Report Scope & Overview:
Advanced Tires Market Size was valued at USD 305.92 million in 2022 and is expected to reach USD 1149 million by 2030 and grow at a CAGR of 18% over the forecast period 2023-2030.
Advanced tires are constructed using a wide variety of material combinations drawn from a wide range of categories. In most cases, technologically advanced tires are airless and cannot be punctured in any way. Because it has a smaller surface contact area in comparison to conventional tires, it results in an improvement in the overall fuel efficiency of the vehicle. The traction that advanced tires provide a vehicle does not diminish even when the vehicle is moving at a faster pace, and they pose less risk on roads that are wet. In addition, the new technology known as the "advanced tire" was able to improve the functionality and overall performance of tires by sensing the conditions of the roads.
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Rubber from several sources is used to create an innovative tire. As a result of their lack of air pressure, advanced tires do not puncture and so minimize the cost of vehicle maintenance. Even at faster speeds, modern tires’ improved traction keeps the wheels firmly planted on the road. In addition, sophisticated tire technology improves tire performance and functionality by sensing road conditions.
CEAT Tires entered into a partnership with TyresnMore in 2021 for the purpose of providing online sales as well as home tire fitting and servicing. On the TyresnMore website, customers will have the ability to purchase authentic CEAT products such as tires and batteries. The consumer won't have to lift a finger because the company's service crew will bring the product to their house and install it for them.
Costs of upkeep and replacement are somewhat high for conventional OTRs.
Demand for innovative tires is expected to rise as consumers prefer premium cars and linked technologies.
Governments are imposing stricter emission laws for cars, forcing automakers to improve vehicle performance and fuel efficiency.
Fluctuating raw material prices due to low natural rubber supply and oil prices restrain the market growth.
Cost of advanced tires due to the need for sensors and computers to run them.
The continued introduction of innovative new products by major corporations.
Autonomous and semi-autonomous vehicles will boost the market.
Tire makers are using 3D printing and repurposed tires to lower carbon footprints.
Advanced Tires' low commercialization and production capacity.
The most difficult obstacle to overcome is the practical use of innovative tire technology.
IMPACT OF COVID-19:
There has been widespread disruption caused by the unprecedented worldwide public health emergency known as COVID-19. Almost every industry has been impacted, and it is anticipated that the long-term repercussions will have an impact on the growth of the industry during the forecast period. Our continuous research is expanding the scope of our research methodology in order to ensure that fundamental COVID-19 issues and potential next steps are accounted for. The paper provides insights on COVID-19 by taking into consideration the shifts in consumer behavior and demand, changes in purchasing patterns, re-routing of the supply chain, dynamics of contemporary market forces, and the important actions of governments. The most recent study includes observations, analyses, estimates, and projections that take into account the influence that COVID-19 will have on the market.
KEY MARKET PLAYERS:
Continental (Germany), Goodyear (US), Bridgestone (Japan), Michelin (France), Pirelli (Italy), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), Sumitomo (Japan), and Toyo Tire (Japan) are some of the affluent competitors with significant market share in the Advanced Tires Market.
Market, By Material Type:
The global market has been divided into Natural Rubber, Synthetic Rubber, Steel, Elastomers, and other materials Based on the material type segment. It is anticipated that the natural rubber market would experience significant expansion in the years to come. In the next years, it is anticipated that prices would rise for synthetic rubber as well as other crude derivatives that are utilized in the manufacturing of tires.
Market, By Technology:
The global market has been divided into Chip Embedded Tires, Self-Inflating Tires, Multi-Chamber Tires, All-in-One Tires, and Others Based on the technology segment. It is anticipated that the Self-Inflating Tires market would experience significant expansion in the years to come. This is because there has been a growth in the manufacturing of commercial vehicles, as well as a preference for higher tire performance in commercial vehicles, as well as an increase in the number of technologies for fleet management.
Market, By Vehicle Type:
The global market has been divided into Passenger cars, LCV, HCV, and Two-wheelers based on the vehicle type segment. It is expected that the two-wheelers segment would increase at a compound annual growth rate CAGR of over 8.5 percent. The expansion of the segment will be helped along with the rising demand for two-wheelers in developing countries like India and China.
By Material Type:
Chip Embedded Tires
All in One Tires
By Vehicle Type:
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The global market for advanced tires may be broken down into the following regions in terms of geography: North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
Both North America and Europe contain a number of nations that maintain a strong economic footing. In addition, these regions are home to technologically advanced research facilities that specialize in the design and development of innovative tires. In addition, major tire manufacturers have set up their research and development facilities as well as production facilities in a variety of nations, including the United States of America, Germany, the United Kingdom, and France. A number of new competitors are developing in these locations, and their primary concentration is on the creation of innovative tires. The considerable share of the global market for advanced tires that are owned by these regions is due, in large part, to all of the causes that have been described above. In the field of automotive technology, the region is also observing an increasing trend toward the adoption of linked technologies. It is anticipated that expanding desires for safety and convenience in passenger automobiles, as well as an increasing number of fleet management systems in the region, will boost demand in the North American market.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 305.92 Million|
|Market Size by 2030||US$ 1149 Million|
|CAGR||CAGR of 18% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, Other materials),
• by Technology (Chip Embedded Tires, Self-Inflating Tires, Multi-Chamber Tires, All in One Tires, Others)
• by Vehicle Type (Passenger cars, LCV, HCV, Two-wheelers)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Continental (Germany), Goodyear (US), Bridgestone (Japan), Michelin (France), Pirelli (Italy), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), Sumitomo (Japan), and Toyo Tire (Japan)|
|Key Drivers||•Costs of upkeep and replacement are somewhat high for conventional OTRs.
•Demand for innovative tires is expected to rise as consumers prefer premium cars and linked technologies.
|RESTRAINTS||•Fluctuating raw material prices due to low natural rubber supply and oil prices restrain the market growth.
•Cost of advanced tires due to the need for sensors and computers to run them.
Advanced Tires Market is growing at a CAGR of 18% over the forecast period 2023-2030
Advanced Tires Market Size is expected to reach USD 1149 million by 2030
The Advanced Tires Market Impact analysis covers,
1. COVID-19 Impact Analysis
2. Impact of Ukraine- Russia war
3. Impact of ongoing Recession on Major Economies
Continental (Germany), Goodyear (US), Bridgestone (Japan), Michelin (France), Pirelli (Italy), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), Sumitomo (Japan), and Toyo Tire (Japan) are some of the affluent competitors in the market.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Advanced Tires Market Segmentation, By Material type
8.1 Natural Rubber
8.2 Synthetic Rubber
8.5 Other materials
9. Global Advanced Tires Market Segmentation, By Technology
9.1 Chip Embedded Tires
9.2 Self-Inflating Tires
9.3 Multi-Chamber Tires
9.4 All in One Tires
10. Global Advanced Tires Market Segmentation, By Vehicle Type
10.1 Passenger cars
11. Regional Analysis
11.2 North America
11.2.1 the USA
11.3.2 the UK
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Goodyear (US),
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Continental (Germany)
12.3 Bridgestone (Japan)
12.4 Michelin (France)
12.5 Pirelli (Italy)
12.6 Yokohama (Japan)
12.7 Hankook Tire (South Korea)
12.8 Nokian (Finland)
12.9 CEAT (India)
12.10 Sumitomo (Japan)
12.11 Toyo Tire (Japan)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
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Locomotive Market size was valued at USD 9.13 billion in 2022 and is expected to reach at USD 16.29 billion by 2030, and grow at a CAGR of 7.50 % over the forecast period of 2023-2030.
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