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 dominated by major players such as Bridgestone Corporation (Japan), Continental AG (Germany), Michelin (France), The Goodyear Tire and Rubber Company (US), and Pirelli & C. S.p.A (Italy). These companies have adopted expansion strategies; and undertaken collaborations, partnerships with OEMs, and mergers & acquisitions to gain traction in the growing advanced tires market.
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Bridgestone Corporation is one of the prominent players in the manufacturing of advanced tires. The company offers its tire to passenger cars, commercial vehicles, and industrial vehicles with its cutting-edge tire technologies. The company's dedication to delivering top-quality and innovative tire solutions to its customers aligns with its objective of advancing sustainable mobility. Bridgestone's advanced tire business offers a range of advanced tire technologies including Ecopia Technology, Run-Flat Technology, DriveGuard Technology, Potenza Technology, and Duravis Technology. The company has a strong emphasis on technical collaborations with OEMs. For instance, in 2021, Bridgestone form a technical collaboration with Kodiak Robotics to deliver its smart tire technology into Kodiak’s level 4 autonomous trucks. This partnership will help future autonomous vehicles to enhance vehicle intelligence, safety, and fuel efficiency. The Company has 160 production and development bases in around 150 countries around the world.
Continental AG is a prominent global automotive supplier that provides advanced tire solutions with a diverse product line for passenger cars, commercial vehicles, and industrial applications. The tire division of Continental AG is among the top tire manufacturers globally and strives to provide innovative tire solutions to its customers. The company has a strong focus on expansion strategy. For Instance, in 2021, Continental Tire, Americas announced the plan to invest around USD 129 million to expand its manufacturing facility in the US. This investment from Continental will help to provide an excellent line-up of tires for passenger cars, and commercial trucks. Further, the company has been actively focusing on R&D activities. For instance, in 2022, the company invested around 7.0% of its total revenue in new product development and R&D activities. The company has 13 manufacturing facilities across 12 countries around the world. The company operates a dedicated research and development center for tire technologies in Germany, where it conducts comprehensive research to create cutting-edge tire solutions.
Michelin is a global tire manufacturer with the goal of Michelin is to design and manufacture high-performance tires for a variety of markets, including the automotive, motorsports, aviation, and even bicycle industries. Michelin manufactures a diverse range of tires catering to different vehicles such as passenger cars, light commercial vehicles, heavy trucks, buses, agricultural tractors, and construction equipment. Their tire portfolio encompasses a variety of products such as winter tires, summer tires, all-season tires, and specialized tires meant for specific applications. Michelin has moved its attention in recent years to cutting-edge tire technology, with a focus on sustainability and environmental responsibility. The business has created a variety of innovative tire designs that increase durability, lower noise levels, and fuel efficiency while also having a smaller environmental impact. The creation of "Airless" tire technology, which does away with the requirement for air pressure in tires, is one of Michelin's most famous recent achievements. The use of this technology is expected to decrease the number of flat tires on the road as well as tire waste. The company has 9 R&D centers across the globe and 123 production sites around 26 countries. The company has an operational presence in more than 170 countries.
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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