What Has Been The Evolution of the Advanced Tires Market in Recent Years?
The advanced tires market has seen considerable growth due to a variety of factors.
• The advanced tires market is expected to grow from $1.24 billion in 2024 to $1.4 billion in 2025 at a CAGR of 13.0%.
This growth is driven by increased vehicle production and sales, greater emphasis on fuel efficiency, the rise in electric vehicle adoption, demand for high-performance vehicles, and urbanization.
How Will the Advanced Tires Market?
The advanced tires market is expected to maintain its strong growth trajectory in upcoming years.
• The advanced tires market is projected to grow to $2.26 billion by 2029, at a CAGR of 12.7%.
This growth is due to increased automobile production, expanding demand for feature-rich vehicles, heightened awareness of tire safety, and a focus on advanced safety features. Major trends include smart tire technology, self-healing tires, 3D printing, advanced materials, and run-flat tires.
What Key Factors and Trends Are Driving The Growth Advanced Tires Market?
The growing production of automobiles is expected to accelerate the expansion of the advanced tires market. Increased automobile production, driven by rising disposable incomes and demand for personal mobility, is creating a need for advanced tires that enhance vehicle performance, safety, and efficiency. For instance, in May 2023, the European Automobile Manufacturers Association reported that passenger automobile production rose by 8.3% from 10.1 million units in 2021 to 10.9 million in 2022. The increased vehicle production will drive the demand for advanced tires.
What Key Areas Define The Segmentation 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)
Subsegments:
1) By Synthetic Rubber: Styrene-Butadiene Rubber (Sbr), Butadiene Rubber (Br), Isoprene Rubber (Ir), Thermoplastic Elastomers (Tpe), Solution Styrene-Butadiene Rubber (Ssbr)
2) By Aramid And Nylon Reinforcements: Aramid Fiber Reinforcements (Kevlar), Nylon 6 And Nylon 66 Reinforcements, High-Strength Aramid Yarn, Hybrid Reinforcement Materials (Aramid-Nylon Combinations)
3) By Silica-Based Compounds: Silica-Enhanced Tire Compounds For Low Rolling Resistance, Silica-Silane Coupled Compounds, Silica Compounds For Improved Wet Traction And Durability, High-Silica Content Compounds For Fuel Efficiency
4) By Steel Belts And Cord Plies: Steel Belt Reinforcements, Steel Cord Plies For High-Performance Tires, Steel Belted Radial (Sbr) Construction, Steel-Wire Reinforced Tire Cords
5) By Carbon Black Reinforcement: High-Performance Carbon Black, Carbon Black For Wear Resistance And Durability, Carbon Black For Improved Wet Grip And Tread Wear, Low-Volatile Carbon Black For Enhanced Fuel Efficiency
6) By Other Materials: Natural Rubber (Latex), Recycled Rubber, Resin And Oils For Improved Grip, Anti-Ozonants And Antioxidants, Silane And Other Chemical Modifiers
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How Are Emerging Trends Reshaping The Dynamics Of The Advanced Tires Market?
In the advanced tire market, companies are focusing on innovative solutions like IoT tire sensor technology to enhance vehicle safety and performance. For instance, in April 2023, Cerebrum Sensor Technologies, a U.S.-based tire sensor company, launched Intelligent Tire Solutions with real-time monitoring capabilities. The system provides data on tire pressure, temperature, and tread wear, and uses AI to predict maintenance needs, improving driver safety and fleet management.
Who Are the Key Players In The Advanced Tires Market?
Major companies operating in the advanced tires market are:
• Continental AG
• Bridgestone Corporation
• Michelin
• The Goodyear Tire & Rubber Company
• Pirelli & C. SpA
• Sumitomo Rubber Industries Ltd.
• Hankook Tire & Technology Co. Ltd.
• The Yokohama Rubber Co. Ltd.
• Zhongce Rubber Group Co. Ltd.
• Toyo Tire & Rubber Co. Ltd.
• Kumho Tire Co. Inc.
• Trelleborg AB
• Apollo Vredestein B.V.
• Giti Tire Pte. Ltd.
• Cooper Tire & Rubber Company
• Titan International Inc.
• Nexen Tire Corporation
• Nokian Tyres plc
• Petlas Tire Corporation
• Marangoni S.p.A.
• Nankang Rubber Tire Corporation Ltd.
• Triangle Group Co. Ltd.
• Sailun Tire Co. Ltd.
• Greenball Corporation
• Magna Tyres Group
• Mitas Tires
• Maxam Tire International Ltd.
What Is The Most Dominant Region In The Advanced Tires Market?
North America was the largest region in the advanced tires market in 2024. 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.
