tire Corporation
Advanced Tires Market - Additional Players
- Petlas Tires
- Falken Tires
- Kumho Tire
- JK Tyre & Industries Ltd.
- Titan International, Inc.
- Zhongce Rubber Group Co. Ltd.
- Maxxis Tyres
- MRF Tyres
- Guizhou Tyre Co. Ltd.
- Apollo Tyres Limited
- Kenda Tires
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