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

Q: Who are the key vendors in the Global Advanced Tires Market?

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. 'Continental Group (Germany)', 'Cooper & Rubber Company (US)', 'Hankook Co. Ltd. (South Korea)', 'Goodyear & Rubber Company (US)', 'Michelin Group (France)', 'Pirelli (Italy)', 'Sumitomo Rubber Industries Ltd. (Japan)', 'The Bridgestone Group (Japan)', 'Toyo & Rubber Co Ltd. (Japan)', 'Yokohama Rubber Co. Ltd. (Japan)'.

Q: What is the key market trend for Global Advanced Tires Market?

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.

Report ID: SQMIG25B2014 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 117 | Figures: 67

Advanced Tires Market News

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.

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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).

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. 'Continental Group (Germany)', 'Cooper & Rubber Company (US)', 'Hankook Co. Ltd. (South Korea)', 'Goodyear & Rubber Company (US)', 'Michelin Group (France)', 'Pirelli (Italy)', 'Sumitomo Rubber Industries Ltd. (Japan)', 'The Bridgestone Group (Japan)', 'Toyo & Rubber Co Ltd. (Japan)', 'Yokohama Rubber Co. Ltd. (Japan)'

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.

Expansion of the Automotive sector: The Advanced Tire market is predominantly fueled by the rapid expansion of the automotive sector. Factors such as increasing 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.

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.

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