Global Advanced Tires Market Trends, Application, And Regional Forecast To 2030Posted by Karthik Pilla on June 13th, 2023 Bharat Book Bureau Provides the Trending Market Research Report on “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” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Advanced Tires Market is projected to grow from USD 1.3 billion in 2023 to USD 3.2 billion by 2030, at a CAGR of 14.4% from 2023 to 2030. Rising focus on carbon dioxide (CO2), and nitrogen oxide (NOx), and growing demand for convenience and safety features in the LDV segment. Further, the high maintenance and replacement cost of OTR tires creates demand for advanced tires. The on-highway advanced tires market is predominantly dominated by the LDV (Light Duty Vehicle) segment. The production of premium vehicles in regions such as North America, Europe, and some Asian countries has been on the rise, fueling the demand for the advanced tire market. Global automotive manufacturers such as BMW, Mercedes-Benz, Volvo, Land Rover, Audi, General Motors, and Volkswagen among others are offering advanced tires in their premium vehicles as a standard fitment. The global premium vehicle penetration increased with a growth rate of ~7% from 2020 to 2022. The top brands, such as Mercedes-Benz, Tesla, and BMW, dominated the global luxury vehicle market in 2022. To support this OEM demand, tire suppliers like Michelin, Goodyear, Bridgestone, and Continental are developing and expanding advanced tire portfolios including self-healing, run-flat, futuristic airless, and multi-chambered tires. Further, Michelin partnered with DHL in which about 50 express vans will be tested with Michelin’s airless tire- called ‘Uptis’ for last-mile delivery in Singapore towards the end of 2023. More such collaboration is expected soon which will drive the adoption of advanced tires in the light trucks and minivans segment. “The demand for advanced tires in agriculture tractors will be fastest during the forecast period.” The growth of advanced tires in agricultural tractors can be accounted for due to factors such as a lack of labor force and growing average farm size have increased the overall cost of labor. As a result, the rate of mechanization in agriculture and the demand for high-power tractors has increased tremendously. These high-power tractors are speculated to be the early adapters for advanced tires. Additionally, advanced tires offer benefits such as maximized traction, mitigating soil compaction, and enhancing fuel efficiency, thereby positively impacting agricultural practices. Thus, to increase efficiency and farm productivity, North America and European countries prefer tractors installed with advanced tire technology. The advanced tire market for Asia-Pacific is estimated to grow at the fastest CAGR during the forecast period. Asia-Pacific is anticipated to grow at the fastest CAGR from the period of 2023-2030 owing to high population growth and economic development with increasing domestic consumption of feature-rich vehicles have intensified the need for efficient transportation. Further, the advanced tires market in the Asia Pacific region is poised for substantial growth driven by factors such as the rising demand for advanced safety features, increasing automobile production and sales, and government initiatives that encourage the adoption of electric vehicles. Notably, major industry players like Continental, Goodyear, and Michelin are actively investing in the development of advanced tire technologies in the region. Furthermore, the Asia Pacific market benefits from the presence of local players such as Bridgestone, Yokohama, Bridgestone Corporation, Sumitomo Rubber Industries, and Yokohama Tire Corporation MRF and JK Tire, who contribute to regional growth and innovation in the field of advanced tires. As a result, the Asia Pacific market is expected to experience ongoing innovation and continued growth in the forthcoming years. In-depth interviews were conducted with CXOs, VPs, directors from business development, marketing, product development/innovation teams, independent consultants, and executives from various key organizations operating in this market. •By Stakeholder Type: OEM- 80%, End-Users– 20% The advanced tires market comprises prominent players such as Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire and Rubber Company (US), Michelin (France), and Pirelli C & S.p.A (Italy). Research Coverage: Key Benefits of Buying the Report: The report provides insights on the following pointers:
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