Bharat Book Bureau Provides the Trending Market Research Report on “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 - Global Forecast to 2030” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Advanced Tires Market is projected to grow from USD 1.3 billion in 2023 to USD 3.2 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. The 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.
In-depth interviews were conducted with CXOs, VPs, directors from business development, marketing, product development/innovation teams, independent consultants, and executives from various key organizations operating in this market.
•By Stakeholder Type: OEM- 80%, End-Users– 20%
•By Designation: Directors/ Vice Presidents - 25%, C Level Executives - 15%, and Others - 60%
•By Region: Asia Pacific - 60%, Europe - 20%, and North America - 20%
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).
Research Coverage:
The study segments the advanced tires market and forecasts the market size based on the on-highway vehicle by type (pneumatic, run-flat, airless), On-highway vehicle by material type (Elastomer, Steel, Fillers, Others), On-highway vehicle by technology (Self-inflating, chip-embedded, multi-chamber, all-in-one, and self-sealing), On-Highway by niche technology (3D printed tires, and advanced tires for autonomous vehicle), On-highway by Vehicle Type (LDV, and HDV), Electric & Hybrid vehicle by Type (Penumatic tires, Run-flat tires, and Airless tires), Electric & Hybrid Vehicle by EV Type (BEV, PHE, and FCEV), Off-Highway Vehicle by technology type (Self-Inflating, Chip-embedded, and Multi-Chamber), Off-Highway vehicle by equipment type (Industrial vehicle, Agricultural tractors, and Construction and Mining) and Region (North America, Europe, Asia Pacific, and Rest of the World).
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall advanced tires market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
•Analysis of key drivers (Need for advanced tires for the various vehicle type on different road conditions, growth of luxury vehicles, development of advanced tires technology, and government regulations related to emission from tire wear & tear), Restraints (High initial investment, high cost and difficulty in mass production), Opportunities (Demand for industrial vehicle advanced tires due to automation in warehouse facilities, growing electric sales and increasing development in autonomous vehicles), Challenges (Challenges related to the real-life implementations and low consumer acceptance).
•Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the advanced tires market.
•Market Development: Comprehensive information about lucrative markets – the report analyses the advanced tires market across different regions.
•Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the advanced tires market.
•Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire and Rubber Company (US), Michelin (France), and Pirelli C & S.p.A (Italy). In the advanced tires market
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