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

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.