Global Advanced Tires Market Size, Share, Trends Analysis Report And Segment Forecast 2024-2032

Advanced Tires Market Size And Forecast

Advanced Tires Market size was valued at USD 1.3 Billion in 2023 and is anticipated to reach USD 3.2 Billion by 2031, growing at a CAGR of 14.4% from 2024 to 2031.

• Advanced tires are characterized by their use of specialized materials like silica compounds, carbon black, synthetic rubber blends, and reinforced fibers like aramid or nylon. These materials offer benefits such as improved traction, reduced rolling resistance, enhanced wear resistance, and better handling in various road conditions. Advanced tire designs also include features like asymmetric tread patterns, sipes, grooves, and sidewall reinforcements for optimized performance and durability.
• These tires are designed to enhance vehicle performance across different categories, such as sports cars, luxury vehicles, and high-performance vehicles. They offer superior grip, responsive handling, precise steering control, and improved cornering stability, contributing to a smoother driving experience. Advanced tires are engineered to reduce rolling resistance, improving fuel efficiency and reducing CO2 emissions.
• Advanced tire technologies include enhanced wet traction, improved braking performance, reduced risk of hydroplaning, and enhanced stability in emergency maneuvers. These safety features contribute to overall vehicle safety and driver confidence, especially in challenging driving conditions. They are designed to prioritize durability and longevity by using wear-resistant compounds, reinforced sidewalls, and tread patterns that promote even wear.
• Some advanced tires are designed with eco-friendly materials and manufacturing processes, reducing environmental impact. These tires are also tailored for specific applications such as off-road driving, winter conditions, high-speed performance, and electric vehicles. Their continued development and adoption contribute to the ongoing advancement of automotive technology and driving experiences worldwide.

Global Advanced Tires Market Dynamics

The key market dynamics that are shaping the global Advanced Tires Market include:

Key Market Drivers:

• Vehicle Safety Regulations: Stringent regulations requiring vehicle equipment with advanced tire technologies like tire pressure monitoring systems (TPMS) are driving the adoption of advanced tires.
• Technological Advancements: The integration of sensors, embedded electronics, and materials science innovations is driving the growth of the advanced tire market.
• Increasing Vehicle Production and Sales: The growing automotive industry, particularly in emerging economies, is driving the demand for advanced tires. As vehicle production and sales increase, the demand for tires equipped with advanced features also rises.
• Growing Vehicle Fleet Size: Population growth, urbanization, and rising disposable incomes are driving the global vehicle fleet size, necessitating advanced tire solutions.
• Increasing Adoption of Intelligent Transportation Systems (ITS): The integration of advanced tires with intelligent transportation systems, such as vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication systems, is driving market growth. These systems rely on data from sensors embedded in tires to enhance safety, efficiency, and traffic management.
• Growth of Mobility Services: The rise of shared mobility services, including ride-sharing, car-sharing, and subscription-based models, is increasing the demand for durable and high-performance tires. Advanced tires capable of withstanding intensive usage in commercial fleets are particularly sought after in this segment.

Key Challenges:

• Technological Complexity: Advanced tires frequently include intricate tread designs, self-sealing qualities, and run-flat capabilities. The process of creating and producing these technologies can be expensive and difficult.
• High Cost: When compared to regular tires, advanced tire technologies usually have a higher price tag. Customers and businesses may find this to be an obstacle to adoption, particularly in price-sensitive sectors.
• Regulatory Compliance: Different locations may have different norms and regulations for advanced tires to comply with. Making sure compliance increases the intricacy of the production and design processes.
• Durability and Reliability: It is anticipated that advanced tires will perform better in terms of safety, dependability, and durability. For these tires to be accepted by the market, it is imperative that they fulfill or surpass performance standards throughout their lifecycle.
• Supply Chain Restrictions: The production of high-tech tires depends on specialized materials and components, which are subject to availability variations or supply chain restrictions. Costs may rise and manufacturing schedules may be affected by this.
• Consumer Education and Awareness: It’s possible that many customers are unaware of the characteristics and advantages of modern tires. It can be difficult to inform customers about the benefits of these tires and to debunk rumors or false beliefs.

Key Trends:

• Smart Tire Technology: It is the incorporation of sensors and Internet of Things (IoT) capabilities into tires to monitor temperature, tread wear, road conditions, and tire pressure in real-time. This technology maximizes fuel efficiency, improves safety, and permits predictive maintenance.
• Run-flat Tires: There is a growing market for run-flat tires, which are made to withstand deflation even after a puncture and let drivers travel slower for shorter distances. In particular during emergencies, these tires provide drivers with ease, safety, and peace of mind.
• Self-healing Tires: Research and development work is being done to produce tires that can spontaneously mend small injuries like cuts and punctures. These tires have ingredients that can renew tread or patch punctures, increasing tire longevity and lowering maintenance expenses.
• Customization & Personalization: Interest in customizable tires has increased as the market for personalized automobiles continues to grow. To accommodate personal tastes and vehicle aesthetics, manufacturers are providing alternatives for personalized tread patterns, sidewall designs, colors, and performance attributes.

