New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Advanced Tires Market Research Report by On-Highway Vehicle Type, Off-Highway Vehicle Type, Material Type, and Region–Global Forecast to 2030”, During the projection period of 2022–2030, the worldwide advanced tyres market share is anticipated to grow at a CAGR of 10.8%.
Advanced Tires Market Overview
Advanced tyres are made possible by a variety of material combinations. Modern tyres are often airless and impervious to punctures. It has a smaller surface contact area than other tyres, which improves the vehicle's fuel economy. The traction of modern tyres is maintained when the car is moving at a higher speed, and they are less risky on slick surfaces. Additionally, the sophisticated tyre is a cutting-edge innovation that improves tyre performance and functionality by sensing the state of the roadways.
Key companies in the advanced tires market include
- Continental (Germany)
- Bridgestone (Japan)
- Michelin (France)
- Goodyear (US)
- Pirelli (Italy)
- Sumitomo (Japan)
- Yokohama (Japan)
- Hankook Tire (South Korea)
- Nokian (Finland)
- CEAT (India)
- Toyo Tire (Japan).
- Among others.
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The market for advanced tyres is expected to rise as a result of market drivers such an increase in automobile manufacturing and stricter laws regarding vehicle emissions. However, it is anticipated that the market expansion will be hampered by the fluctuating price of raw materials needed to produce sophisticated tyres. Additionally, the increased interest in automotive safety and fuel economy presents a great potential opportunity for the market's participants.
With the adoption of autonomous and connected automobiles, the need for innovative tyres is expected to skyrocket in the upcoming years. The automobile industry's technological upheavals and the desire for high-end luxury vehicles are predicted to change the tyre industry.
The government and business leaders' unwavering focus on lowering carbon emissions is anticipated to propel the market for advanced tyres upward in the years to come. However, it is anticipated that over the coming few years, market growth will be constrained by the incapability of mass production and high investment costs.
|Market Size by 2030||2030: Significant Value|
|CAGR during 2022-2030||10.8% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Rapid demand for industrial automation is also likely to positively influence the growth of the market during the review period.|
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Rapid industrialization has caused the automobile industry to grow recently, which has increased sales of commercial vehicles like trucks, tractors, and trailers. Automobile demand and production have increased in developing countries. For instance, India's vehicle sector grew by 9.5% year over year to 4.2 million units, making it the fourth largest in the world. Increased manufacturing of automotive catalysts for pollution control devices in automobile exhaust systems is a result of the expansion in automobile production in developing countries.
Advanced Tires Market Segmentation Analysis:
The advanced tires market is segmented on the basis of on-highway vehicle type, off-highway vehicle type, material type, type, and region.
By On-Highway Vehicle Type, the market is segmented into LDV and HDV. Of which, LDV is expected to hold significant market share over the forecast period owing to rising its consumption from OEMs.
By Off-Highway Vehicle Type, the market is segmented into Agriculture Tractors, Construction and Mining Equipment, and Industrial Equipment. Of which, the industrial equipment segment is expected to hold significant share over the forecast period.
By Material Type, the market is segmented into Natural Rubber, Synthetic Rubber, Steel, Elastomers, and Other materials. Of which, the rubber segment is expected to hold significant share over the forecast period.
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By Type, the market is segmented into Pneumatic Tires, Run-Flat Tires, and Airless Tires. Of these run-flat tires is expected to hold significant share over the forecast period in terms of revenue.
Advanced Tires Market Regional Analysis
By Region, the advanced tires market is segmented into Americas, Europe, Asia Pacific, and Middle East & Africa.
North America to hold highest share in the advanced tires market followed by Europe owing to presence of giants investing in research and development continuously. Thanks to this funding and continuous research, the regions are likely to hold their market position over forecast period. Additionally, the giants in the region have manufacturing facilities in various countries across Europe, which is contributing to its robust growth.
However, Asia Pacific is expected to expand at a fastest CAGR owing to rising production facilities in the region.
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In the past ten years, the automobile sector has expanded significantly, particularly in China, the United States, Japan, India, Germany, and the United Kingdom. Early on, the developed nations of Japan, the United States, and Germany dominated the worldwide automotive sector. The focus of production facilities will shift to developing nations like China, Thailand, and India as the automobile industry standardises.
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