Global Advanced Tires Market is Drifting its Way to Success
The Global Advanced Tires Market was valued at USD USD 256.61 Million million in 2021 and is expected to grow by a compound annual growth rate (CAGR) of 16.8% between 2022 and 2028. The advanced tire is manufactured using a combination of different types of rubber. Advanced tires have no air; therefore, they do not pierce and, as a result, reduce car repair costs. Advanced tires provide a great grip even when the car is traveling at high speeds. In addition, state-of-the-art tire technology improves the performance of wheels by sensing road conditions.
Increasing demand for autonomous and automotive technology in automobiles is expected to boost the market for advanced tires. Advanced tires include technologies such as chip-embedded, self-inflating, multi-chamber, and in-one tires. This technology is expected to significantly increase car comfort. This technology helps to increase tire stiffness by monitoring real-time tire pressure. In addition, tire pressure within the normal range also improves the fuel efficiency of the car. Therefore, advanced tire technology is expected to reduce the cost of car maintenance leading to an increase in the demand for advanced tires worldwide. Increased focus on tire manufacturers in advanced technologies such as 3D printing, raw materials, autonomous vehicles integrated with sensor integration, and ECUs to monitor tire performance is expected to further the advanced tire market. Factors such as increased car production and stricter regulations on vehicle extraction strongly encourage the growth of an advanced tire market. However, the volatile price of raw materials used to produce tires is expected to hinder the growth of the advanced tire market. In addition, rising concerns about fuel efficiency and safety have a surprising potential for growth for players working in the advanced tire market. Yet, technological advances adopted by major tire manufacturers, in terms of car tires, are expected to advance the global tire market. Major tire manufacturers are expected to increase investment in R&D of advanced tire technology at the time of forecasting. This, in turn, is expected to boost the advanced tire market. For example, major tire manufacturers, such as Goodyear and Michelin, have already introduced the concept of advanced tires.
The international market for advanced tires is segmented on the basis of the type of vehicles into agricultural tractors, construction and mining equipment, heavy vehicles, industrial utilities, automotive vehicles. On the basis of material type, the market is divided into natural rubber, synthetic rubber, metal, elastomers, and others. On the basis of technology, the market is divided by chip embedded tires, proud tires, multi-chamber tires, all single tires, tire pressure monitoring system (TPMS), and others.
Europe dominates the developed tire market because of the potential for major countries to define the world automotive manufacturing sector. In addition, the increase in preferences in technology connected to the automotive sector will boost the growth of the developed tire market in the region during the forecast period. North America is expected to see significant growth in the developed tire market due to increased safety and comfort requirements for passenger cars. A growing number of shipping technology technologies are expected to further the growth of the developed tire market in the region in the coming years.
Some of the major players working in the Advanced Tires Market include Bridgestone (Japan), Continental (Germany), Michelin (France), Pirelli (Italy), Goodyear (US), Sumitomo (Japan), Hankook Tire (South Korea), Yokohama (Japan), Nokian (Finland), Toyo Tire (Japan), and CEAT (India).