The advanced tires market is projected to reach USD 3.2 billion by 2030 from an estimated USD 1.3 billion in 2023, at a CAGR of 14.4% from 2023 to 2030. The growth of the advanced tires market is influenced by factors such as growing consumer priority towards safety and performance in their vehicle. Advanced tires offer improved traction, handling, and braking capabilities on all-terrain roads. Further, Rapid advancements in tire technology have led to the development of advanced features such as intelligent sensors, RFID tags, self-sealing, and self-inflating capabilities. In addition, Further, low rolling resistance tires require low fuel, increasing the vehicle’s overall fuel efficiency and reducing carbon emissions.
The pneumatic advanced tires segment is estimated to hold the largest share of the advanced tires market during the forecast period.
The pneumatic tires segment is anticipated to dominate the advanced tire market during the forecast period. Premium vehicles above E&F segments are fitted with advanced pneumatic tires, The high-performance, all-terrain, and all-season pneumatic tires offer low rolling resistance, better handling of the vehicle, and enhanced braking capabilities. Further, the growth of premium vehicles in Asia Pacific has been increasing substantially over the past 3 years. Similarly, the E&F segment in North America and Europe is growing at significant growth. In addition to this, the adoption of high-performance pneumatic tires in mid-range economy cars is also increasing owing to its benefits such as better handling of vehicles, better traction, and enhanced fuel efficiency. Thus, rising sales of E&F segments in the Asia Pacific, and growing adoption of high-performance, all-season pneumatic tires in mid-range economy cars will drive the demand for pneumatic advanced tires during the forecast period.
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Elastomer material accounted for the largest market in the on-highway advanced tires market from 2020 to 2030.
Elastomers hold the largest share of the advanced tire market based on material type as elastomers consist of a maximum share (around 40-45%) of total tire weight. They are used in various components throughout the tire, including the tread, sidewalls, and inner liner. With growing concern for environmental sustainability and waste reduction, there are growing trends for using organically produced or recyclable natural and synthetic rubber. Using sustainable material helps in economic advantages, enhanced traction, durability, and rolling resistance. Furthermore, most tire manufacturing companies are focusing on developing advanced elastomers for advanced tires. For instance, in 2021, Bridgestone and Versalis collaborated to develop new types of elastomer grades, including Styrene Butadiene Rubber (SBR) for high-performance tires. Thus, newly developed elastomers used in producing advanced tires are specifically tailored for the premium consumer tire market segment, aiming to deliver superior performance and sheer comfort.
North America hold the largest market share in the advanced tires market in 2030.
North America accounted for the largest share of the advanced tires market with ~40% of the global market in 2023. The growth of advanced tires in North America can be attributed to factors such as the growing preference of consumers towards safety and convenience features, the government supports, and regulations related to the adoption of advanced tires. For instance, European Union has introduced a labeling scheme for consumers to choose the best tires in terms of fuel efficiency, noise, and wet grip. Further, Euro 7 has also proposed emission regulations for tires to reduce air pollution from tire wear and tear. In addition to this, the OEMs from this region are focusing on collaborations with tire manufacturing companies to develop advanced tires. For instance, General Motors (US), and Michelin (France) teamed up to develop airless tires and these airless tires have been tested on Chevrolet Bolt EV. The tested airless tires will be rolled out in the market by 2024. Further, the growing adoption of connected and autonomous vehicles witnessing significant growth for chip-embedded tires in this region.
Key Market Players & Startups
The advanced tire market is dominated by players such as Bridgestone Corporation (Japan), Michelin (France), Continental AG (Germany), Pirelli & C. S.p.A (Italy), The Goodyear Tyre and Rubber Company (US), Sumitomo Rubber Industries Ltd (Japan), Yokohama Tire Corporation (Japan), Hankook Tire & Technology Co., Ltd., (South Korea), and Nokian Tyres plc (Finland).
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