USD 960 million
Advanced Tires Market Size, Share, Growth Analysis, By Vehicle Type(Heavy duty vehicle and Light duty vehicle), By Technology(Self-inflating tires, All in one tire, Chip embedded tires, Multi chamber tires and others), By Tire Type(Run flat tires, Pneumatic tires, Airless tires, and others), By Material Type(Synthetic rubber, natural rubber, elastomers and steel and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25B2014 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
117
|Figures:
67
Advanced Tires Market Insights
Advanced Tires Market size was valued at USD 960 million in 2021 and is poised to grow from USD 1,100 million in 2022 to USD 3,220 million by 2030, growing at a CAGR of 14.4% during the forecast period (2023-2030).
The Global Advanced Tires Market is driven by the increasing production of premium cars and the integration of connected car technologies. These advanced tires offer added convenience to drivers by featuring puncture resistance and real-time tire pressure monitoring, leading to a rise in demand for such products. Moreover, these tires contribute to improved fuel efficiency as they maintain optimal tire pressure. Another significant driver is the growing preference for advanced tires over conventional ones due to their lower downtime and replacement costs. This trend is creating lucrative opportunities for the market, with innovative technologies like chip-embedded tires, self-inflating tires, and all-in-one tires enhancing vehicle convenience. Furthermore, the increasing demand for industrial automation, e-commerce, and industrial vehicles is expected to drive the market's growth. Additionally, the rising popularity of autonomous and semi-autonomous vehicles will create further opportunities for market expansion. Tire manufacturers' focus on advancements like 3D printing and the use of recycled tire material to reduce environmental impact also presents potential growth prospects in the industry.
US Advanced Tires Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Heavy duty vehicle
Fastest Growth
Heavy duty vehicle
Growth Rate
14.4% CAGR
Global Advanced Tires Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Advanced Tires Market Segmental Analysis
Global Advanced Tires Market is segmented on the basis of tire type, Material type, vehicle type, Technology and region. By tire type, advanced tires market is segmented into run flat tires, pneumatic tires, airless tires, and others. By material type, market is segmented into synthetic rubber, natural rubber, elastomers and steel and others. By vehicle type, market is segmented into heavy duty vehicle, light duty vehicle. By technology, market is segmented into self-inflating tires, all in one tire, chip embedded tires, multi chamber tires and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Advanced Tires Market Analysis By Technology
The Run-flat tires are the dominant segment in the Global Advanced Tires Market. These tires are designed to operate even after a puncture or loss of air pressure, allowing the driver to continue driving for a certain distance to reach a safe location for tire replacement or repair. Run-flat technology has gained widespread adoption in premium cars, providing enhanced safety and convenience to drivers.
On the other hand, Self-inflating tires represent the fastest-growing segment in the Global Advanced Tires Market. These tires are designed to maintain the optimal tire pressure automatically, adjusting to changes in road conditions and ensuring consistent performance. The self-inflating technology eliminates the need for manual inflation checks, reducing the risk of accidents caused by underinflated or overinflated tires. As consumers and fleet operators increasingly prioritize safety and efficiency, the demand for self-inflating tires is rapidly growing, making it the fastest-growing segment in the market.
Advanced Tires Market Analysis By Vehicle type
Heavy-Duty Vehicles segment dominated the advanced tires market. Heavy-Duty Vehicles include trucks, buses, and commercial vehicles used for transporting goods and passengers. These vehicles often operate under challenging conditions, making advanced tires crucial for their performance and safety. The demand for advanced tires in the HDV segment is driven by factors such as the need for improved durability, increased load-carrying capacity, and enhanced fuel efficiency. As economies grow and trade expands, there is a continuous demand for efficient transportation, which further boosts the adoption of advanced tires in this segment.
On the other hand, the fastest-growing segment in the Advanced Tires Market is the Light-Duty Vehicles. Light-Duty Vehicles encompass passenger cars, SUVs, and other smaller vehicles used for personal transportation. The LDV segment is experiencing significant growth in the adoption of advanced tires due to the increasing awareness of safety and comfort among consumers. Advanced tires offer features like better traction, reduced rolling resistance, and enhanced handling, providing a smooth and secure driving experience. Additionally, rising disposable incomes, urbanization, and the growing popularity of electric vehicles are contributing to the increasing demand for advanced tires in the LDV segment.
Global Advanced Tires Market By Vehicle Type
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Advanced Tires Market Regional Insights
Asia-Pacific dominated the advanced tires market, due to several contributing factors. The region's robust automotive industry, coupled with the increasing production of premium cars, drives the demand for advanced tires. Moreover, the growing adoption of connected car technologies and the rising popularity of electric vehicles further bolster the market's growth in this region. Additionally, the expansion of industrial sectors and the rising demand for automation and industrial vehicles create additional opportunities for advanced tire manufacturers in Asia Pacific.
On the other hand, Europe is the fastest-growing region in the global market. The region's increasing focus on sustainability and environmental conservation aligns well with the advancements in eco-friendly tire technologies. European countries are witnessing a growing trend towards electric and hybrid vehicles, which has resulted in a surge in demand for advanced tires that offer fuel efficiency and reduced carbon footprints. Moreover, strict regulations regarding vehicle emissions and safety standards are encouraging the adoption of advanced tire solutions in Europe. These factors collectively contribute to the region's rapid growth in the advanced tires segment.
