Advanced Tires Market 2022 | share, Growth and Industry Analysis -2027

Market Summary 

According to Market Research Future (MRFR)’s study, the Global Advanced Tires Market is set to Mark a CAGR of 10.8% During the Forecast Period 2022 to 2027. The valuation of the global market is estimated to reach over USD 298 Mn by the end of 2023. The advantages, such as low maintenance, cheaper replacement costs, etc., offered by advanced tires over conventional tires are expected to revolutionize the market over the next couple of years.

The key focus of the industry players is on the reduction of carbon materials, which has opened new opportunities for the accelerated adoption of advanced tires. The market is prognosticated to scale new heights in the upcoming years, and rising demand for luxurious automobiles is anticipated to boost sales further.

The advanced tires require high initial investment which is forecasted to be one of the key factors responsible for holding the proliferation of the market during the projection period. Additionally, the inability of mass production is also expected to hinder the expansion of the advanced tires market over the assessment period.

The global advanced tires market is growing at a rapid pace. The market growth attributes to the rising demand for high-end cars and to minimize the skyrocketing tire maintenance and replacement costs. Besides, the inclination towards the adoption of advanced tires and the advantages of advanced tires boost sales. Moreover, the rapid industrial automation escalates the market growth to furthered height, improving functionalities of advanced tires.

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Global Advanced Tires Market – Competitive Analysis

Highly competitive, the advanced tires market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, these players in corporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansions, and product/technology launches. 

Industry players focus on in-house manufacturing capabilities, newer technologies, and R&D investments. Also, they invest in expansion plans increasing their global footprints. They compete with each other based on reliability, cost, product quality, and aftermarket service. 

Major Players: 

Players leading the global 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), among others. 

Global Advanced Tires Market – Segmentation

The report is segmented into five dynamics;

By Type: Pneumatic Tires, Run-Flat Tires, Airless Tires, and others.

By On-Highway Vehicle Type: LDV and HDV.

By Off-Highway Vehicle Type: Agriculture Tractors, Construction and Mining Equipment, Industrial Equipment, and others.

By Material Type: Natural Rubber, Synthetic Rubber, Steel, Elastomers, Other materials, and others.

By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.

Global Advanced Tires Market – Regional Analysis

North America dominates the global advanced tires market. The largest market share attributes to the presence of notable players and the well-developed automotive, airlines, and aerospace sectors. Besides, the high per capita income of demographics, alongside developed economies in the region, propels the advanced tires market.

An upsurge in demand for autonomous vehicles impacts the expansion of the market favorably. With its major advanced tire manufacturing companies, the US has the largest share in the regional market. The North American advanced tires market is projected to retain its dominance throughout the estimated period.

Europe stands second in the global advanced tires market. The market is growing is driven by the burgeoning automotive and aircraft industry in the region. Moreover, the presence of major advanced tire manufacturing companies in the region drives the market growth. Also, the growing procurement of military aircraft to strengthen air combat capabilities fosters regional market growth. The European advanced tires market is estimated to create a substantial revenue pocket during the forecast period.

The Asia Pacific advanced tires market is growing briskly. Factors such as raw material advantage and the availability of a cost-competitive workforce in the region drive the market growth. The region is vibrating with rapid economic growth, especially in countries such as India and China. This, in turn, fosters the size of the advanced tires market in the APAC region, driving the aircraft and automotive sectors.

Additionally, increasing purchases of military aircraft alongside the rising demand for commercial airlines boost the market growth. The APAC Advanced Tires market is expected to witness the highest growth during the review period.

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