The Advanced Tires Market Size was valued at USD 360.98 million in 2023 and is expected to reach USD 1356.89 million by 2031 and grow at a CAGR of 18% over the forecast period 2024-2031.
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.
As the automotive industry undergoes a transformative shift towards electric and autonomous vehicles, there is a growing realization that traditional tire technologies may no longer suffice. Consumers and manufacturers alike are increasingly prioritizing advanced tire solutions that offer superior performance, extended lifespan, and enhanced fuel efficiency. Moreover, the rising concern for environmental sustainability has propelled the demand for eco-friendly tire options, prompting companies to invest in research and development to create cutting-edge, green alternatives.
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.
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.
Governments are imposing stricter emission laws for cars, forcing automakers to improve vehicle performance and fuel efficiency.
Governments worldwide are enforcing more stringent emission regulations on automobiles, compelling manufacturers to enhance vehicle performance and fuel efficiency. This push aims to mitigate environmental impact by reducing carbon emissions and promoting sustainability. Automakers are consequently investing in innovative technologies and design modifications to meet these evolving standards, fostering a shift towards cleaner and more efficient transportation solutions.
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.
OPPORTUNITIES:
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.
Tire makers are adopting 3D printing technology to produce more sustainable and efficient tires, reducing the carbon footprint associated with traditional manufacturing processes. Additionally, they are repurposing old tires, minimizing waste and environmental impact. By embracing these innovative practices, the industry aims to contribute to a greener and more eco-friendly approach to tire production, aligning with global efforts to address climate change.
CHALLENGES:
Advanced Tires' low commercialization and production capacity.
The most difficult obstacle to overcome is the practical use of innovative tire technology.
The Advanced Tires Market finds itself at a crossroads as the global economy experiences a slowdown. The economic downturn has introduced a series of challenges, influencing consumer spending habits and overall market dynamics. As businesses and individuals tighten their belts, the demand for high-tech and premium tires has taken a hit. The automotive industry, a key driver for advanced tire technologies, is grappling with reduced production and sales, further affecting the market. However, amidst the economic gloom, there is a silver lining. The focus on sustainability and environmental consciousness remains strong, driving the demand for innovative and eco-friendly tire solutions. As the industry navigates through these economic headwinds, it must adapt to changing preferences and prioritize advancements that align with both economic realities and environmental concerns.
On the other hand, the market faces challenges such as the fluctuating prices of raw materials required for tire production, which could potentially hinder market growth. The cost of synthetic and natural rubber, key components in tire manufacturing, are significantly influenced by crude oil prices. With the economic slowdown, there may be instability in raw material supply chains, leading to price volatility which could impact the production costs and, ultimately, the market growth of advanced tires.
Impact of Russia Ukraine War:
The Advanced Tires Market finds itself at a crossroads as the global economy experiences a slowdown. The economic downturn has introduced a series of challenges, influencing consumer spending habits and overall market dynamics. As businesses and individuals tighten their belts, the demand for high-tech and premium tires has taken a hit. The automotive industry, a key driver for advanced tire technologies, is grappling with reduced production and sales, further affecting the market. However, amidst the economic gloom, there is a silver lining. The focus on sustainability and environmental consciousness remains strong, driving the demand for innovative and eco-friendly tire solutions. As the industry navigates through these economic headwinds, it must adapt to changing preferences and prioritize advancements that align with both economic realities and environmental concerns.
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:
In the dynamic landscape of the Advanced Tires Market, the demand for innovative solutions in the passenger vehicles segment is experiencing a significant upswing. As urbanization accelerates and environmental concerns heighten, consumers are increasingly seeking tires that not only deliver superior performance but also contribute to sustainability efforts. The current demand is characterized by a growing appetite for smart tire technologies, emphasizing features like real-time monitoring, connectivity, and enhanced safety features. Moreover, there is a noticeable shift towards eco-friendly materials and energy-efficient designs, aligning with the global push for greener transportation
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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
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.
The APAC region is emerging as a frontrunner in the advanced tire market, surpassing established players like North America. This dominance can be attributed to several factors. Firstly, the region's expanding population and rapid economic growth are driving up vehicle ownership, particularly in countries like China and India. This surge in demand creates a fertile ground for advanced tire adoption, as consumers increasingly prioritize features like fuel efficiency, safety, and comfort. Secondly, governments in the region are implementing stricter regulations on fuel efficiency and emissions, incentivizing the development and adoption of advanced tire technologies. Finally, the presence of a robust domestic manufacturing base in countries like China and Japan is fostering innovation and cost-effectiveness in advanced tire production, further propelling APAC's leadership in this space.
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The 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
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.
Continental AG: In March 2023, they introduced their intelligent tires in the Indian market, specifically targeted for commercial vehicles and offering functionalities like pressure monitoring even in tubeless tires.
Bridgestone: They collaborated with Versalis in 2021 to develop new elastomer grades for high-performance tires, aiming for improved sustainability and performance. Additionally, Bridgestone announced plans to launch entirely sustainable truck and bus tires by 2030.
Continental (Germany)-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 360.98 Million |
| Market Size by 2031 | US$ 1356.89 Million |
| CAGR | CAGR of 18% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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 2024-2031
Advanced Tires Market Size is expected to reach USD 1356.89 million by 2031
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. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Global Advanced Tires Market Segmentation, By Material type
9.1 Introduction
9.2 Trend Analysis
9.3 Natural Rubber
9.4 Synthetic Rubber
9.5 Steel
9.6 Elastomers
9.7 Other materials
10. Global Advanced Tires Market Segmentation, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Chip Embedded Tires
10.4 Self-Inflating Tires
10.5 Multi-Chamber Tires
10.6 All in One Tires
10.7 Others
11. Global Advanced Tires Market Segmentation, By Vehicle Type
11.1 Introduction
11.2 Trend Analysis
11.3 Passenger cars
11.4 LCV
11.5 HCV
11.6 Two-wheelers
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Continental (Germany)
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Goodyear (US)
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Bridgestone (Japan)
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Michelin (France),
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Pirelli (Italy),
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Yokohama (Japan)
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Hankook Tire (South Korea),
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Nokian (Finland)
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 CEAT (India)
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Others
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
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