Global Advanced Tires Market By Geography
- Largest
- Fastest
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Advanced Tires Market Dynamics
Advanced Tires Market Drivers
Increased Adoption of Connected Car Technologies
- The growing integration of connected car technologies in modern vehicles has been a significant driver for advanced tires. These tires are equipped with sensors that provide real-time data on tire pressure, temperature, and performance, enhancing safety and optimizing fuel efficiency. As connected cars become more prevalent, the demand for advanced tires with these smart features is expected to rise.
Focus on Fuel Efficiency and Environmental Sustainability
- With a rising emphasis on environmental sustainability and reducing carbon emissions, there is a strong push towards developing advanced tires that offer improved fuel efficiency. These tires are designed to reduce rolling resistance, thereby enhancing the vehicle's fuel economy. As governments and consumers prioritize eco-friendly transportation solutions, the demand for advanced tires that contribute to lower fuel consumption and reduced environmental impact continues to grow.
Advanced Tires Market Restraints
High Cost of Advanced Tire Technology
- Advanced tire technologies, such as those incorporating smart features and innovative materials, often come at a higher cost compared to traditional tires. This cost disparity can be a significant restraint for consumers and businesses looking to upgrade to advanced tires. Price-sensitive markets may hesitate to adopt these higher-priced tires, limiting the broader market penetration of advanced tire technologies.
Limited Availability and Market Penetration
- While advanced tires offer numerous benefits, their availability may be limited in some regions, especially in developing economies. Additionally, the market penetration of advanced tires may be slower due to factors such as the presence of well-established traditional tire manufacturers, consumer preferences, and the need for specialized infrastructure to support these advanced tire technologies. Limited market access and low consumer awareness could impede the rapid growth of the Global Advanced Tires Market.
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Advanced Tires Market Competitive Landscape
Global Advanced Tires Market features intense competition among key players vying for market dominance. Established tire manufacturers and technology companies are actively investing in research and development to introduce innovative tire solutions. Additionally, collaborations and partnerships are common strategies to enhance product offerings and expand market reach. Companies focus on advanced features such as self-healing, sensor-based technologies, and sustainable materials to gain a competitive edge. Market players aim to cater to the growing demand for advanced tires driven by the automotive industry's technological advancements and consumer preferences.
Advanced Tires Market Top Player’s Company Profiles
- Continental Group (Germany)
- Cooper & Rubber Company (US)
- Hankook Co. Ltd. (South Korea)
- Michelin Group (France)
- Pirelli (Italy)
- Sumitomo Rubber Industries Ltd. (Japan)
- The Bridgestone Group (Japan)
- Toyo & Rubber Co Ltd. (Japan)
- Yokohama Rubber Co. Ltd. (Japan)
Advanced Tires Market Recent Developments
- In March 2022, Hankook Co, Ltd. unveiled its latest product, iON, a tire specifically tailored for premium electric vehicles. The primary goal behind iON tires is to offer exceptional performance and enhance the efficiency of EVs. Hankook recognizes the increasing popularity of electric vehicles and the necessity for specialized tires that cater to their unique requirements, including suitable replacements. The introduction of iON tires reflects the company's commitment to addressing the evolving demands of the electric vehicle market.
- In August 2022, Bridgestone and AWS (Amazon Web Services) announced a strategic partnership aimed at developing platforms and launching new customer solutions. The collaboration seeks to leverage AWS's expertise in cloud computing to innovate and enhance customer experiences in the tire industry.
- In September 2022, Bridgestone Brazil revealed plans to provide additional funding to its tire manufacturing facility in Camaçari, Bahia. The company is investing over R$ 270 million to modernize and expand production, aiming to meet the increasing market demand for high-performance tires. With this investment, Bridgestone's total announced investments in the Bahia plant since 2021 will exceed R$ 970 million.
Advanced Tires Key Market Trends
- Expansion of the Automotive sector: The Global Advanced Tire market is predominantly fueled by the rapid expansion of the automotive sector. Factors such as increasing global population, rapid urbanization, and higher consumer spending capacities have led to a surge in demand for passenger vehicles, especially in developing nations. Additionally, the growing infrastructural development has boosted the demand for construction vehicles, further propelling market growth. Leading manufacturers are investing significantly in research and development (R&D) to enhance tire design and rubber quality, resulting in innovations like non-pneumatic tires (NPT) or airless tires that remain unaffected by deflation. Moreover, the rising environmental concerns have led to the introduction of ecological tires, gaining popularity for their focus on sustainable development. Manufacturers are also introducing biodegradable 3D printed smart concept tires made from sustainable materials, featuring airless technology and sensors for real-time tire condition updates.
Advanced Tires Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Advanced Tires Market analysis, the continuous growth of the automotive sector, fueled by rising global population and urbanization, drives the demand for tires. Additionally, the increasing focus on sustainability has led to the development of eco-friendly and innovative tires, creating further growth prospects. Emerging markets in developing countries offer untapped potential for market expansion. However, challenges like fluctuating raw material costs, stringent regulations on emissions and safety standards, and intense competition among established players may hinder growth. To capitalize on opportunities and overcome challenges, tire manufacturers must invest in R&D, adopt sustainable practices, and explore new markets and technologies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 960 million |
| Market size value in 2031 | USD 3,220 million |
| Growth Rate | 14.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Advanced Tires Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Advanced Tires Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Advanced Tires Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Advanced Tires Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Advanced Tires Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Advanced Tires Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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