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Advanced Tires Market

Advanced Tires Market Size, Share and Segmentation 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), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/2213 | July 2022 | Region: Global | 128 Pages

Report Scope & Overview:

The Advanced Tires Market Size was valued at USD 259.24 million in 2021 and is expected to reach USD 825.82 million by 2028 and grow at a CAGR of 18% over the forecast period 2022-2028.

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.

Advance Tires Market Revenue Chart

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.

MARKET DYNAMICS: 

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.

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.

CHALLENGES: 

  • 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 ESTIMATION: 

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.

MARKET SEGMENTATION:

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

Advance Tires Market Segment Chart

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • 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

Advanced Tires Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 259.24 Million
Market Size by 2028 US$ 825.82 Million
CAGR CAGR of 18% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

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

8.3 Steel

8.4 Elastomers

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

9.5 Others

 

10. Global Advanced Tires Market Segmentation, By Vehicle Type

10.1 Passenger cars

10.2 LCV

10.3 HCV

10.4 Two-wheelers

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Goodyear (US),

12.1.1 Financial

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

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of the good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploaded on our platform for our clients to read it.

Step 5: Final QC/QA Process:

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