Global advanced tire market forecast at $1.34 billion by 2030
Pune, India – The global advanced tires market size is expected to be valued at $248.7 million in 2020 and is projected to reach $1,349.7 million by 2030, registering a CAGR of 18.4% from 2020 to 2030 according to AlliedMarketResearch. Asia-Pacific will account for the highest share in 2020 and is expected to be the highest contributor to the global market, in terms of revenue, during the advanced tires market forecast.
Advanced tires are made up of various combinations of different types of materials. Generally advanced tires are airless and has no chance of being punctured. Its surface contact area is less as compared to other tires, which in turn increases the fuel efficiency of the vehicle. The grip of advanced tires is not lost when the vehicle is travelling at a higher speed and are less dangerous in watery roads. In addition, advanced tire is the new technology that enhanced the functioning and performance of the tires by sensing the conditions of roads.
Factors such as increase in automobile production and stringent regulations toward vehicular emission are anticipated to propel the growth of the advanced tires market. However, fluctuating price of raw material required for the production of advanced tires is expected to hinder the market growth. Further, rise in concern for fuel efficiency and safety of automobile offers a remarkable growth opportunity for the players operating in the market.
The global advanced tires market is segmented on the basis of material type, type, technology, vehicle type, and region. By material type, the market is divided into natural rubber, synthetic rubber, steel, elastomers, and others. By type, it is classified into pneumatic tires, run flat tires, airless tires, and others. By technology, it is categorized as chip embedded tires, self-inflating tires, multi chamber tires, all in one tire, and others. By vehicle type, it is divided into light duty vehicles, heavy duty vehicle, agricultural tractors, construction & mining equipment, and industrial equipment. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players including Bridgestone Corporation, Continental AG, Michelin, Pirelli & C. S.p.A, The Goodyear Tire & Rubber Company, THE YOKOHAMA RUBBER CO., LTD, Nokian Tyres plc, Hankook Tire & Technology Co., Ltd., Sumitomo Corporation, Toyo Tire Corporation, and others hold a major advanced tires market share.