Advanced Tires Market Forecasts to 2030 – Global Analysis By Material Type (Elastomers, Steel, Synthetic Rubber, Natural Rubber and Other Material Types), Type (Airless Tires, Run Flat Tires, Pneumatic Tires and Other Types) and By Geography

Advanced Tires Market Forecasts to 2030 – Global Analysis By Material Type (Elastomers, Steel, Synthetic Rubber, Natural Rubber and Other Material Types), Type (Airless Tires, Run Flat Tires, Pneumatic Tires and Other Types) and By Geography According to Stratistics MRC, the Global Advanced Tires Market is accounted for $444.97 million in 2023 and is expected to reach $1,729.27 million by 2030 growing at a CAGR of 21.4% during the forecast period. Advanced tires are constructed from a variety of materials in different combinations. Modern tires typically have no air and are resistant to punctures. It has a smaller surface contact area than other tires, which improves the vehicle's fuel economy. Modern tires maintain their traction when the car is moving at a higher speed and are less harmful on wet roads. Additionally, the advanced tire is a new technology that improves tire performance and functionality by detecting road conditions.

According to the International Energy Agency (IEA), adopting low-rolling-resistance tires may lead to a potential reduction of up to 7% and 6% in fuel consumption and CO2 emissions, respectively, from passenger cars.

Market Dynamics:

Driver:

Rise in need for industrial equipment and warehouse automation

Tires that are resistant to defects and inefficiency are necessary for industrial vehicles used in warehouses. This has sparked the creation of non-pneumatic, chip-enabled tires that can communicate with a car in real time regarding their condition. This cutting-edge technology enables continuous monitoring of tire health and lowers failure rates, which is intended to increase productivity, lower costs, and limit downtime. Additionally underscoring the significance of these cutting-edge tire solutions in the next few years are industrial vehicles like forklifts, pallet jacks, and terminal tractors, which are essential industry components but do not have the same financial restrictions as other vehicles.

Restraint:

Implementation in practice and lower consumer acceptance of advanced tires

Innovative tire designs are in the early stages of development. The Goodyear Eagle 360 Urban tire, which will be manufactured utilizing 3D printing technology, is one illustration. An airless tire at center mass is another Goodyear invention. These tires have been offered as concepts, along with a number of others from leading business professionals. The primary challenge for manufacturers is figuring out how to build these sophisticated tires in large quantities while also taking other issues, including their shape and longevity, into account.

Opportunity:

Increased emphasis on reducing nitrogen oxide (NOx) and carbon dioxide (CO2)

Automotive tires are mostly made of natural rubber, synthetic rubber, sulfur, elastomers, and other carbon compounds. The carbon emissions produced during the production of tires are caused by these basic materials. These raw materials must be used less because of strict emission laws. OEMs are concentrating on decreasing vehicle weight in addition to carbon emissions during manufacturing in order to meet strict tailpipe emission rules.

Threat:

High initial outlay

The automobile industry's developments will have an impact on the tire manufacturing sector. Tires are an essential component of automobiles, so tire producers must invest heavily to keep up with these changes. Additionally, tires must go through major changes in areas like shape, raw materials, and manufacturing processes to adapt to the changing needs of the automotive industry. The considerable initial expenditures that come from these modifications will probably be reflected in the pricing of advanced tires.

Covid-19 Impact:

The global market for advanced tires has been significantly impacted by the COVID-19 epidemic. The pandemic has caused a decrease in new car manufacturing and sales, which has adversely affected the market for high-tech tires. Furthermore, the pandemic has hampered the availability of innovative tires, making it challenging for tire producers to meet customer demand. Due to the pandemic, there is a rise in interest in electric cars, which do not require pneumatic tires. Airless tires, a kind of sophisticated tire, are now in demand as a result of this. Demand for sustainable tires has been generated as a result of the pandemic's increased emphasis on sustainability.

The elastomers segment is expected to be the largest during the forecast period

Elastomers segment commanded the largest share over the forecast period. They are utilized in the tread, sidewalls, and inner liner, among other parts of the tire. There are rising trends toward using natural and synthetic rubber that is recyclable or manufactured organically as awareness of environmental sustainability and waste reduction grows. Utilizing sustainable materials has financial benefits as well as improvements to traction, durability, and rolling resistance.

The Chip Embedded Tires segment is expected to have the highest CAGR during the forecast period

Chip Embedded Tires segment is expected to have the highest CAGR during the forecast period. These tires include cutting-edge sensors, microchips, RFID tags, and other connectivity elements, allowing for real-time monitoring of tire performance and conditions. For instance, some chip-based tires can accurately record data for the best tire management, including tire pressure, temperature, and tread wear. Furthermore, these tires improve road safety and avoid accidents by warning drivers of potential tire problems like low tire pressure or tread wear.

Region with largest share:

Over the forecast period, Asia-Pacific is anticipated to hold the most outstanding share. Automobile manufacturing facilities will shift their attention to developing nations like China, Thailand, and India as the sector becomes more standardized. Due to rapid industrialization, which has increased sales of commercial vehicles including trucks, tractors, and trailers, the automobile sector has recently been expanding quickly. Automobile demand and production have increased in developing countries.

Region with highest CAGR:

Due to the increased emphasis on safety and fuel efficiency in the area, North America is anticipated to experience the highest CAGR during the projection period. As a result of increased technological breakthroughs, suppliers are developing extremely effective tires that improve automobiles' overall fuel efficiency in the region. For the North American market, Trelleborg, an engineering company centered on polymer technology, recently introduced a new line of pneumatic tires with attributes like grip and durability.

Key players in the market

Some of the key players in Advanced Tires market include Pirelli & C. S.p.A, Sumitomo Corporation, Continental AG, THE YOKOHAMA RUBBER CO., LTD, Michelin, Hankook Tire & Technology Co.,Ltd., Bridgestone Corporation, The Goodyear Tire & Rubber Company, Nokian Tyres plc. and Toyo Tire Corporation.

Key Developments:

In September 2022, Bridgestone Brazil revealed plans to provide additional funding to its tire manufacturing facility in Camaçari, Bahia. The company is investing over R$ 270 million to modernize and expand production, aiming to meet the increasing market demand for high-performance tires. With this investment, Bridgestone's total announced investments in the Bahia plant since 2021 will exceed R$ 970 million.

In August 2022, Bridgestone and AWS (Amazon Web Services) announced a strategic partnership aimed at developing platforms and launching new customer solutions. The collaboration seeks to leverage AWS's expertise in cloud computing to innovate and enhance customer experiences in the tire industry.

In March 2022, Hankook Co, Ltd. unveiled its latest product, iON, a tire specifically tailored for premium electric vehicles. The primary goal behind iON tires is to offer exceptional performance and enhance the efficiency of EVs. Hankook recognizes the increasing popularity of electric vehicles and the necessity for specialized tires that cater to their unique requirements, including suitable replacements. The introduction of iON tires reflects the company's commitment to addressing the evolving demands of the electric vehicle market.

Material Types Covered:
• Elastomers
• Steel
• Synthetic Rubber
• Natural Rubber
• Other Material Types

Types Covered:
• Airless Tires
• Run Flat Tires
• Pneumatic Tires
• Other Types

Vehicle Types Covered:
• Industrial Equipment
• Construction & Mining Equipment
• Agricultural Tractors
• Heavy Duty Vehicle
• Light Duty Vehicles
• Other Vehicle Types

Technologies Covered:
• All In One Tires
• Multi Chamber Tires
• Self-Inflating Tires
• Chip Embedded Tires
• Other Technologies

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements