Advanced Tires Market to Grow with a CAGR of 12.5% Globally through to 2028
The Global Advanced Tires Market is primarily driven by
growing environmental concerns and regulations, pushing for eco-friendly and
fuel-efficient tire solutions. Additionally, continuous technological
advancements in tire technology, such as run-flat and self-inflating tires, as
well as smart tire sensors, are bolstering safety and convenience, further
fueling market expansion.
According to
TechSci Research report, “Global Advanced Tires Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Advanced Tires Market stood at USD 1.1 billion in 2022 and is
anticipated to grow with a CAGR of 12.5% in the forecast period, 2024-2028. The
global Advanced Tires market is witnessing significant growth, driven by
multiple factors. Firstly, the increasing demand for fuel-efficient vehicles is
a key driver, as consumers are increasingly conscious of the environmental
impact of their vehicles. Additionally, rising safety concerns among consumers
have led to a growing emphasis on advanced tire technologies that offer
enhanced grip and stability on the road.
Moreover,
technological advancements in the automotive industry, such as the advent of
autonomous vehicles, have a profound impact on the demand for advanced tires.
These vehicles require tires with advanced features like improved traction
control and adaptive performance, further boosting the market growth.
Furthermore,
government regulations and initiatives promoting the use of energy-efficient
vehicles are playing a crucial role in driving the demand for advanced tires.
As governments worldwide strive to reduce carbon emissions and promote
sustainable transportation, consumers are incentivized to choose vehicles
equipped with advanced tire technologies.
Lastly, the
growing preference for high-performance vehicles, coupled with the increasing
disposable income worldwide, fuels the expansion of the advanced tires market.
Consumers are seeking tires that offer superior performance, durability, and
comfort, leading to a surge in demand for advanced tire solutions.
In summary, the
global Advanced Tires market is experiencing robust growth driven by the
increasing demand for fuel-efficient vehicles, rising safety concerns,
technological advancements, government regulations, and the growing preference
for high-performance vehicles.
Browse over 26
market data Figures spread through 91 Pages and an in-depth TOC on
"Global Advanced
Tires Market”
The Global Advanced
Tires Market is witnessing robust growth driven by a confluence of factors that
are reshaping the automotive industry. These advanced tires, equipped with
cutting-edge technologies and sustainable materials, are becoming increasingly
popular among consumers and fleet operators. As environmental concerns and
regulatory pressures intensify, the demand for advanced tires that offer
improved fuel efficiency, safety, and reduced carbon emissions is on the rise.
One of the
primary drivers of the Global Advanced Tires Market is technological
innovation. Tire manufacturers are continually pushing the boundaries of tire
technology, resulting in the development of advanced features such as low
rolling resistance, run-flat capabilities, self-inflating systems, and smart
tire sensors. These innovations are aimed at enhancing vehicle performance,
safety, and convenience while meeting stringent environmental standards.
Advanced tires are now equipped with smart sensors that provide real-time data
on tire pressure, temperature, and tread wear, allowing for proactive
maintenance and safer driving experiences.
Environmental
sustainability is a growing trend in the automotive industry, and advanced
tires play a pivotal role in reducing the carbon footprint of vehicles.
Manufacturers are focusing on eco-friendly tire solutions by using sustainable
materials and optimizing tire design for improved fuel efficiency. Low rolling
resistance tires, in particular, have gained prominence for their ability to
reduce energy consumption and greenhouse gas emissions. These green initiatives
are in line with global efforts to combat climate change and reduce the
environmental impact of the transportation sector.
The
proliferation of electric vehicles (EVs) and hybrid vehicles is a significant
driver of the advanced tires market. These alternative propulsion vehicles have
unique tire requirements due to their silent operation, different weight
distribution, and torque characteristics. Tire manufacturers are developing
specialized tires tailored to the specific needs of EVs and hybrids,
prioritizing attributes like reduced road noise, maximized energy efficiency,
and enhanced safety. As the adoption of EVs continues to grow, the demand for
advanced tires designed for electric mobility is expected to surge.
Tire safety
remains paramount, and consumers are increasingly seeking tires that offer
superior performance in terms of traction, handling, and braking. Advanced
tires are designed to provide enhanced safety features, ensuring better control
in various road conditions, whether wet or dry. These safety-focused
innovations are attracting safety-conscious consumers and contributing to the
growing popularity of advanced tire options.
Consumers are
looking for tire solutions that align with their specific driving preferences
and vehicle types. This trend has led to an array of customization and
personalization options offered by tire manufacturers. Customized tire
solutions cater to varying terrains, weather conditions, and driving styles, allowing
consumers to optimize tire performance based on their individual needs.
Manufacturers are providing a wide range of tire options to meet these specific
requirements, ensuring a more tailored driving experience.
Leading tire
manufacturers are expanding their global presence to tap into emerging markets
with burgeoning middle-class populations and urbanization. They are
establishing manufacturing facilities and distribution networks worldwide to
meet the demand for advanced tire technologies. Additionally, the convenience
of online tire shopping and e-commerce platforms is transforming consumer
purchasing behavior. Consumers now prefer to research, compare, and purchase
tires online, where they have access to a wide selection of tire brands and
models, along with user reviews and recommendations.
Despite the
significant growth prospects, the Global Advanced Tires Market faces challenges
such as high initial costs, limited availability, and the need to balance
environmental sustainability with tire production. However, these challenges
present opportunities for tire manufacturers to innovate and develop more
cost-effective and eco-friendly solutions to meet the evolving demands of the
market. The increasing emphasis on tire safety, sustainability, and performance
ensures a dynamic and competitive landscape where advanced tire technologies
will continue to evolve and redefine the automotive industry.
In conclusion,
the Global Advanced Tires Market is poised for continued growth as consumers
and the automotive industry prioritize sustainability, safety, and
technological innovation. Advanced tires are at the forefront of this
transformation, offering solutions that align with evolving consumer
preferences and regulatory standards while contributing to a greener and more
efficient future for the global automotive sector.
Major companies
operating in Global Advanced Tires Market are:
- Michelin
- Pirelli
& C. S.p.A
- Continental
AG
- The
Goodyear Tire & Rubber Company
- THE
YOKOHAMA RUBBER CO., LTD.
- Sumitomo
Corporation
- Nokian
Tyres plc.
- Hankook
Tire & Technology Co.,Ltd
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“The global
Advanced Tires market is primarily driven by the increasing demand for fuel-efficient
vehicles and the rising safety concerns among consumers. Technological
advancements in the automotive industry, such as the advent of autonomous
vehicles, also contribute significantly to market growth. Furthermore,
government regulations promoting the use of energy-efficient vehicles are
further boosting the demand for advanced tires. Lastly, the growing preference
for high-performance vehicles, coupled with the increasing disposable income
worldwide, fuels the expansion of this market.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Advanced
Tires Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (On-Highway Vehicle and
Off-Highway Vehicle), By Technology (On-Highway Vehicle Technology and
Off-Highway Vehicle Technology), By Tire Type (Run-Flat, Airless and
Pneumatic), By Material Type (Natural Rubber, Synthetic Rubber, Steel,
Elastomers and Others), By Region, Competition”, has evaluated
the future growth potential of Global Advanced Tires Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Advanced Tires Market.
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