The Advanced Tires Market is expected to reach USD 760.98 Million by 2028, growing at a CAGR of 16.8% from 2022 to 2028. Factors such as advancement in car-connected technologies and increased premium cars production are bolstering the growth of the Advanced Tires Market in the coming years. In addition, tire manufacturers have started the implementation of advanced technologies such as organic raw material, autonomous vehicles, and 3D printing for carbon footprints reduction. This also augments the high growth of the Advanced Tires Market in the near future.
- High initial investments are one of the restraints in the development of the Advanced Tires Market. Whereas, demand for eCommerce and rising industrial vehicles will provide lots of growth opportunities for the Advanced Tires Market in the near future.
- The LDV vehicle type segment is accelerated to the substantial growth in the Advanced Tires Market. The huge demand for connected technologies and huge production of premium vehicles are superintended the segmental growth of the Advanced Tires Market.
- The self-inflating tires segment accounted to incorporate the steady growth in the Advanced Tires Market during the forecast period. Rising consumer requirement for better tire performance increases the production of commercial vehicles with the help of fleet management technologies.
The major players involved in the development of the advanced tire market are 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)..
Governments are taking interest in huge investment in the automobile sector to improve fuel economy and reduce carbon emissions from new vehicles. In addition, electric and hybrid cars are major uses of electricity as fuel, thus, generates fewer emissions. Also, these cars are charged with lean electricity from renewable sources, which produces zero CO2 emissions. By considering this as an environmental issue, many automotive manufacturers are focusing on the development of new vehicles which emit fewer greenhouse gases.
Asia Pacific holds the largest share of the global Advanced Tires Market during the projected periods. This is owing to the availability of countries like Germany and the UK which are investing largely in the production of premium cars. In this regard, the UK government takes action to support the automotive sector. The government announced £500m over 10 years to 2023 to research, develop and industrialize new low-carbon automotive technologies in the UK.