ID: MRFR/AM/5205-HCR | 100 Pages | Published By Swapnil Palwe on March 2023
Advanced Tires Market Research Report by On-Highway Vehicle Type
As per Market Research Future (MRFR)’s new analysis, the global advanced tires market share is projected to reach USD 406.44 Mn, at a CAGR of 10.8% during the forecast period 2022-2030.
Advanced tires are a result of various combinations of different types of materials. Generally, advanced tires are airless and have no chance of being punctured. Its surface contact area is less than other tires, which in turn increases the fuel efficiency of the vehicle. The grip of advanced tires is not lost when the vehicle is traveling at a higher speed and is less dangerous on wet roads. In addition, the advanced tire is a new technology that enhances the functioning and performance of the tires by sensing the conditions of roads.
The propelling market factors such as an 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 materials required for the production of advanced tires is expected to hinder the market growth. Further, the rise in concern for fuel efficiency and automobile safety offers a remarkable growth opportunity for the players operating in the market.
The automotive industry has observed a robust growth in the last decade, mainly in China, the U.S., Japan, India, Germany, and the U.K. In its early stage, the global automotive industry was only concentrated in developed countries such as Japan, the U.S., and Germany. As the automobile industry becomes standardized, manufacturing facilities will focus on developing countries such as China, Thailand, and India. Recently, the automobile industry has been increasing due to speedy industrialization, which has led to an increase in the sale of commercial vehicles such as trucks, tractors, and trailers. Developing nations have witnessed a rise in demand and production of the automobile. For instance, India became the fourth largest automobile industry globally, with an increase in sales of 9.5% year-on-year to 4.2 million units. The automobile production rise in developing nations has led to increased production of automotive catalysts for emission control devices in automobile exhaust systems.
|Market Size||2030 : 406.44 Mn|
|CAGR||10.8% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||· By On-Highway Vehicle Type · By Off-Highway Vehicle Type · By Material Type · By Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), and Toyo Tire (Japan).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||Rapid demand for industrial automation is also likely to positively influence the growth of the market during the review period.|
The advanced tires market can surge at 10.8% CAGR by 2030.
The advanced tires market can value at USD 406.44 million by 2030
Hankook Tire (South Korea), CEAT (India), Nokian (Finland), and Toyo Tire (Japan) are some reputed names in the advanced tires market.
In 2017, the advanced tires market valued at USD 155.9 Mn.
Natural rubber, elastomers, steel, and synthetic rubber are materials that are used in the fabrication of advanced tires.