Global advanced tires market forecast at $760 million by 2028
Washington, DC – Global Advanced Tires market is valued at USD 256.61 Million in 2021 and is projected to attain a value of USD 760.98 Million by 2028 at a CAGR of 16.8% during the forecast period, 2022–2028 according to Vantage Market Research. Demand for Advanced Tires is increasing due to their improved performance, fuel economy, and safety of cars. Advanced tire technologies can help improve vehicle fuel efficiency in several ways. For example, low-rolling resistance tires are designed to reduce the energy wasted when a car’s wheels turn or provide resistance on pavement. The less energy that’s needed to propel a vehicle down the road, the more efficiently it uses gasoline and the more miles per gallon it gets. In addition to this, some of the tires come equipped with adaptive tire systems in which sensors monitor changing road conditions and electronically adjust pressure levels in individual tires so the vehicle rides and steers smoothly.
The growth of the automobile industry has been quite rapid with a large number of people preferring cars to other modes of transport, this growth has led to the increased production of cars which in turn has increased the demand for tires. With passing years, tire manufacturers are trying to introduce innovative product to the market by investing heavily in R&D operations. For instance, lower rolling resistance technology has been used to reduce the energy wasted when a car’s wheels turn or provide resistance on pavement. The less energy that’s needed to propel a vehicle down the road, the more efficiently it uses gasoline and the more miles per gallon it gets. as well as these technologies, there are some others such as adaptive tire systems which monitor changing road conditions and electronically adjust pressure levels in individual tires so that vehicles ride and steer smoothly.
The tire inflates itself by use of a pumping system that pushes air into it with the help of barometer and mercury. This reduces the probability of getting punctures which is not possible in case of conventional and tubeless tires. With this advancement, the automobile companies can provide bigger and better tires at pocket-friendly costs as compared to those available now. In addition to this, these types of tires are more durable as compared to others. This has led to the increased demand for Advanced Tires in tire market.
The application of advanced self-inflating tires is not limited, they are being used for different purposes such as agricultural equipment, car racing, mountain bikes etc. The use of these tires has become almost ubiquitous. With the advent of self-inflating tires which are an upgraded version of pneumatic tires, the modern era vehicles are compatible with all types of terrains and climatic conditions.
Growing demand for pneumatic tires has fueled growth of the pneumatic tire market. Rising demand for cars and other modes of transport has led to high demand for pneumatic tires from vehicle manufacturers. In addition, increasing demand from off-highway applications such as mining, construction, and agriculture has also boosted the overall market growth. Pneumatic tire production companies are focusing on the development of innovative products, which is a major factor expected to have a positive impact on the industry growth. Today, pneumatic tires are being increasingly used passenger car tires, commercial vehicle tires, and off-highway tires. Wherein, the passenger car segment accounted for nearly 55% share of the global market volume owing to rising demand from developing countries such as China and India in 2020.
Tires are the most functional part of any vehicle and contribute significantly to its performance, safety & reduced carbon dioxide emissions (CO2). The Advanced Tires market has witnessed rapid growth over the past five years on the back of positive outlook for automotive industry driven by increasing GDP and improving per capita income in developing regions such as Asia-Pacific, Middle East & Africa (MEA), Eastern Europe and Latin America.
With rapid industrialization & transportation sector growth across emerging markets like China, India, Brazil Russia, Argentina among others has led to increased demand for vehicles with Advanced Tires. The technology is also being adopted globally in developed economies due to several benefits offered including enhanced fuel efficiency which help reduce CO2 emission. Asia Pacific is leading the market with over 36% of market share followed by North America, due to increasing sales of luxury vehicles, sport utility vehicles (SUV) and light trucks for personal use.
Key Players: Bridgestone (Japan), Continental (Germany), Michelin (France), Pirelli (Italy), Goodyear (US), Sumitomo (Japan), Hankook Tire (South Korea), Yokohama (Japan), Nokian (Finland), Toyo Tire (Japan), and CEAT (India) are some of the key players in the Advanced Tires market.