How Is The Global Advanced Tires Market Defined?
Advanced tires refer to tires that incorporate innovative technologies, materials, and designs to enhance performance, durability, safety, and efficiency beyond traditional tire capabilities. These tires are utilized across various vehicles and applications to meet specific performance, durability, and safety standards, ensuring optimal performance and reliability in diverse driving conditions and environments.
Advanced Tires Global Market Report 2024 provides data on the global advanced tires market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The advanced tires market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Advanced Tires Market Size Expected To Change, And What Are The Growth Rate Projections?
The automotive tires market has grown rapidly in recent years. It is projected to grow from $1.10 billion in 2023 to $1.24 billion in 2024, reflecting a CAGR of 12.5%. The past growth can be attributed to the increasing production and sales of vehicles, a focus on fuel efficiency, the growing adoption of electric vehicles, rising demand for high-performance vehicles, and urbanization. The market is expected to continue its rapid growth, reaching $2.01 billion by 2028 at a CAGR of 12.8%. This growth is driven by increased vehicle production, the expansion of the automotive sector, rising domestic consumption of feature-rich vehicles, growing awareness of tire safety, and a rising demand for advanced safety features. Major trends include smart tire technology, self-healing tires, rapid technological advancements, 3D printing and advanced materials, and run-flat tires.
Which Drivers Are Accelerating Growth In The Advanced Tires Market?
The increasing automobile production is expected to propel the growth of the advanced tires market. Automobile production is rising due to factors such as higher disposable incomes, changing consumer preferences, and innovations like autonomous driving. Advanced tires improve vehicle performance, safety, efficiency, and consumer satisfaction by helping manufacturers produce reliable, high-quality, and environmentally friendly vehicles that meet regulatory standards. For instance, the European Automobile Manufacturers Association reported that global passenger automobile production rose by 8.3% in 2022, reaching 10.9 million units. This growing automobile production is driving the demand for advanced tires.
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What Are The Core Segments Of The Global Advanced Tires Market?
The advanced tires market covered in this report is segmented –
1) By Material: Synthetic Rubber, Aramid and Nylon Reinforcements, Silica-Based Compounds, Steel Belts and Cord Plies, Carbon Black Reinforcement, Other Material
2) By Tire Type: Run-flat Tires, Radial Tires, Airless Tires, Pneumatic Tires
3) By Technology: Self-Inflating Tires, Chip-Embedded Tires, Multi-Chamber Tires, All-in-One Tires, Self-Sealing
4) By Vehicle Type: Light Duty Vehicle (LDV), Heavy Duty Vehicle (HDV)
Which Emerging Trends Are Reshaping The Advanced Tires Market Size?
Companies in the advanced tire market are developing new technologies, like IoT tire sensor technology, to maintain their competitive edge. IoT tire sensor technology uses embedded sensors within tires to monitor various parameters and transmit real-time data to a centralized system, typically via wireless networks. For example, in April 2023, Cerebrum Sensor Technologies, a US-based company specializing in tire sensors, launched Intelligent Tire Solutions with vehicle and tire OEMs. This solution is the world’s first real-time, direct tread depth monitoring system, scalable to nearly any vehicle tire. The system uses advanced sensors to track tire pressure, temperature, and tread wear, employing AI and machine learning to predict maintenance needs and tire failures, enhancing safety by alerting drivers or fleet managers to critical issues. The data is accessible through user-friendly mobile apps and web platforms.
What Is The Largest Region In The Advanced Tires Market?
North America was the largest region in the advanced tires market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
