Advanced Tires Market Size & Share - Future Growth Expectations
The advanced tires market size 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 base year for the report is 2022, and the forecast period is from 2023 to 2030. The key factors contributing to the growth of the advanced tires market include rising demand for safety and convenience features in the LDV segment, growing awareness about the benefits of advanced tires amongst the end-users, technological advancement in the tire industry, government stringent standards and regulations for tires about vehicle & passenger safety are some of the driving factors for the market.
The advanced tires market is poised for substantial growth in the coming years, driven by several key factors:
- Swift Technological Progression
- Expanding Automotive Sector
- Green Regulations and Sustainability Drive
- Surging Popularity of Electric Vehicles (EVs)
- Safety and Driver Assistance Integration
- Urbanization and Infrastructure Advancements
- Transition Towards Autonomous Driving
- Innovative Manufacturing and Distribution Methods
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Swift Technological Progression:
- Continuous advancements in tire technology, spanning materials, tread designs, and production methods, are elevating the performance, longevity, and safety standards of advanced tires, paving the way for market expansion.
Expanding Automotive Sector:
- The burgeoning automotive industry, coupled with escalating vehicle sales worldwide, is fostering a heightened demand for advanced tires equipped with features like enhanced traction, fuel efficiency, and handling attributes, driving market growth.
Green Regulations and Sustainability Drive:
- Stringent environmental mandates aimed at curbing vehicle emissions and promoting sustainability are spurring the adoption of advanced tires crafted from eco-conscious materials and eco-friendly manufacturing techniques, fueling market expansion.
Surging Popularity of Electric Vehicles (EVs):
- The escalating adoption of electric vehicles is spurring demand for advanced tires tailored to electric drivetrains, characterized by traits like minimal rolling resistance, heightened durability, and reduced noise levels, contributing to market growth.
Safety and Driver Assistance Integration:
- Increasing focus on vehicular safety and the integration of driver assistance systems are fueling demand for advanced tires boasting enhanced grip, stability, and braking capabilities, fostering market growth.
Urbanization and Infrastructure Advancements:
- The rapid urbanization and infrastructure modernization in emerging markets are driving the need for advanced tires optimized for urban driving scenarios, featuring attributes such as improved puncture resistance, maneuverability, and comfort, fueling market growth.
Transition Towards Autonomous Driving:
- The emergence of autonomous vehicles is spurring demand for advanced tires adept at meeting the distinct requirements of autonomous driving, including tires embedded with advanced sensors, predictive maintenance features, and self-repair capabilities, driving market growth.
Innovative Manufacturing and Distribution Methods:
- Innovations in tire manufacturing techniques, distribution channels, and supply chain management are enhancing product accessibility, affordability, and customization options, catalyzing market growth.
Based on these factors, the advanced tires market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
Advanced Tires Market Share - Global Industry Landscape
The advanced tires market is characterized by the presence of several key players competing for market share. Some of the leading companies in the advanced tires industry include:
- Bridgestone Corporation (Japan),
- Continental AG (Germany),
- Michelin (France),
- The Goodyear Tire and Rubber Company (US),
- Pirelli & C. S.p.A (Italy).
These companies, along with several others, collectively shape the global advanced tires industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for advanced tires continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in advanced tires discovery, development, and commercialization.
Bridgestone Corporation (Japan):
- Market Share: Bridgestone is one of the largest tire manufacturers globally, holding a significant market share in the advanced tires segment.
- Key Offerings: Bridgestone offers a wide range of advanced tires tailored for various applications, including passenger cars, trucks, and specialty vehicles. Their key offerings include high-performance tires, eco-friendly tires, and tires equipped with innovative technologies for enhanced grip, fuel efficiency, and durability.
Continental AG (Germany):
- Market Share: Continental AG is a leading player in the advanced tires market, known for its cutting-edge technology and innovative tire solutions.
- Key Offerings: Continental offers a diverse portfolio of advanced tires, ranging from passenger tires to commercial vehicle tires. Their key offerings include all-season tires, winter tires, and tires designed for specific driving conditions, such as wet or dry surfaces. Continental also provides tires with integrated sensor technology for improved safety and performance.
Michelin (France):
- Market Share: Michelin is a renowned tire manufacturer with a significant presence in the advanced tires market, known for its focus on innovation and sustainability.
- Key Offerings: Michelin offers a wide range of advanced tires, including passenger tires, truck tires, and specialty tires for agriculture and construction. Their key offerings include fuel-efficient tires, run-flat tires, and tires with advanced tread designs for enhanced traction and handling in various conditions.
The Goodyear Tire and Rubber Company (US):
- Market Share: Goodyear is a prominent player in the advanced tires market, recognized for its long-standing reputation for quality and innovation.
- Key Offerings: Goodyear provides a diverse portfolio of advanced tires, including passenger tires, SUV tires, and performance tires. Their key offerings include all-weather tires, off-road tires, and tires equipped with proprietary technologies such as run-flat technology and noise-reduction features.
Pirelli & C. S.p.A (Italy):
- Market Share: Pirelli is a leading tire manufacturer globally, known for its premium quality and high-performance tires.
- Key Offerings: Pirelli offers a range of advanced tires catering to luxury vehicles, sports cars, and motorcycles. Their key offerings include ultra-high-performance tires, summer tires, and tires with advanced compounds and construction for superior handling, grip, and durability.
Related Reports:
Advanced Tires Market by Type (Pneumatic, Run-Flat, Airless), Technology (Self-Inflating, Chip-Embedded, Multi-chamber, All-in-one, Self-Sealing), Vehicle (ICE, Electric, Hybrid, Off-highway), Niche Technology, Material & Region - Global Forecast to 2030
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