Global Advanced Tires Market Regional Analysis

Here is a more detailed regional analysis of the global Advanced Tires Market:

North America

• One of the biggest and most developed automobile industries in the world is found in North America. Because several big automakers have their headquarters in the area, there is a high need for cutting-edge tires to satisfy both local and global consumers.
• Because of government incentives and environmental concerns, the use of electric vehicles has increased rapidly in North America. Because of their particular performance needs, EVs frequently need specialist tires, which increases demand for cutting-edge tire technology.
• North America is home to some of the strictest laws pertaining to emissions and automobile safety. As a result, in order to comply with regulations, improved tire technologies that increase fuel economy, lower emissions, and improve overall vehicle performance have been developed and adopted.

Europe

• Europe has some of the fixed laws pertaining to car safety and pollution. Because of this, there is a greater need for modern tires with enhanced safety features including better grip and braking capability, as well as lower emissions and better fuel efficiency.
• Tires with longer lifespans, easier recycling, and eco-friendly construction are becoming more and more in demand as environmental sustainability concerns develop. In an effort to save emissions and fuel consumption, European consumers are choosing tires with lower rolling resistance more and more.
• Tires designed specifically for electric vehicles are becoming more and more necessary as Europe transitions to an electrified automotive fleet. To maximize the range of electric vehicles, these tires need to be more silent, have less rolling resistance, and provide greater mileage than conventional tires.

Global Advanced Tires Market Segmentation Analysis

The Global Advanced Tires Market is Segmented on the basis of Vehicle Type, Technology, Material, Tire Type, and Geography.

Advanced Tires Market, By Vehicle Type

• LDV
• HDV

Based on Vehicle Type, the market is segmented into LDV, and HDV. The LDV segment is expected to account for the highest market share. This is owing to the increasing production of premium vehicles and growing demand for connected technologies leading to rising demand for Advanced Tires.

Advanced Tires Market, By Technology

• Chip-Embedded Tires
• Self-Inflating Tires
• Multi-Chamber Tires
• All-in-One Tires

Based on Technology, the market is segmented into Chip-Embedded Tires, Self-Inflating Tires, Multi-Chamber Tires, and All-in-One Tires. The Self-inflating tires segment is expected to see substantial growth going forward. This is owing to the increased production of commercial vehicles coupled with a preference for better tire performance in commercial vehicles and the growing number of fleet management technologies.

Advanced Tires Market, By Material

• Synthetic Rubber
• Aramid and Nylon Reinforcements
• Silica-Based Compounds
• Steel Belts and Cord Plies
• Carbon Black Reinforcement
• Others

Based on Material, the market is divided into Synthetic Rubber, Aramid and Nylon Reinforcements, Silica-Based Compounds, Steel Belts and Cord Plies, Carbon Black Reinforcement, and Others. The synthetic rubber segment is projected to dominate the market. Synthetic rubber blends are the primary components of advanced tires, offering flexibility, heat resistance, and chemical stability, and are used in various vehicles like passenger cars, light trucks, and industrial equipment.

Advanced Tires Market, By Tire Type

• Run flat Tires
• Radial Tires
• Airless Tires
• Pneumatic Tires

Based on Tire Type, the market is divided into Run Flat Tires, Radial Tires, Airless Tires, and Pneumatic Tires. The radial tires is expected to hold a major share in the market. Their durability, fuel efficiency, and improved traction is projected to increase its application in various vehicle categories, including passenger cars, commercial trucks, and agricultural machinery.

Key Players

The “Global Advanced Tires Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Yokohama, Nokian, Sumitomo, Continental, Bridgestone, Michelin, The Goodyear Tire & Rubber Company, Pirelli, Hankook Tire, and CEAT.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Advanced Tires Market Recent Developments

• In March 2022, the newest tire from Hankook Co., Ltd. is called iON, and it is designed especially for high-end electric cars. iON tires’ main objective is to provide outstanding performance and increase EV economy. Hankook is aware of the growing trend of electric cars and the need for tires that are specifically designed to meet their needs, including appropriate replacements. The company’s dedication to meeting the changing needs of the electric vehicle market is demonstrated by the launch of iON tires.
• In August 2022, AWS (Amazon Web Services) and Bridgestone formed a strategic alliance with the goal of creating new platforms and consumer solutions. The partnership aims to develop and improve tire industry customer experiences by utilizing AWS’s cloud computing capabilities.
• In September 2022, Bridgestone Brazil disclosed intentions to enhance financial support for its tire production plant located in Camaçari, Bahia. With the goal of satisfying the growing market demand for high-performance tires, the company is investing more than USD 270 Million to modernize and increase manufacturing. With this addition, Bridgestone will have invested more than USD 970 Million in the Bahia facility overall since 2021.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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